{"id":8578,"date":"2021-01-21T10:00:58","date_gmt":"2021-01-21T10:00:58","guid":{"rendered":"https:\/\/www.sage.com\/en-gb\/blog\/?p=8578"},"modified":"2026-01-29T09:51:17","modified_gmt":"2026-01-29T09:51:17","slug":"tom-coward-finance-experts-data-decision-making","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-gb\/blog\/tom-coward-finance-experts-data-decision-making\/","title":{"rendered":"Tom Coward: \u2018Business owners don\u2019t need to be finance experts but do need data for decision-making’"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tTom Coward: \u2018Business owners don\u2019t need to be finance experts but do need data for decision-making’\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"Tom\t\t\t\tTom Coward<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t<\/div>\n\t\t<\/div>\n\n\n\n

Despite the fact that Tom Coward has spent a decade managing startup finances, he\u2019s not one for complicated jargon. <\/em><\/p>\n\n\n\n

Financial tasks are split into two categories, says the CFO of Cytora<\/a>, a platform that helps insurers to underwrite more accurately. <\/em>There\u2019s what you can do yourself or \u2018DIY\u2019 and what you give to an accountant.<\/em><\/p>\n\n\n\n

This binary approach complements Coward\u2019s refreshing advice that, as a small business owner, you don\u2019t necessarily need to have financial expertise, but what you must do is arm yourself with the data to aid decision-making for your future. <\/em><\/p>\n\n\n\n

Here, the 2020 Finance Futurist<\/a> shares how small business owners can make smart decisions early on without complication, from reimagining a strategy for your finances, to dealing with funding and forecasting. <\/em><\/p>\n\n\n\n

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Download your free guide, 7 ways to take control of your business, and take steps now to master your business admin <\/a><\/div>\n<\/div>\n\n\n\n

What is the best way for a small business owner to approach their finances from day one? <\/strong><\/h2>\n\n\n\n

I suggest dividing your financial tasks into two categories:<\/p>\n\n\n\n

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  1. Do it yourself (DIY):<\/strong> Business critical things like cash flow forecasting and business plan modelling.<\/li>\n\n\n\n
  2. Hire an accountant<\/a>:<\/strong> Things you must do but aren’t a value add for you like VAT reporting and statutory accounting, and repetitive things like payroll, payments and invoicing.<\/li>\n<\/ol>\n\n\n\n

    If the DIY category becomes too much and you can afford it, bring someone in-house. You can start with a portfolio finance director who does this for two or three companies.<\/p>\n\n\n\n

    As an entrepreneur, do you need to build financial expertise?<\/strong><\/h2>\n\n\n\n

    You don’t need to be an expert in finance. You need to be an expert in your business.<\/p>\n\n\n\n

    You don’t need to be a finance expert to track how well your ads perform over time, and no accounting course will teach you whether to expand in-store or online first.<\/p>\n\n\n\n

    What you need is the financial data to support these types of decisions<\/a>.<\/p>\n\n\n\n

    Reimagine your strategy for managing business finances to align with this cycle:<\/p>\n\n\n\n