CPA vs. CFO, What’s the Real Difference?
Different initials, but same position, right? WRONG!
There are lots of ideas of which advisors are needed to be successful in business. Ask your friends, colleagues, family members and anyone else who will talk to you about your business and they will tell you need the following two advisors:
- Certified Public Accountant (CPA) – To help you keep you out of trouble with the IRS and state taxing authority
- Attorney – To handle compliance and keep you out of legal trouble
Shortsighted businesses are more about transactions and staying out of trouble. They are satisfied with mediocre performance and frequently justify why they only rely on these two advisors with this rationale:
- I don’t want everyone to know my business
- They are highly recommended by friends and colleagues
- They are independently secure
- And more blah, blah, blah.
Balance Your Business with 6 Key Advisors
Have you ever wondered why very successful companies are so successful? Is it smarts, timing opportunity, education or a combination? It may be, but in their day-to-day thinking, decision-making and company progression, successful business managers rely on the input of six key advisors who bring different perspectives to the table:
- Chief Financial Officer (CFO)
- Advertising/Marketing expert
- Human Resources
But wait a minute…you only need the first two, right? What happens if market conditions change? Or you land that big contract and need resources to fulfill? What if overseas markets want your product?
You understand the different functions an attorney, marketing expert and human resources advisors provide, but do you know the value of the financial trio of CPA, CFO and banker? They all provide invaluable financial resources working with accounting and numbers. But the focus is vastly different.
Check out my next blog as I explain the value of the financial duo to your business. Don’t want to miss my next post? Follow me on LinkedIn to view the latest updates or subscribe by clicking the RSS button at the top of my blog.
Did you like this post? Here is recommended reading on this topic:
- A CPA and CFO Really Aren’t the Same People? Or Just Because It Smells as Sweet Doesn’t Mean It’s a Rose
- 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.
Do your financials continue to elude you in spite of how much you pay for them?
I am fluent in ‘financialspeak’ and can translate your monthly numbers into strategies for future success. Contact me – I take companies to a higher level of success. Email : AndyAnderson@b2bcfo.com. Phone: 909-732-4917