Here they are…
- The accounting profession has as many specialties as medicine. Don’t expect everyone to be an expert in everything. Hire the essentials, outsource the specialties.
- Bookkeepers can not take your company public. CFO’s don’t do payroll. Hire the right person to accomplish the right job.
- The good accounting & finance professionals pay for themselves. The bad ones can bankrupt your company either intentionally or unintentionally.
- Address poor performance promptly. Bad accountants do not get better with age.
- 40% of small businesses experience fraud and embezzlement. Trust your internal controls and intuition, not your personnel.
- If your company does not have timely & accurate financial statements, departmental and or project accounting, budgets, and a meaningful forecast process, you have the wrong Controller!
- If your company does not have budgets and departmental or project accounting, no one is in control of expenses.
- Controllers don’t do marketing well. Marketing Managers don’t make good accountants. Keep the marketing in Marketing and the accounting in Accounting. Your company does not need a duplicate set of books nor a second marketing plan.
- If the financial statements don’t make sense to you…they don’t make sense! Find someone who can properly design them.
- There is no excuse for errors in accounting! Insist on error-free work! It’s a non-negotiable.
- Some of the best accountants & accounting managers do not have 4 year degrees. Some of the worst accountants have MBA’s from expensive schools.
- Accounting professionals can be paid to say No; they are much more valuable when they view their role as a business partner.
- Good Controllers find resources for non-mission critical projects without exceeding the budget.
- Controllers that view themselves as the corporate police are left out of all the important decisions and never understand why.
- If your Controller spends all of his/her time on spreadsheets, you have an analyst, not a Controller.
- The best CFOs, Controllers and accountants have a great sense for business, understand people and know their numbers!
- If your financial statements are printed in cents, you have a bookkeeper, and not a Controller!
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