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Services

Finance Team Development

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Why This Works

Build the Accounting Team Your Practice Has Grown Into.

The accounting structure that worked when your health and wellness practice was smaller may not be the structure you need now.

An outsourced bookkeeper may have been enough with fewer providers and one location. As the practice grows past $1 million in annual revenue, ownership of the month-end close can become harder to define. Financial reporting may need another level of review. Too much accounting knowledge can also remain with one person.

Healthy Bodies of Finance helps established health and wellness practices determine whether the current accounting team structure still fits the business. We look at who is doing the accounting, what each role owns, and where review belongs.

For a multi-location practice, defining accounting ownership becomes more important as additional providers or locations increase the accounting workload.

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WHAT'S INCLUDED

Healthy Bodies of Finance uses Finance Team Development to examine the current accounting team structure and how responsibilities are divided.

When ownership has become unclear, we define which work belongs with each role and where the practice needs more accounting experience or another level of review.

Before hiring another accounting staff member or engaging a different outsourced bookkeeping firm, we help determine what the practice is actually missing. Some accounting responsibilities may need to move in-house, while others may require stronger review or oversight.

An in-house bookkeeper or staff accountant may be the right next hire. In other cases, the practice may need a fractional CFO.

The point is to define the responsibility before adding another salary or paying for another outsourced accounting relationship. A new title or a different bookkeeping firm will not fix a structure that was unclear to begin with.

Client Outcome:You leave with a clearer accounting team structure, defined responsibilities, and a better understanding of which role the practice needs next.

Month-end close becomes harder to manage when several people touch the process but ownership is unclear.

Through Finance Team Development, Healthy Bodies of Finance defines who is responsible for the close and which reconciliations belong with each role. We also establish where financial reporting should be reviewed before it reaches practice leadership.

Too much institutional knowledge with one employee creates another problem. Documentation and cross-training help preserve what the practice needs to know without expecting everyone on the finance team to perform the same job.

Client Outcome:Clearer month-end ownership, defined review responsibilities, and less dependence on one employee for critical accounting knowledge.

As accounting responsibilities change, financial authority needs to change with them.

Through Finance Team Development, Healthy Bodies of Finance looks at whether system access and approval authority still match who is responsible for the accounting work. We also look at where management review should happen and whether segregation of duties still fits the way the accounting team is structured.

Client Outcome:Clearer financial authority, better-defined review responsibility, and fewer gaps between who performs the accounting work and who can approve or review it.

As the finance function grows, the accounting team needs to know what practice leadership expects from the financial reporting and when that information needs to be ready.

Preparing the month-end close depends on information coming from other parts of the practice. Through Finance Team Development, Healthy Bodies of Finance looks at how that information reaches the accounting team and where missing responsibility is affecting the close.

We also define what should be reviewed before financial reporting reaches practice leadership, so the accounting team knows what is expected before the reports are presented.

Client Outcome:The accounting team knows what information it needs, who is responsible for providing it, when it is due, and what must be reviewed before financial reporting reaches practice leadership.

In-House or Outsourced
Bookkeeping?

Reaching $1 million in annual revenue does not mean outsourced bookkeeping is the wrong choice or that an in-house bookkeeper is the right one.

Through Finance Team Development, Healthy Bodies of Finance helps determine which accounting responsibilities now need clear ownership and review. Outsourced bookkeeping may continue to fit the practice. More day-to-day accounting activity may create a need for an in-house bookkeeper, while a practice that needs stronger accounting review may be missing a staff accountant or controller instead.

Adding more people to the finance team will not strengthen the accounting function if responsibilities are still unclear or the review structure has not been defined.

 

What You Walk Away With

What Changes When

Your Finance Team Has

the Right Structure.

◈

You Know Who Owns the Accounting Work


Your accounting team structure makes ownership of bookkeeping and the month-end close clear. Financial reporting is reviewed before it reaches practice leadership.


There is less confusion about who is responsible for the accounting work. Preparation and review are also easier to distinguish before the financial information reaches leadership.

◉

You Know Which Accounting Roles the Practice Needs


You have a clearer answer about whether outsourced bookkeeping still fits or whether the finance function needs an in-house bookkeeper or staff accountant. When more accounting oversight is required, you can see whether a controller belongs in the structure. For a multi-location practice, the accounting workload is considered before another finance position is added.

◎

Less of the Finance Function Depends on One Person


You can see where too much institutional knowledge or financial authority rests with one employee. Cross-training and documentation can reduce the dependence on one person for critical accounting knowledge. Management review and segregation of duties can address where too much financial authority is concentrated within the accounting team.

How This Service Is
Different

At Healthy Bodies of Finance, Finance Team Development focuses on who prepares and reviews the financial information and how the accounting team is structured.

Fractional CFO support focuses on what the financial results mean for cash flow, profitability, forecasting, and the decisions the practice is considering.

Forensic Accounting + Fraud Prevention focuses on financial activity that does not add up, along with the internal controls, financial access, and review processes that can affect fraud risk.

We Start With a Paid Financial Assessment

Every engagement with Healthy Bodies of Finance begins with a paid Financial Assessment. We review the current accounting team structure and how responsibilities are divided before recommending Finance Team Development. The assessment shows us where ownership or review needs to change and whether another accounting role belongs in the structure.

Build the accounting team your practice has grown into.

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