Scaling Your Business? Here’s How to Get Your Financial Systems to Grow With You
As entrepreneurs, we love big ideas, innovative products, and building something out of nothing. But as your business grows, you’ll run headfirst into a universal challenge how do your accounting and financial systems keep pace without becoming a painful bottleneck? In this Episode of the Do It For Yourself Podcast, Steve Taylor sat down with Matt Tait, CEO and co-founder of Decimal, to unpack how scaling businesses can set themselves up for lasting financial health and operational excellence.
The Most Hated Parts of Business (and Why They Matter)
Matt Tait doesn’t mince words: “Everybody hates this area of their business, and that’s totally okay.” Whether it’s HR, IT, or accounting, most founders didn’t set out on their entrepreneurial journey because they loved filling out spreadsheets or wrangling payroll systems. Yet, as Tait emphasizes, “If you want any little bit of continuing success, you absolutely have to pay your bills, get paid, and track it all.” Even the most product-driven founder will find their energy zapped if their financial systems can’t handle a growing client base, new employees, or expanding product lines.
Bookkeeping Isn’t Enough: Why Understanding Your Numbers is Essential
Many entrepreneurs assume that bookkeeping is the end-all-be-all for financial management. “People come in and say ‘I just want bookkeeping,’” Steve observes but that surface-level approach won’t get you where you need to be. Tait explains that knowing your numbers and understanding them is what separates businesses that survive from those that thrive. It’s not about seeing pretty revenue numbers on a spreadsheet; it’s about grasping your profit, spotting inefficiencies, and making truly data-informed decisions.
A common mistake? Confusing top-line revenue with actual profit. “You’d much rather make $3 million and profit $1.5 million than make $10 million and only net $500,000,” says Tait. Regular, meaningful reporting isn’t just for tax season. It’s the key to knowing if your business is healthy and sustainable.
Automating and Outsourcing: Tools and Advisors That Save You Time
If managing finances isn’t your strength (or interest), you’re not alone and you shouldn’t force it. Outsourcing whether through platforms like Decimal or hiring the right advisors can give you the freedom to focus on what you do best. “Figure out the people, find the right advisor,” Tait urges, and don’t just look for someone with shiny solutions. The best partners will dig deep to understand your specific pain points and your industry.
Automation is another critical strategy. Integrate systems that handle repetitive tasks: payroll solutions like Gusto or Rippling, expense management tools, and seamless invoicing systems. Tait notes, “Your time is actually your most valuable resource, and too many people think of cost only as price.”
The Role of Fractional CFOs: Looking Forward, Not Just Back
As businesses grow, the founder’s gut instinct becomes less reliable. Eventually, you’ll need forward-looking strategies, not just historic reporting. This is where a fractional CFO comes in they analyze your business metrics and help you forecast, plan for growth, set realistic targets, and even increase your profit without ballooning your costs.
“A CFO is there to help your business be better,” Tait says. They don’t just crunch numbers—they surface critical insights around which products or services are truly profitable, help plan cost-effective growth, consider M&A opportunities, and prepare your business for a potential exit or major investment.
Peer Groups, Coaches, and Advisors: Building Your Support Network
Beyond financial advisors, Tait recommends surrounding yourself with three essential types of support:
A peer group (or mastermind) of entrepreneurs who understand your stage and challenges.
A business coach, to help you become a better leader not just improve business operations.
Trusted specialists (like a fractional CFO or peer in your industry) who know the nuances of your market and can offer actionable, relevant advice.
Where Should You Start?
If you’re feeling overwhelmed or unsure where to begin, start with your biggest pain point. Don’t just default to the nearest bookkeeper or the cousin’s recommendation. Seek out advisors who truly “get” your industry, ask the right questions about your business, and are focused on your goals, not just generic solutions.
Scalable financial systems aren’t just about compliance they’re the backbone of every high-performing business. As you grow, make sure your financial operations become an engine for opportunity, not a drag on your progress.
Learn more about getting the right financial support as you scale at Decimal, and tune into the Do It For Yourself Podcast for more real business conversations.