See our reviews on

Trustpilot Logo

Avoid These Finance Department Mistakes

No matter what size your company is, your finance department serves a number of important functions, such as accounting, payroll, financial planning and analysis, and tax. These functions work together to both protect your organization’s financial health and propel you forward into the future.

In the most successful companies, the tax department reports directly to the CFO and is designed to ensure that all financial operations adhere to tax laws, while supporting the broader business strategy. It’s important that the tax team stays up to date on IRS updates and regulations in order to stay compliant and utilize credits and incentives to best support company activities. Integration with other finance functions is paramount to ensure that all financial decisions are taking into account their tax implications.

The accounting department is vital for maintaining a company’s financial integrity. With an emphasis on accuracy and timeliness, swift 10-day month-end close turnarounds can provide timely insights into the financial health of the business to support informed decision making. Month-end activities include reviewing journal entries to reflect financial activity and analysis and reconciliation of account balances, to provide companies with clarity and confidence when they build their business strategy.

Another integral part of a finance team is the payroll department, which ensures smooth business operations by managing employee compensation with precision and compliance, a function tasked to a payroll specialist. They also manage the filing of important payroll tax documents such as W-2s and 1099s.

The accounts payable and accounts receivable departments are essential for maintaining healthy cashflow. Accounts payable teams ensure that all company expenditures are paid on time and according to terms agreed on by suppliers, while the accounts receivable team focuses on incoming funds, managing all aspects of billing and collections.

The FP&A, or Financial Planning and Analysis Department, works with business leaders to build detailed budgets to support strategic decisions. By constructing financial models, the team can project future scenarios and outcomes. This department continually monitors financial performance and market conditions, adjusting to keep the business nimble and competitive.

The business intelligence team leverages technologies and methodologies to gather, analyze, and interpret large volumes of data across domains, such as financial data, customer behavior, market trends, and operational metrics. They develop realtime dashboards to provide immediate visibility into critical metrics, which ensures that business can respond quickly to changes or challenges.

The finance department also involves the treasury, overseeing an organization’s cash management – this role involves actively managing cash flows to ensure that sufficient funds are always available. They make sure that funds are accessible when needed, without unnecessarily tying up excess capital. This allows the company to navigate economic downturns and seize opportunities as they come.

A unified approach ensures consistency across operations and strategically aligns goals with the broader tactics of your business. Central to the team is the CFO (Chief Financial Officer), acting as a link between financial function and company leadership, supporting day-to-day operations and positioning the company for growth.

A mistake that small businesses make is hiring one person for all of this, or separate firms for each function – working with multiple independent companies both increasing costs and creating a fragmented strategy. A small business may not be able to afford an entire team, but there is a way that you can integrate all essential services under one roof, with a dedicated team led by a CFO, specifically fit for your business. At DeMar Consulting Group, we specialize in our Office of Finance as a Service, designed to give small to mid-size business or startups the same level of financial expertise and support that major corporations enjoy. We provide a unified team of subject matter experts that work in sync to support your needs, ensuring that every part of your operations communicates seamlessly. This leads to smarter decisions, more efficient processes, and ultimately a stronger financial foundation for your business to grow.

Partnering with us allows you to scale your business more rapidly, since our team is already versed in handling different scenarios across different industries. We adapt to your needs, and our model is designed to grow with you. At DeMar Consulting Group (DCG), we specialize in providing top-notch financial services tailored to meet the unique needs of small or large businesses. Our mission is to be your trusted partner on the path to financial success, offering comprehensive solutions that allow you to focus on growing your business while we handle the rest. Visit our Youtube channel or explore our website to learn more.

Facebook
Twitter
Email
Print

Latest Post

Common Questions

Most Popular Questions

We understand that you may have questions regarding our services, practices, and policies. With that in mind, we have compiled a list of frequently asked questions (FAQs) to provide you with more information about our company.

DeMar Consulting Group provides a comprehensive range of services including audit, tax, management consulting, data analytics, business intelligence, financial modeling, accounting, and more.

Our services are best suited for not only the enterprise sized business, but also startups who are seeking expert guidance in managing their financial operations and strategic planning.

At DCG, we prioritize forging lifelong client relationships over transactional engagements, offering unlimited access to our collective expertise without traditional fee barriers, and fostering a transparent, integrated approach that emphasizes proactive guidance, ethical commitment, and educational empowerment to ensure our clients' enduring success. We are not just advisors; we're steadfast partners dedicated to redefining the very essence of consulting, ensuring every client feels valued, understood, and empowered for the journey ahead.

DCG is proud to collaborate with nonprofit organizations, providing tailored consulting services that address their unique challenges and advancing their missions. Our dedicated team understands the nuances of the nonprofit sector and is committed to fostering their growth, impact, and sustainability in the communities they serve.

At DCG, our experienced team is well-versed in navigating the complexities of audits, providing our clients with comprehensive support, insights, and strategic guidance throughout the audit process. We not only ensure compliance but also aim to make the experience seamless and stress-free, reinforcing our commitment to being reliable partners in every aspect of our clients' financial journey.

DCG has a transparent and structured pricing approach tailored to the specific needs of our clients. For our Office of Finance as a Service, we charge 2% of the client's monthly revenue. When it comes to audits and tax services, we initiate a scoping call to understand the intricacies of the project, allowing us to provide a custom quote that reflects the complexity and requirements of the task at hand. This ensures our clients receive value-driven, precise, and equitable pricing for every engagement.

DCG provides comprehensive tax planning and filing services, leveraging a deep understanding of the latest tax laws to optimize businesses' tax positions. Through proactive strategies and meticulous analysis, we ensure timely, accurate filings while identifying savings and credit opportunities. Our approach prioritizes both compliance and empowerment, ensuring businesses are informed and well-prepared for the tax season and beyond.

Absolutely. We can assist with financial forecasting, budget planning, and strategic financial decision-making to facilitate business growth. Our holistic approach ensures businesses not only achieve their growth objectives but also maintain long-term success and resilience in the marketplace.

We offer both ongoing and one-off services depending on your needs. We can discuss the best approach for your business during our initial consultation.
Getting started is easy! Just book a meeting using the link at the top of the page. We're looking forward to helping your business thrive.
Scroll to Top

Get Started with a Free Consultation from Our Experts!

Signup to Download