Which Finance Pro Do I Need in My Business?

Image Source

Quiz Questions

1.
How do you feel about numbers?
Image Source
- A.
  Keep me away from all numbers!
- B.
  I understand the basics, but I'm no accountant
- C.
  I have a bookkeeper on my team that I rely on
- D.
  I'm a total money maven
2.
What type of work tickles your fancy?
Image Source
- A.
  Creative work is my jam
- B.
  I love a mix of left brain/right brain work
- C.
  Analysis & research, all the way
- D.
  I like working with my hands best - cooking, building, drawing
3.
Do you have a strong foundation? How many of the following you have in place: Business bank account, registered as a business with the IRS/state, accounting software is set up
- A.
  1
- B.
  2
- C.
  3
4.
What does your bookkeeping look like today?
- A.
  Literally non-existent
- B.
  I have my bank statements and a spreadsheet
- C.
  I have accounting software but it's months behind or there's a mess that has me stuck
- D.
  I'm totally caught up through last month
5.
How often do you check your biz bank balances?
- A.
  Only when my biz debit card gets declined!
- B.
  Literally never. Not sure I even have the login.
- C.
  Multiple times a week. I love my money!
- D.
  Once a month when I review my numbers.
6.
Do you feel like you have enough cash in your biz?
- A.
  For the most part, but big tax payments always surprise me.
- B.
  Yes I do, but I'm not sure it's working enough for me.
- C.
  Ugh, there's never enough cash!
- D.
  I can cover my basic expenses, but making any big investments is tough.
7.
Talk to me about taxes, my friend!
- A.
  My taxes are filed but my records are a hot mess and my accountant hates me
- B.
  Um, I have to pay taxes?
- C.
  I do my taxes myself! (And hope that the IRS doesn't find any mistakes)
- D.
  I pay my quarterly taxes but it always makes a big dent in my cash flow
8.
How do you make tough business decisions?
- A.
  Shake my Magic 8 Ball and hope for the best
- B.
  Consult with my partner or a colleague
- C.
  Spend a ton of time researching and making a pros and cons list
- D.
  Crunch the numbers and use the data to make informed decisions
9.
What's your biggest business challenge right now?
Image Source
- A.
  I have a P&L but I don't know what it means
- B.
  My books are a mess and I don't know what to do
- C.
  I don't have a road map to figure out how I'll meet my revenue goal
- D.
  My cash balance dips way too low
10.
What has you losing sleep at night when it comes to your finances?
Image Source
- A.
  I have icky feelings about money and avoid my numbers
- B.
  I need to get the right people on the bus
- C.
  Nothing! I'm sleeping great over here!
- D.
  I'm worried about my tax situation and pretty sure I'm behind
11.
How close are you to achieving your personal finance goals?
Image Source
- A.
  Not close at all, and my business is actually draining my personal funds
- B.
  I've saved more than enough for retirement and my kids' college, but I'm ready to build generational wealth!
- C.
  I'm doing the bare minimum with retirement investing.
- D.
  My business provides for my personal day-to-day expenses, but not much for longer-term goals
12.
What is your biggest business goal this year?
Image Source
- A.
  Hit a big new revenue number
- B.
  Add more people to your team
- C.
  Have more cash in the bank
- D.
  Add a new revenue stream to your business

Quiz Outcomes

1.
You need a CFO!
Image Source
Your CFO - Chief Financial Officer - is your business finance expert. We review your numbers and draw insights and trends from those numbers, giving you more information to make smarter decisions for your business. Our one and only interest is providing more insight into your business and helping you create a road map to meeting your profit goals. Without a CFO, you have virtually no way to make your numbers work for you strategically. Your CFO focuses on how to make your business strong and sustainable based on your numbers.
2.
You need a Bookkeeper!
Image Source
Your bookkeeper manages the daily transactions in your business. She enters your bills, invoices your clients, reconciles your bank accounts, and makes sure the numbers are accurate and booked to the correct categories. She probably knows Quickbooks Online like the back of her hand. She keeps your records organized, legit, and ready for tax time and may send along a P&L and a balance sheet every month.
3.
You need an Accountant!
Image Source
Your accountant is your tax guru. She understands IRS requirements, business structures, different forms to file, and annual deadlines. Your accountant may provide you with a tax strategy so you're saving enough to make your estimated payments. She may also advise on how to save money on taxes and make sure you're deducting all the right expenses. She files your taxes and is often a CPA. In nonprofit organizations, your accountant may be your auditor or whomever files your 990.
4.
You need a Financial Planner!
Image Source
Your financial planner helps you understand how and where to invest your money, whether personal or business. They help with long-term financial planning and will get you on the path to achieving your goals. If you have a question on whether your money should go in a 401(k) or an IRA or what the return is on an index fund, your financial advisor is your go-to gal. They may also help figure out trusts, estates, and insurance needs to ensure your most important assets (you and your family!) are covered. They are often a Certified Financial Planner (CFP) – just make sure she is a fiduciary.