What can a CFO do for my company?
The CFO is responsible for keeping accurate financial records and for reporting on a company or organization’s financial status. A CFO will produce monthly and annual financial reports. Depending on the size of a company, a CFO can also offer analysis, oversight, and management. The CFO should be reviewing the financials to gain an overall picture of the company's financial status.
Cash flow, P&L reports and the balance sheet are all reports that the CFO is responsible for creating and analyzing. CFOs and CEOs work together with long-term strategic planning.
Here are integral roles your CFO can play for your company:
1. Adviser to the management team.
2. Strategic planning
3. Financials and record keeping
4. Financial analysis
Why do I need a CFO?
You didn't start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.