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!

Tina Flores-McCleese Joins Board of Washington Nonprofits

Washington Nonprofits, a statewide association of nonprofit organizations, has recently recruited Tina Flores-McCleese to serve on their board of directors.

Washington Nonprofits helps nonprofits learn, increase their influence, and connect with people and resources so they can successfully fulfill their missions. “Everything important in our communities relies on nonprofits, from education to eldercare, from economic development to the environment.”

Laura Pierce, Executive Director of Washington Nonprofits, said “We have been actively seeking to add several visionary leaders who are committed to building a strong nonprofit sector in Washington State and who bring relevant experience. [Our Education Director] Nancy Bacon recommended Tina as a business owner that  ‘gets’ nonprofits. Tina brings private sector experience, geographic and ethnic diversity, and financial and business acumen. It’s a different, important perspective from many of our other board members who are nonprofit executives. And [she] will be a champion for our education efforts.” 

Tina Flores-McCleese is the Principal and owner of Clarity, a Port Townsend-based financial and management services company that provides support to businesses and nonprofits.

 “I want to be able to build stronger organizations that do good in our communities,” Flores-McCleese said. “My service has always circled around education - because I believe the more informed we are, and the better our tools, the more impactful we are. I’m excited to serve at the state level where I can make a difference for many nonprofits working to make the world a better place.”

For more information about Washington Nonprofits, visit their website: washingtonnonprofits.org.

Welcome, Liz! QuickBooks Online ProAdvisor

Liz Arp

Meet Liz, our newest Clarity team member, and QuickBooks Online ProAdvisor. Liz has worked in the finance field for the last ten years, handling bookkeeping for a wide variety of clients large and small.  She enjoys dealing with the nitty gritty details of financial transactions in order to provide business owners with tangible data to use in their decision making. 

Liz says, "I feel that the greatest advantage to QuickBooks Online is being able to collaborate with clients in real time. I am committed to supporting my clients with training and advice, because just having the technology is not enough--being able to implement and use it appropriately and effectively is imperative to making the most of the program. 

"QuickBooks Online can be set up to sync with other apps as well, reducing data entry and providing greater transaction detail in QBO.  In addition to being able to assist with setting up syncs to 3rd party apps, I can also help users set up processes to ensure accurate entry of financial information, which may include tasks such as invoicing, receiving deposits, and bill paying.  I can also assist in setting up and generating customized financial reports as well as providing basic navigation tips and advice."

Liz is excited about the opportunity to work with the businesses and nonprofits who engage Clarity’s services and is happy to embrace the holistic team approach that the staff at Clarity provide. We are thrilled to have her join our team!