{"id":16256,"date":"2015-02-06T18:26:54","date_gmt":"2015-02-06T23:26:54","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/02\/business-report-avoiding-fast-growth-pitfalls.html"},"modified":"2015-02-06T18:26:54","modified_gmt":"2015-02-06T23:26:54","slug":"business-report-avoiding-fast-growth-pitfalls","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2015\/02\/business-report-avoiding-fast-growth-pitfalls\/","title":{"rendered":"Business Report: Avoiding Fast Growth Pitfalls"},"content":{"rendered":"\n
\n
\"kelly\n<\/div>\n
Kelly Reinhart, CPA, managing partner of Reinhart & Associates\n<\/div>\n<\/div>\n

BY KELLY REINHART<\/p>\n

It might surprise a lot of people to know
\nthe number of fast growing small to mid-market
\ncompanies in their community. With the
\nadvancement of technology over the past few
\ndecades, a small local business can become
\na national competitor or an international
\nbusiness player in a short period of time.<\/p>\n

This has created a multitude of companies
\nthat are born of a good idea or unique skill
\nthat can potentially sky rocket from sales
\nof say $500,000 to $2 million and in turn $5
\nmillion in a relatively short period of time.<\/p>\n

This inevitably leaves the business owners
\nscratching their heads wondering, “how do
\nI run this thing?”<\/p>\n

Interestingly almost every company in this
\npredicament suffers from at least one common
\ngrowing pain: Insufficient accounting
\nresources and upper management guidance.
\nAs the business grows it becomes inefficient
\nfor the owner or owners to wear many hats
\nand do it all as they have done in the past.<\/p>\n

The pressures demand that the owners
\nfocus on key driving forces behind their business,
\nwhich is what made them successful to
\nbegin with. Whether their secret sauce is the
\nbest Wigit in the world or a unique service,
\nthey are forced to focus on the delivery of
\nthis identifier to their growing customer
\nbase. The rest of the duties they previously
\npatched together such as accounting suffers
\ngreater than before. This can lead to dangerous
\nresult for a fast growing company if left
\nunresolved.<\/p>\n

A typical small business may have an accounting
\nbudget of $1,500 to $3,000 a year
\nin tax preparation and perhaps some small
\nbusiness advice here and there. It is unlikely
\nthat once a business grows into the $2-5 million
\ngross revenue range that they are going
\nto expand this budget to include a $150,000
\nCFO and $100,000 on an accounting staff.<\/p>\n

The problem is that they are typically at a
\npoint in their growth where they need some
\nof these skills and this advice. As a business
\nundergoes rapid growth the need for financial
\nfeedback on a timely and consistent basis is imperative, or the boom could be
\nshort lived. The larger a business becomes
\nthe more it must lean on accounting data
\nand feedback. So how does a transitioning
\ncompany get the financial tools it needs
\nwithout the $250,000 price tag?<\/p>\n

They have to partner with an accounting
\nor consulting firm that facilitates a range of
\nservices that can patch all of the holes, from
\nthe CFO’s insight to the staff accountant’s
\nprocesses and data.
\nThe key word and concept here is “partner”.<\/p>\n

The accounting world has undergone
\nchange just like all the other industries that
\ntechnology has impacted. For consulting and
\nmulti-service accounting firm’s technology
\nhas created an environment rich with real
\ntime collaboration with clients.<\/p>\n

Through tools like cloud computing, online
\naccess and SAAS environments these
\nfirms are able to partner with their clients to
\neffectively outsource increased accounting
\nfunctions seamlessly and effectively. This
\nfits into the growing company’s business
\nmodel perfectly. As the company grows the
\nservice grows with it. Most importantly it provides the range of skills the company
\nneeds.<\/p>\n

Again, the secret is “partner” which means
\nthat the firm you choose is in it together
\nwith you, continually changing as the needs
\nchange. A firm that will provide the most
\nbasic needs such as accounting staff work
\nto the most complex concepts akin to a CFO.<\/p>\n

The bad news is that the meager accounting
\nbudget is a thing of the past. As a company
\nquadruples its sales its accounting budget
\nshould more than quadruple in relation to
\nwhat it was before. So expect the $2,000 a
\nyear to turn into $10,000 to $20,000 to find
\na qualified outsourced accounting partner.<\/p>\n

A fast growing company can by an exciting
\nride but it always comes with some dangerous
\npitfalls. Investing in the right accounting
\nresources can help you avoid some of them.
\nGet what you need out of an accounting
\npartner and make sure it includes solid
\nCFO type guidance as well as solid nuts
\nand bolts accounting or you will left always
\nneeding more.<\/p>\n

Reinhart, CPA, is the managing partner of
\nReinhart & Associates.<\/em><\/p>\n

Photo Courtesy Reinhart & Associates<\/p>\n","protected":false},"excerpt":{"rendered":"

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