The following is a guest blog post that originally appeared on FitterFinancials.com. Fitter Financials empowers entrepreneurs and small business owners to concentrate on your strengths, while they’ve got your books.
Ever since Peyton Manning played for the University of Tennessee, I have admired him. I remember reading an article on him in Sports Illustrated that detailed his discipline, focus, and the preparation he goes through before each game.
This same discipline is what led me to start Fitter Financials in Denver, Colorado. It took starting my first business, Dunn Warren Investment Advisors in 2001, to realize the need for good financial solutions. As we grew rapidly, having effective procedures that supported sound decision-making and banking as well as having cash for monthly expenses became a necessity. Having an undergraduate degree in economics and an MBA in finance and accounting coupled with the Chartered Financial Analysts (CFA) designation, I was well-versed in creating, using and analyzing financials. But it takes time, and my time was better spent on growing the business.
So I set out to find a bookkeeper. In just two years, I went through four bookkeepers. The first one was disciplined but did not have the financial knowledge to create good reports. The second just could not fully understand our business. Your financials provide a story about where you have been, where you are now, and where you are going. But if the person responsible for creating the financial reports does not understand your business, that person simply cannot produce material that best represents your company’s motives. The third bookkeeper was extremely knowledgeable but lacked punctuality in reporting to work in a timely manner. And the fourth bookkeeper could not properly set up the foundation to provide efficient reconciling and reporting each month.
Unable to find what I need, I created it: a sound foundation with a journal of accounts that simplified the monthly reporting. This foundation also tracked cash to cover monthly expenses and helped us to create reports in order to make better business decisions. It also gave us the help we needed to apply for loans from banks. To cap it all off, I simply can’t stress enough the importance of hiring the right people to manage the process. The result was a significant reduction in cost and time as well as better tools to make more informed business decisions.
With this efficient process in place, we started Fitter Financials. If you or Peyton Manning and his 21 Papa John’s franchises want to free up more of your time, reduce the cost of financial reporting, look for ways to reduce taxes, improve reporting for managers or shareholders and speed up monthly reconciliation, contact us at Fitter Financials today.
About the author
James (Jamie) B. Cornehlsen, a Chartered Financial Analyst®, co-founded Fitter Financials in 2013 to meet the growing needs of entrepreneurs and small business owners in the Denver area. On the heals of launching AUM in a Box in 2012 to meet the growing needs of fee-only financial advisors and provide them with the tools and resources to succeed in their businesses, Jamie’s newest venture in Fitter Financials builds upon his expertise in sales, revenue growth, and business processes and procedures.
Jamie founded Dunn Warren Investment Advisors, LLC in 2001 and continues to serve as the organization’s chief investment officer and managing director.