Every business absolutely needs some form of bookkeeping, either in-house or from a 3rd party, in order to ensure it remains as profitable as possible. Any Texas-based business that needs reliable bookkeeping should consider soliciting one of the 3rd party accounting firms operating in Houston.
As one of the leading accountants in the greater Houston area, Saira Fatah (CPA, MBA) has a lot of insight into the mix of services and what clients need to know before they dive in before soliciting an outsourced CFO, or any other kind of financial expertise. She has worked with companies in industries like Healthcare, Oil and Gas, Construction, Real Estate, Energy + many more sectors, as well as leading an impressive portfolio of providing financial consultancy to clients turning over up to 1.8 billion USD in annual revenue.
Despite her busy schedule working with a variety of emerging and established businesses around Houston, MBA and CPA certified Saira Fatah was able to take some time to share her expertise with us. With over 12 years of prior experience in the finance industry (mostly through CFO roles in companies backed with private equity), Sarah Fatah has a deep well of knowledge on what good and bad accounting looks like in businesses of every size and scope.
Sarah Fatah is well-aware that Houston’s a large place, so there’s no shortage of competition for her and her firm River Oaks Business Solutions to contest with. The following will examine why getting your books right is so important for any business, and how CPA & MBA certified accountants with a history in private equity, like Sarah Fatah, are delivering the services local enterprises need.
Why good accounting is necessary for every business to succeed
While every business undertakes some form of accounting whenever money is being discussed, but as Saira Fatah says, “there is a stark difference between a business that can manage its ledger effectively, and one that can’t”. Failing to ensure that your businesses’ finances are being adequately managed (including audits and forecasts) means that you are essentially trying to juggle with one hand tied behind your back.
She goes on to say that “a talented accountant can be what makes or breaks a business, especially in the early days when money is tight, and you need to be clever about the investments you make”. As MBA and CPA certified accountant Saira Fatah points out, presence of a reliable and competent accountant during the businesses’ teething period can save a significant amount of money and create a less stressful and daunting environment for business leaders for whom the analysis of numbers may not be their strongest suit.
When a business grows to a certain size, some kind of dedicated finance department becomes a necessity in order to manage increasingly complex and high-stakes transactions, and this can be affected by whether or not the businesses has a private equity share structure.
Saira Fatah goes on to add that “getting professional insight on your ledger right from the start will ensure you run a lean and efficient business that will be far less likely to succumb to predatory competitors or oppositional market forces”. Certainly, this MBA and CPA certified accountant understands from experience that even very early-stage businesses can benefit from the presence of a talented accountant with experience in navigating complex private equity arrangements.
Features and benefits of hiring a professional accounting firm
There are numerous benefits to hiring financial consultancy from outside your business. Saira Fatah’s Houston-based agency, River Oaks Business Solutions, is an example of a firm that has been designed around providing no-nonsense, quick and effective financial analysis for their clients who need help managing their business ledger.
River Oaks Business Solutions stands out as a firm that’s friendly to small business, and it understands that the more advanced stages of financial management might feel daunting to confront for the average business owner who’s trying to upscale their operation. The firm has particular expertise in helping business set-up, install and optimise QuickBooks accounting software. QuickBooks is well-understood to be the industry standard platform CEO’s are using to see the financial health and trajectory of their business at a glance.
The agency also delivers a wide array of traditional bookkeeping services such as balance sheet reporting, income statement reporting, tax planning and preparation as well as cash flow management and outsourced CFO. Saira Fatah tells us that “all of these services are designed to identify redundancies where a client’s business is bleeding money, allowing them to reinvest that money back into a more productive part of their operation”.
River Oaks Business Solutions is an example of a firm that can even take care of the recruitment processes of their clients. Sourcing and selection of new employees is something that needs to be budgeted for, both in terms of advertising/recruiter costs and putting a cap on the salary packages you will potentially offer.
Another area the firm specialises in is setting up a structure for employee benefits, specifically with regards to insurance plans. River Oaks Business Solutions has experience in a variety of niche markets that means they are well equipped for such a task.
As you can see, Houston-based River Oaks Business Solutions is an excellent example of a 3rd party accounting firm that brings a swathe of benefits to any business that engages them. For a business that does not possess in-house accountants, and needs effective help with their ledger, it’s hard to do much better than a firm like River Oaks Business Solutions where the expertise of MBA and CPA certified accountants like Sarah Fatah can be leveraged.
What are the 4 types of accounting?
You may have heard that there are 4 distinct types of accounting. Understanding what each of these types of accounting are is essential for leveraging them for business success.
Corporate accounting is directly related to the financial data of a company and is primarily used for the purposes of government-mandated tax compliance and reporting.
Public accounting is when an accountant hires themselves out as a consultant to business entities or individuals in order to assist with their bookkeeping and ensure all of their financial statements are accurate, and often involves matters concerning private equity.
Government accounting is similar in principle to other types of accounting, except dealing with local, state and federal entities rather than corporations or private individuals.
Forensic accounting described research and analysis of financial information that may be lost or difficult to reobtain and is often utilised by law firms.
While the numbers can appear daunting and unnavigable for the average person, an MBA and CPA certified accountant like Saira Fatah reassures that “it’s not impossible, you just need to admit when you need outside expertise and develop a productive relationship with the accountant you choose to hire”.