There are plenty of stories about Bay Area businesses that began in a garage and moved on to become successful, big companies. For the founders, there is a certain level of loyalty to those first employees who were there to make the dream happen. 
With a family business, it might be a relative who managed the bookkeeping in those early years. Maybe for you, the good news is that you are growing and just signed a lease on a new office. You’re hiring more employees and are considering hiring a full-time CFO, too. But the family bookkeeper has insisted they stay on. They love being a part of the dream, but the business finances and taxes have become more complicated. Your bookkeeper may be great at managing the daily cash flow but they could lack the skills to handle new compliance and tax duties.
Sometimes change comes in increments, while other times it hits all at once like a freight train. A family-run business in San Francisco may need the support of a CPA team to help manage the new changes quickly. Upgrades in payroll and tax structures require strategic planning. And maybe that family bookkeeper insists they can still ‘handle the taxes,’ but they are unaware of the specifics that impact a growing business’s bottom line. A CPA firm skilled in supporting family businesses in San Francisco can help by partnering and educating company leaders, including the bookkeeper, on what needs to be done next.
Change Can be Difficult, But it Doesn’t Have to Ruin a Family Bond
As a family business grows, power struggles, emotional conflicts, and leadership disputes can arise. Processes need to be upgraded to meet new demands and more customers. The family VIP might choose to consult a CPA for guidance on more complex bookkeeping and tax filings.
It’s not unusual for a mother or an uncle to feel intimidated about bringing in professional support. If they handle the bookkeeping, they might worry about losing their place in the family business. Or they might be relieved to finally get help with tasks above their head and still feel concerned about whether they’ll be able to remain on the team. There are elements of business management as unique as the family running it. We understand everyone brings their individual skills to the table. Keeping the family bookkeeper on board to manage specific tasks in partnership with a CPA can be a great option. And if that’s not the desire, there are other strategies a family can agree on.
The expertise of a San Francisco CPA firm can help a growing family business continue toward success. Our CPA team is used to working with family businesses. Let’s set up a meeting to discuss how we can support your goals—contact us today.
