LBA Haynes Strand Named To 3rd Consecutive Charlotte Business Journal Fast 50 List!

The Charlotte Business Journal has released its annual Fast 50 list of the 50 fastest growing private companies in Charlotte.  This program determines winners using a formula that reflects dollar and percentage growth during a three-year period. We are excited to be included on this list for the third consecutive year.

“LBA Haynes Strand is lucky to have such an incredible team.  One of our core values is to be Growth Oriented.  This means growth at every level – the individual, the firm, and the client level,” says Co-Managing Member John Bly. “We are excited to be living this core value every day, helping our people and our clients grow, and in turn – they are helping us grow as evidenced by our recognition as a Charlotte Business Journal Fast 50 Company for the 3rd straight year!”

The rankings will be announced at an awards dinner on December 8th!  You can register for that event by clicking here.

Congrats to the 50 companies who have been honored as a 2016 Fast 50 Company:

  • AddShoppers
  • American Engineering
  • Apex Technology
  • AvidXchange
  • Barton Contracting
  • Brackett Flagship Properties
  • Bull Engineered Products
  • Cameron M. Harris & Co.
  • Carolina Office Solutions
  • Carolina Powertrain
  • CCS Construction Staffing
  • CEO Inc.
  • Command Partners
  • Computer Design & Integration Southeast
  • Costner Law Office
  • Darton Group Consulting
  • Davinci Jets
  • DC74
  • DealCloud Inc.
  • DecisionPathHR
  • DPS Construction Corp.
  • Fab Fours Inc.
  • Greenworks
  • Hissho Sushi
  • Horsepower Site Services
  • Impact Financial Systems
  • InfoSense Inc.
  • Lakeside Project Solutions
  • LBA Haynes Strand
  • MapAnything Inc.
  • McIlveen Family Law Firm
  • MetroTech Automotive
  • Passport Inc.
  • Pediatric Hair Solution
  • PrecisionLender
  • Reimels Dental Group
  • Search Solution Group
  • SeedSpark
  • SignUpGenius
  • SouthEnd Exteriors Inc.
  • SPAN Enterprises
  • Spangler
  • STS Cable Services Inc.
  • T1V
  • Torrent Consulting
  • Tresata
  • Trident Solutions
  • W.M. Warr & Son Inc.
  • XOOM Energy

Accounting For Growing Companies: What To Consider

Do you know the old adage of “it takes one to know one?” We believe this to be a characteristic of LBA Haynes Strand, that just isn’t available at other CPA Firms. We of course are talking about a growing company. Growing companies face all kinds of challenges: accounting, hr, marketing, operations, etc, etc. There are two areas that we see growing companies needing the most assistance in: Cash Management and Internal Controls.

Cash Management

The truth of the matter is, it takes a LOT of cash to grow a business. Think about it – when a company grows their receivables grow, their work in progress grows, they have to hire new employees, they may need more inventory to sell, different technology needs, etc. All this costs money, but it is essential to creating a business structure that is capable of handling the business growth. If you are a business owner and you are looking to grow your company, you need to be aware of this.

It is a common story in the business world that businesses grow quickly, but then fail quickly, because the business was not properly prepared to handle the growth.  Business growth does not always equal success. When you grow you must look at all sides of your business and make sure that each function is strong and able to handle the increasing workload. Cash is going to be spent quickly to do these things, but the business owners must realize that this is necessary! The trick is not running out of money and working with your CPA can help you accomplish that.

Internal Controls

We see it often that a company comes to us asking for assistance because their company’s growth is outpacing their business structure. Sometimes these companies have little to no accounting function, because they just haven’t had the time to put the right systems in place, the right internal controls in place, or put the right people in place. This is a big area of concern for us.

Internal controls are often pretty logical measures that can make the difference between the success or the failure of your business. Implementing strong internal controls early on in the growth process can save the company a lot of time and money in the long run. This will also ensure the company that they will have efficient and effective business functions, reliable financial reporting, compliance with laws pertaining to the businesses activities, and the company’s assets are properly protected. So how do you know what internal controls you need to strengthen? This is where a certified public accounting firm with a team of internal auditors comes in handy. The internal audit team will come in and learn your business, conduct testing of your internal controls, create solutions for any issues they find, and then make recommendations to the management team.

If you are a growing company and have questions about your internal controls and your accounting function, contact LBA Haynes Strand today. As a two-year Inc. 5000 fastest growing company, we understand growing companies. What better advisors to your growing company than ones who knows how to handle it themselves!  Contact us today for your no cost-consultation!