09/07/2017 Building a finance department in a business

9/7/2017 QBOchat

9/7/2017 QBOchat

Building a finance department in a business

  1. Welcome everyone to #QBOchat. Please introduce yourselves to the group -> Name, location & name of biz.
  2. #QBOchat is a weekly tweet chat about QuickBooks Online, the best in class accounting platform for #smallbiz
  3. Today we're chatting about building a finance department in a business. #QBOchat https://t.co/ickI0VrpHw
    Today we’re chatting about building a finance department in a business. #QBOchat pic.twitter.com/ickI0VrpHw
  4. Hi, Yvonne here standing in for Tonya of Schulte and Schulte #qbochat
  5. @QBOchat Alan here from Avalara! Jealous of all our cool pals who are at #AccountexUSA right now 🙂 #qbochat
  6. Reid here from ClockShark – now coming to you from Chico California #qbochat
  7. Hey everyone! @CathyIconis here in Atlanta, GA running #QBOchat today.
  8. Hi everyone! Nicole here with Circulus… to everyone at #accountexusa, stop by booth 308 and say hi to the team 🙂 #qbochat
  9. Hi Every one! Bora here from D.C. Today’s a busy day, so I’ll be lurking this week 🙂 #qbochat
  10. Hi everyone, this is Victoria with Iconis Group in Atlanta #qbochat
  11. The first question is right around the corner, remember to use A1, A2, etc when answering a question. #QBOchat
  12. @mydryrun Make sure you are also using the hashtag #QBOchat in your tweets so everyone can see them.
  13. Q1: When should a business consider expanding their finance department past a single accountant? #QBOchat https://t.co/iYiE6aZdQm
    Q1: When should a business consider expanding their finance department past a single accountant? #QBOchat pic.twitter.com/iYiE6aZdQm
  14. @avalara Thank you! I have been lurking for the past few chat sessions. #qbochat
  15. A1: When you need more strategic advice or need more help with keeping up with transactions – it is time to develop a finance team. #QBOchat
  16. @QBOchat Thanks! Bit of a different experience on mobile! #qbochat
  17. A1: The development of a finance department can either to grow resources at a higher level or lower level of accounting. #QBOchat
  18. Hi there! Jen from Kninja Knetwork on this beautiful but chilli summer day in Burlington Ontario #stillsummer #qbochat
  19. @QBOchat A1: Never expand for the sake of expanding. There must be a need. #QBOChat
  20. A1: When the workload becomes way too much for one person to handle #QBOchat
  21. A1: I think it depends on the business industry, growth level and a need to segregate responsibilities. #qbochat
  22. A1- If there are different departments it might help to have specific accounting staff for each reporting to a main head honcho #qbochat
  23. A1: When segregation of duties are required for internal control #QBOchat
  24. Q2: What activities are a finance department in charge of? #QBOchat https://t.co/kBwRh8JA1m
    Q2: What activities are a finance department in charge of? #QBOchat pic.twitter.com/kBwRh8JA1m
  25. A1: When the Board of directors strategic direction mandates it. #QBOchat
  26. A2 – Approving expenses, recording expenses. Reviewing financials and providing guidance based on historical and projected info #qbochat
  27. Hi All! Sarah from Aero checking in juuuust a little late. #qbochat
  28. A2: The finance department handles organizing, managing, auditing, controlling, and planning of the financials. Strategy & Ops too. #QBOchat
  29. @QBOchat Hey #QBOchat friends. I’ve got 20 minutes so I thought I’d join you again. 🙂 I’m Caleb Jenkins from @RLJ_Financial in Ceres, CA.
  30. A1: When the business grows and there is a need for segregation of duties for internal controls and security. #QBOChat  https://twitter.com/QBOchat/status/905869954238619648 
  31. Q3: What are some of the typical roles/job positions in a larger finance department? #QBOchat https://t.co/V9mJgSvbch
    Q3: What are some of the typical roles/job positions in a larger finance department? #QBOchat pic.twitter.com/V9mJgSvbch
  32. Hi all just popping in quick to say Hello been a busy day so I can’t hang out. Have a great rest of your week, #qbochat
  33. A2: Typically A/R, A/P, Deposits, Expenses, Reporting, Auditing, Controlling, Budgeting, and Forecasting. Use @billcom @ReceiptBank #QBOChat  https://twitter.com/QBOchat/status/905872039168311296 
  34. A3: In Finance Depts, you’ll see AP & AR Clerks, Staff Accountants, Controllers, and CFOs (among others) #QBOchat
  35. A3: AR, AP, Payroll, Government compliance, Budget/audit #QBOchat
  36. @KathyGrosskurth Thanks for saying hi, Kathy! You have a great week as well! #qbochat
  37. HI ALL! Just a little #LearyLate to #qbochat! Alex here with TSheets Time Tracking in Boise Idaho!
  38. A3: A/P Approvers, A/R Managers, Staff Accountants, and typically a CFO who leads the team. #QBOChat  https://twitter.com/QBOchat/status/905874027662671878 
  39. @tsheets Hey Alex! I thought for sure you’d be tweeting from Accountex! Great to have you! #qbochat
  40. Q4: At what point should a business hire a leader for their finance department - a CFO or Controller? #QBOchat https://t.co/Uy9aGmk2y8
    Q4: At what point should a business hire a leader for their finance department – a CFO or Controller? #QBOchat pic.twitter.com/Uy9aGmk2y8
  41. @avalara Hi Alan! I did not head out to Accountex this year but there’s an awesome team there! Just hangin’ out in the smoke! #qbochat
  42. A4: When the business needs a leader that others in the organization can go to for something related to the finance department. #QBOChat  https://twitter.com/QBOchat/status/905876011337875456 
  43. A4: I would say find a leader first and get their input to build the team. #qbochat
  44. @avalara @receipts_bora @QBOchat @Receipts_Damien So am I!! Wishing I was there for sure! PB&Jealous of everyone there! 😉 #qbochat
  45. A4 When there is need and there is also the point of affordability #qbochat
  46. @tsheets Gotcha. Yup, I’m just over here waiting to meet all the cool #QBOchat peeps at QuickBooks Connect like… pic.twitter.com/jrMQQ9gHxQ
  47. A4- A good bookkeeper will know when there is a need. #qbochat
  48. A4- when there are many different streams of income and expenses that need to be overseen and managed in a meaningful way #QBOchat
  49. @avalara @tsheets Yep – That’s what I’m like right now… Would love to be at #accountex2017 but I wasn’t able to fit that into my schedule. #QBOChat
  50. @avalara I will be at QB Connect too! We’ve gotta take an epic pic for sure!! #QBOChat buds unite! pic.twitter.com/sxfEATWNEn
  51. @avalara @tsheets However, I’m definitely going to be at #QBConnect and would love to see all my #QBOChat friends there also! 🙂
  52. A4: When a designated accountant is required to guide the strategic vision of the organization #QBOchat
  53. A4: When the business owner is ready for someone to challenge them and be a team in management, not just an employee. #QBOchat
  54. @QBOchat A4: A financial leader is the bedrock of a successful company. As soon as it’s feasible. #QBOChat
  55. @QBOchat Hey I’ve got to leave early. Hopefully I can see y’all again next week on #qbochat
  56. A5 by bringing expertise to the table the small business owner is not likely to have. #qbochat
  57. I’m back to my old drive-by #QBOChat tricks this week – lots of juggling going on here at @IntuitAccts Palm Springs office 🙂
  58. A5: By helping the business with cash flow forecasting, tax savings plans, overhaul and implementation of software programs. #qbochat
  59. Q6: How can finance team members help other departments & employees in a small business? #QBOchat https://t.co/OKqOItZHre
    Q6: How can finance team members help other departments & employees in a small business? #QBOchat pic.twitter.com/OKqOItZHre
  60. @QBOchat A6: One major way is to assess profitability before engaging customers. #QBOChat
  61. A6- By determining where costs can be cut. Eliminate redundancies. Source out vendors who can offer discount for group spending #QBOchat
  62. A6: provide support for external proposals, cost/benefit analysis for business decisions. Holistic view of strategic plan. #QBOchat
  63. A6: Members of the finance team can help other employees learn to budget more effectively #QBOchat
  64. Q7: How can small businesses slowly grow their finance department to match their own growth? #QBOchat https://t.co/fknaauRIkg
    Q7: How can small businesses slowly grow their finance department to match their own growth? #QBOchat pic.twitter.com/fknaauRIkg
  65. A7: Where workload can be segmented and as budget will allow. Sometimes it’s a leap of faith. #QBOchat
  66. Just a few minutes left of #QBOchat. Does anyone have any chat topic ideas for the future?
  67. I will be interested in hearing what tools other are using to GTD as a future topic. #qbochat
  68. That’s it for this week’s #QBOChat, thanks for taking the time to tweet with us!
  69. Next week our topic is: Open Q&A. Schedule it on your calendar now! #QBOchat
  70. Remember to sign up for our newsletter to get the most up-to-date news on #QuickBooks and #QBOchat.  http://bit.ly/2nJVXIC 

Author: QBOchat Admin

#QBOchat began in July 2013 with the simple idea to host a weekly Twitter conversation around QuickBooks Online (QBO). We have since grown into a very strong community comprised of a diverse group of users. Our weekly tweet chat is held each Thursday at 3:00PM Eastern. The discussions cover a wide range of topics including QBO’s latest features and updates, business operation tips and apps that integrate with QBO, to name just a few.

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