Four Financial Roles You Need Covered

Ah finances and money – some say necessary evils, some say “show me the money”.  Either way, having your ducks in a row is incredibly important, and you need to have a grip on what personal financial goal your business is contributing to.

What do your eyes do when I say SPREADSHEET?

  1. They glaze over, starting to think of food
  2. They look like a rabbit caught in headlights, or
  3. They get totally excited because you, too find spreadsheets sexy! Hellooo pivot tables, you sexy beasts.

What ever your response, it is fair.

We aren’t all designed to be stars at everything.  We are designed to be stars at a few things, and outsource the energy or time suckers.  You can work out what to outsource with my free productive outsourcing guide here…

For example,  I can spot great photography at a hundred paces, but I am much better at creative strategies than creative imagery – just check my instagram for the lack of selfies).

Good marketing will build a brand. Poor financial management will break a brand.

So what are the financial roles?

Ok, ok!  Let’s do this quick then, if you are in a rush…

The Bookkeeper

their primary role is to process data, and ensure that things like bank statements reconcile. They may submit reports to your accountant.  Most start ups will do this themselves until their business starts to grow.  Some bookkeepers are also registered tax agents, which means they will submit the information provided.  They do not give tax advice, which leads me to person number two….

The Tax Accountant

their primary role is to keep you out of jail.  Whaa?  Yep.  They are there to go over what you are claiming and ensure everything is above board.  They will cover things like whether you have to pay company tax, goods and services tax, personal tax, payroll tax, plus a good accountant will help you with strategies to minimise your tax payable in a legal way. You should meet with a Tax Accountant minimum once a year.

If you would like some more guidance on what to talk to your accountant about when claiming back expenses, click here or the image below.

Get the cheeky checklist for having conversations with your accountant here

The  Analyst

their primary role is to do a little digging in the numbers and help you understand where you have come from, and maybe, where you are going.

They can provide recommendations on where to save money, how to structure your accounts, and also help you with forward projections, to work out which products are worth promoting more, plus the most important thing – Cash Flow!! – Cash is Queen, baby!!

If you can, I recommend combining them with a Marketer to get a supernerd Market Analyst – my fave kind of analyst really.  Someone pass me my pocket protector!!

The Financial Planner – 

These smarty pants are mostly concerned about your personal financial future goals, and helping you get there.

They might advise you on life insurance, superannuation (or 401K’s for my US friends), and ensuring that when we are little old people, we have enough to live.  It is probably the best conversation you can have.  When they tell you “If you keep saving/spending this much”, you won’t be taking holidays in retirement, or you will have $X to live on, it’s a big wake up call to really think through your financial goals.


I’d love to know – which all star do you need to have a conversation with?

Let me know in the comments below, or be on the look out for one in the new  Posse community.