Building the Financial Team That Will Help Your Business Thrive

By Robin Lancaster

For many entrepreneurs and small to mid-sized business owners financial management is one of the most challenging aspects of running their business. For some it makes sense to hire knowledgeable staff to manage financial processes internally; for others, contract services make more sense. So what are the different financial roles and services available, and what can they do for your business? I’d like to help define three roles—Bookkeeper, Controller, and Chief Financial Officer—and talk a bit about the different ways these roles can support your company’s overall growth, health, and wellbeing.

Your bookkeeper keeps you organized by entering all the data of your daily transactions into your database. She tracks all your invoices and receipts, cuts checks for you, bills your customers, reconciles your bank accounts, and does your payroll, all with a smile!

The controller manages the workflow of the finance department, keeping up on all cash flow needs, and helping to set up efficient financial systems. She creates tools for analyzing when you might have a shortfall, and advises you when you need to take advantage of a line of credit. She makes sure the accounts receivable are done in a timely manner and the bills don’t get paid too early.  Your controller will be your liaison to banks, tax agencies, and your Certified Public Accountant. Sometimes some of these tasks are blurred in smaller organizations.

Many small to mid-sized businesses don’t have a Chief Financial Officer; they feel the CFO role is too expensive, and why would a small to mid-sized business even need one? The CFO is there to help you with planning, projecting, measuring and tracking the financial and operational progress of your company. The CFO role creates complex financial projections that can aid in high-level strategic decision-making, and is an active player in the strategic management of the business. She allows you to focus on what you do best, and brings to your attention what you might not otherwise see in your numbers. In short, a CFO helps grow your business.

 Even if a full-time CFO seems out of reach for your business, having someone in that role who helps you see strategic possibilities in your numbers will give you an extra edge. In this situation you might consider hiring a contract CFO—someone who gets to know your business, but serves in the CFO role for a limited number of hours per week, per month, or per quarter.

Clarity can support you in building your team, whether through providing referrals to trusted contractors, providing oversight to your in-house staff, or helping you make sense of the numbers in a way that allows you to take your business to the next level ; we are your partner in designing financial health. Want to learn more? Contact us!

Happy Spring!

Bring growth and vitality to your business with an infusion of energy, fresh ideas, and new knowledge--take a class, attend a workshop, and participate in a networking event. Perhaps you're ready to hire new staff, or even shift gears in your professional life. Piggyback on the natural energy boost that comes with lengthening days and warmer weather to spring into a new chapter of success with your business, nonprofit, or career. See a list of opportunities below!

Ready to Hire?

Already growing this spring? Clarity can help you recruit and hire new employees! We offer a full suite of Human Resources solutions; in addition to coordinating hiring activities, we can also help you develop new employee benefits programs, create employee handbooks, and protect you from liability. If you'd like to have a conversation about your human resource needs, contact us at (360) 385-9963, or hr@clarityei.com

Ready for a New Adventure?

Clarity is seeking a resourceful, experienced Finance Director/Consultant to work with a variety of non-profit and small business clients. Flexible schedule; we welcome applicants seeking part-time of full-time work. Accounting degree and senior financial management experience required; CPA qualifications and consulting experience a plus. Based in Port Townsend. Please send resume and cover letter including desired salary to hr@clarityei.com.

Upcoming Events

April 15thFree public screening and networking event featuring the film "Tomorrow," 1-5:30 pm at Chimacum HS Auditorium & Commons, 91 West Valley Rd, Chimacum. Conversation topics covered will include local food, energy, transportation, waste, education, health and wellness, affordable housing, emergency preparedness, environment/climate change and the local economy. For a taste of this inspiring movie, check out the trailer

Event sponsors include: Local 20/20, Chimacum School District, Port Townsend Film Festival, Rose Theatre and Students for Sustainability. 

April 17th: Jefferson County Chamber Lunch Meeting with Lorna Mann, Director of the Port Townsend Visitor Information Center. 12- 1 pm, Fort Worden Commons. "Tales from the VIC: Find out how a presence in the Visitor Information Center can help your business and hear some of the weird and wacky questions that the VIC fields 7 days a week."

April 18th & 19thStarting a Business & Business Planning, with Tina Flores-McCleese. 9:30 - 1:30, Elwha Heritage Center, 401 E 1st, Port Angeles. Part of the "Small Business Series" hosted by the Elwha Klallam Tribe. $25, or $75 for the whole series. Call 360-417-8545 x 2909 for more information or to reserve a seat.

Earth Day! Saturday, April 22, 2017. Consider rounding up your employees and commit to a few volunteer hours to support and build community. Volunteers are invited to help on several downtown Port Townsend cleanup/weeding and painting projects from 9 am to 12 noon. Contact the Port Townsend Main Street office at 360 385-7911 or email admin@ptmainstreet.org if you would like to volunteer for the Earth Day Spring Clean-Up activities – or organize something of your own nearer to home! 

April 24th: Marketing & Social Media for Your Business, with Courtney Nestler of Bright Light Solutions. 9:30 - 1:30, Elwha Heritage Center, 401 E 1st, Port Angeles. Part of the "Small Business Series" hosted by the Elwha Klallam Tribe. $25, or $75 for the whole series. Call 360-417-8545 x 2909 for more information or to reserve a seat.

May 1stJefferson County Chamber Lunch Meeting with Earll Murman & Jay Bakst. 12-1 pm, Port Townsend Elks Lodge. Learn about LEAN thinking, and the work that Earll and Jay have been doing to help grow a LEAN community in Jefferson County. 

May 8th: HR Basics: Managing the Human Side of Business, with Candace Monroe of Clarity Enterprises. 9:30 - 1:30, Elwha Heritage Center, 401 E 1st, Port Angeles. Part of the "Small Business Series" hosted by the Elwha Klallam Tribe. $25, or $75 for the whole series. Call 360-417-8545 x 2909 for more information or to reserve a seat.

May 9th: Jefferson County Chamber After Hours Mixer at the Port Townsend Library. 5:30 - 7:00 pm, PT Public Library. Come for networking, food, drinks, and fun!

May 15th: Advanced: Marketing & Social Media for your Business, with Courtney Nestler of Bright Light Solutions. 9:30 - 1:30, Elwha Heritage Center, 401 E 1st, Port Angeles. Part of the "Small Business Series" hosted by the Elwha Klallam Tribe. $25, or $75 for the whole series. Call 360-417-8545 x 2909 for more information or to reserve a seat.

May 17th2017 Washington State Nonprofit Conference, Bellevue Meydenbauer Center. Gather with over 700 nonprofit leaders from our state, and learn about increasing equity, staying current, and going green. To learn more and register, follow the link above.

May 30th: Advanced HR Solutions: Flexible & Creative Strategies to Manage Your People, with Candace Monroe of Clarity Enterprises. 9:30 - 1:30, Elwha Heritage Center, 401 E 1st, Port Angeles. Part of the "Small Business Series" hosted by the Elwha Klallam Tribe. $25, or $75 for the whole series. Call 360-417-8545 x 2909 for more information or to reserve a seat.