Keeping an eye on your agency’s finances

Agency owners can be reluctant to involve employees or contractors in managing financial aspects of their businesses, especially anything that involves access to bank accounts or credit cards.

The concern is understandable, especially with recent examples of even large agency financial team members stealing from their firms.

Chip and Gini argue that the solution isn’t to hold on to these administrative tasks yourself, but rather to set up some reasonable controls coupled with periodic checks to confirm that everything is running properly.

The co-hosts share some specific examples of what they do or have seen others incorporate into their processes to help prevent your success from getting sidetracked by someone else’s dishonesty.

Key takeaways

* Chip Griffin: “Don’t get consumed by it. But put some reasonable controls in place, keep an eye on it and hopefully you will not be the next news story in the agency community.”

* Gini Dietrich: “You should not be balancing your checkbook. You should not. I don’t. I personally don’t think owners should be sending invoices or having that money conversation because I think separating the money conversation with the actual work is important.”

* Chip Griffin: “Don’t be overly concerned about it, to the point where you do control everything day to day because that’s not productive. But you do need to have checks and balances.”

* Gini DIetrich: “You’re working with people. Something bad will happen eventually. You won’t be able to predict it. Be ready and prepared and minimize risk as much as you can.”

Recommended

* What if something happens to you as agency owner?

* What if something happens to you as agency owner?

View Transcript

The following is a computer-generated transcript. Please listen to the audio to confirm accuracy.

Chip Griffin: [00:00:00] Hello, and welcome to another episode of the Agency Leadership Podcast. I’m Chip Griffin.

Gini Dietrich: I’m Gini Dietrich.

Chip Griffin: And Gini, I think I just need some access to your checking account. You don’t mind, do you?

Gini Dietrich: Sure. No. Don’t mind at all.

Chip Griffin: All right. Right after this,

That pause may or may not come out of the final version.

Gini Dietrich: Did you lose the button there?

Chip Griffin: I, I forgot to, I forgot to cue up the intro music, so.

Gini Dietrich: Got it. I was like, where?

Chip Griffin: I had to go fishing for it after I made my witty little introduction, which was, you know, not, not one of my better ones anyway. But.

Gini Dietrich: You don’t want access to my checking account, is that what you’re saying?

Chip Griffin: I mean, I wouldn’t mind having access to your checking account. I think you’d be a fool to give it to me, but…

Gini Dietrich: No, you cannot have access to my checking account.

Chip Griffin: Oh, darn.

Gini Dietrich: Sorry.