In our last blog article, we talked about why you need a financial team. Good, you’re convinced. You’re ready to get started! But where do you start?
Think of your business like a baseball team: you need an infield and an outfield. Infielders are involved in the game on almost every play (weekly or even daily for you). Outfielders are there when you need them, waiting for a “pop fly” inquiry, or to catch a strange situation.
Customizing your Financial Team
You can customize your financial team to fit your needs. Your line-up depends on the level of your business. For example, if you own a lot of properties and part of your business relies on property management, then your real estate agent and your insurance agent might be infielders that you’re in regular contact with, and your CFP might be an outfielder who you consult on a quarterly or as-needed basis.
Financial Team Infield:
Bookkeeper: At Ten Key, Inc., we provide many services, from consulting to full-charge bookkeeping. We help clients keep clean books, generate balance sheets, perform sales tax filing, and more. (You’ve seen our website–we do it all.) This helps you focus on your business, knowing that we’re handling the financial operations processes.
Banker: Having a banker on your team keeps you advised of changes in your account, as well as upcoming promotions so you can manage your loans, accounts, and credit.
Financial planner (CFP): We highly recommend a Certified Financial Planner to help you manage your finances, as well as plan for the future with retirement, college planning, and investments.
Financial Team Outfield:
Accountant/tax preparer/CPA: At Ten Key, we offer tax prep and filing, but we can also prepare reports and tax documents for your CPA. We have built relationships with many excellent CPAs, and we can work with yours too–choose someone you’re comfortable with!
Insurance Agency: Your insurance agency is the crisis-prevention member of your financial team. When you involve them in decisions, they can advise you on how to protect yourself by carrying adequate insurance coverage.
Real Estate Agent: Knowing the ins and outs of buying, selling, and renting properties is an essential skill on your financial team, especially if you’re planning to invest in real estate. Make sure you have an agent you trust.
Lawyer: Your attorney can advise you of the legal implications of your financial decisions, as well as help you put measures in place when you need legal protection for income or property.
In conclusion, your financial team’s makeup will depend on your needs and the needs of your business. Choose wisely, and call on Ten Key if you need advice.