Welcome to my little Nook on the internet. I'm Kristin the founder and owner of copper sage CPA and your Money Guide. I've been deep in the corporate accounting space for the last 20 years doing everything from Accounts Payable, Financial Analysis, to Revenue Operations for a SaaS company. I thrive in the numbers data and try to solve the puzzle that each different area brings. I'll be sharing my corporate insights, learnings, and the fun challenges that I've tackled along my journey. I love technology as well as learning and understanding how systems operate and connect to one another.
Join me here in the Nook while we ditch spreadsheet stress and unleash your inner number guru. Accounting can feel like a foreign language, but it doesn't have to be. Today, we will walk you through your Money Team and what it should be doing for your business.
Let's start with "What is a Money Team"? Have you heard of any of these terms: CFO, Controller, CPA, Tax Advisor, Bookkeeper, Enrolled Agent, and many more? Let's break down what all the roles mean, and which ones are important to be on your money team.
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Chief Financial Officer (CFO) - The Visionary
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Responsible for managing all the money in a company, including the finance and accounting functions.
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Acts as a strategist, developing long-term financial strategies and forecasting future performance to guide the business towards its goals.
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They analyze financial data to find trends, opportunities, and risks, offering key insights to inform critical business decisions.
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Oversee the company's capital structure, ensuring the best use of funds and securing necessary financing for growth.
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Controller - The Operations
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Oversee the accounting operations ensuring accurate, prompt information and compliance for adhering to regulations and standards.
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Manage day-to-day accounting operations, including but not limited to accounts payable, accounts receivable, and general ledger maintenance.
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May handle creation and maintenance of financial budgets and variances.
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Develops and keeps robust internal controls to safeguard assets and prevent fraud within the organization.
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Bookkeeper - The Recorder
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Records all financial transactions, ensuring correct and up-to-date financial records and data.
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Reconciliation of financial accounts including bank accounts and other operational accounts while finding and resolving discrepancies.
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May handle payroll processing, ensuring prompt and accurate payments to employees and compliance with rules and regulations.
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Financial Planner - The Strategist
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Provide guidance on investment strategies, helping business owners grow their wealth and secure their financial future.
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Help business owners assess and mitigate financial risks, ensuring long-term stability.
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CPA / Tax Advisor - The Minimizer
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Provide expert guidance on tax laws and regulations, ensuring compliance and minimizing tax liabilities.
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Prepares and files accurate tax returns, maximizing deductions and credits.
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Develop proactive tax strategies to improve financial outcomes and minimize tax burdens.
Building Your Money Team
Each of the individuals in your money team could be performing multiple functions or singular functions. It's essential to look at these individuals and have each one as part of your money team in some way. As your business grows and develops you may need other individuals or specialized knowledge for each role. Continue to assess and update your money team as your business needs change. It's important to have clear communication and collaboration with your money team. If a member of your money team isn't meeting your needs or your vibe, it's okay to find another professional that does. It's your business and your money team should be supporting you in your goals while leading your numbers for you.
At copper sage CPA we are excited to join your money team and collaborate.
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