What should your superpower finance team look like?

Finance team

We all know that having a clear picture of your company’s finances is key for financial health and growth. But who should be part of your finance team and how do they help you achieve this?

The Bookkeeper

The bookkeeper is the foundation of your business’ finance team. Making sure that all your transactions are recorded in order to generate accurate data around your everyday ins and outs.

A bookkeeper can save you time and money. Many business owners start off by doing their own books, but struggle to keep up as the company grows. Getting someone to take over allows you to focus on running and growing your business. A bookkeeper will also make sure you don’t miss any unpaid invoices and that you are up to date with any payments you need to make. Helping to remove extra stress from the daily hassle of running a business.

The Management Accountant

An in-house management accountant, usually CIMA qualified, takes the data provided by the bookkeeper and turns it into information to gain an insight into the bigger picture. Getting a handle on your company’s budgets, results, profit and cashflow. They make sure you are tax compliant and efficient, helping you ensure your company is healthy and robust.

It is worth noting that an external practice accountant, usually ACA or ACCA qualified, looks after a portfolio of clients. They ensure that companies are compliant. The focus is more on year end filing of financial accounts, meeting deadlines on Companies House. Calculating corporation tax due to HMRC and helping the company and directors to be as tax efficient as possible. This data can be useful for third parties, for example bank loans and when it comes to selling the business. You should also expect your accountant to provide you with advice and support.

The Finance Director

The finance director takes the big picture information and uses it to build a financial strategy. They review long term goals and drive the business forward to achieve them. While SMEs and start-ups don’t necessarily need, or can’t afford a full-time finance director, it doesn’t mean there isn’t a benefit for strategic planning for early-stage growth and scaling up. The finance director’s holistic viewpoint provides essential insights as well as fundamental support in raising funding and investment when the time is right.

“Finance without strategy is just numbers, and strategy without finance is just dreaming”


How can Tribe Help?

At Tribe we know that the really successful companies have a well-structured finance team. And we can help fill the gap in your team wherever you are in your journey. We can help with training, recruitment support and with different levels of accounting services – from bookkeeping to management accounts to strategy planning and monitoring. And because we don’t work for you full time, you get all of the benefit of our experience and expertise on a “part-time” basis, allowing your finance team to grow with you.

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