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Your Key Financial Players
What you delegate:
Payroll processing/management
Coding transactions in the books
Monthly reconciliations
Monthly 3-way IOLTA reconciliation
Manage journal entries
Monthly review for accuracy
Publishing financial statements
What you're responsible for:
Review coding for accuracy
Provide clarity around transactions
Storing supporting documentation
Reviewing financial statements
Communicating effectively
Asking questions to understand
What you delegate:
Streamline accounting processes
KPI development and monitoring
Communicating immediate flags
Identifying bottlenecks
Identifying efficiencies
Financial summaries
Strategic planning
What you're responsible for:
Finding a good fit
Communicating the vision
Providing feedback
Taking action (COO/CEO)
Communicating effectively
Asking questions to understand
What you delegate:
Quarterly estimated tax payments
Annual tax return filings
Annual 1099s
Tax strategy
What you're responsible for:
Finding a good fit
Thinking 3-5 years ahead
Accepting that taxes aren't bad
Storing supporting documentation
Communicating effectively
Ask questions to understand
What you delegate:
Clarify retirement goals and options
Creating the strategy
Periodic updates and analysis
What you're responsible for:
Providing relevant updates
Bi-annual meetings
Understand what to monitor
Communicating effectively
Ask questions to understand
What you delegate:
IOLTA resources
Funding options
Resources
What you're responsible for:
Understand your options
Ask questions
Communicating effectively
Ask questions to understand
Roles We Fill
Bookkeeper/Accountant
Chief Financial Officer (CFO)
Financial Advisor/Retirement Planner
Business Banker
Tax Preparer/CPA/EA