A CPA and CFO Really Aren’t the Same People!
Or Just Because It Smells as Sweet Doesn’t Mean It’s a Rose
Many other articles compare a CFO and CPA. A CFO does this and a CPA does not; a CPA does this and a CFO does not. Which is better is not the question. The question is why do successful companies have both.
A CFO Has 2 Major Responsibilities
A CFO is an integral advisor to help you, the business owner helping you
- set direction for the company
- identify trouble
- set goals
- monitor progress of achievement
- establish KPI’s
- work with other members of the management team to increase value
A CFO is a trusted member of your management team and is involved with the business. A CFO has experience in these areas:
- workers compensation,
- human resources,
- employee benefits,
- accounting processes
- as well as other areas.
Entering CFO territory – the land of improving profit!
Let’s put it this way, a quality CFO will become intimately involved with all activities of a business and you can’t and shouldn’t keep your CFO away from any activity of the business. Why, because everything involves money. So why is a CFO involved in –
- Human Resources? what’s the cost of turnover? It involves money? The CFO is in!
- IT? what’s the cost of data replacement, hardware replacement, program maintenance? Oh, it involves money? The CFO is in!
- Productivity Improvement? What’s the savings? Oh, money again – check with your CFO
- KPI’s? Improvement usually means more profit from higher sales, lower costs. Again, money, better check with your CFO.
So if the CFO is doing all of this, what are you the president or business owner doing? We’ll discuss that next my next blog post.
Did you like this post? Here is recommended reading on this topic:
- CPA vs CFO, Different Initials but Same Position Right? WRONG!
- So You are the President of Your Company and You also have a CFO. So What is It You Do Everyday?
- I Can’t Afford a CFO, They Cost Big $
Want to know what a CFO can do for you? Call me and let’s discuss! All businesses, regardless of size need the services of a CFO. I am fluent in ‘financialspeak’ and can translate your monthly numbers into strategies for future success. I take companies to a higher level of success. Email : AndyAnderson@b2bcfo.com. Phone: 909-732-4917