The CFO oversees the overall financial management of a company. Planning, projecting, measuring, and tracking financial and operational progress as well as financial compliance fall under the CFO’s umbrella. A CFO’s duties include:

• Supervise accounting and operational departments and can perform all functions of a Controller.
• Analyze and review the monthly Income Statement, Balance Sheet and Cash Flow with the management team. Also looks at the story behind the numbers, not just the numbers, and drives toward data-driven decision-making.

• Create complex financial projections to aid in strategic decision-making and is an active player in the strategic management of the business.

• Direct the business in the development of an effective capital structure by securing financing at attractive terms, managing relationships, and ensuring compliance to the terms.

• Focus on effectiveness and efficiency of operations, reliability of financial reporting, and compliance with laws and regulations.

• Be the key contact for financial relationships in the banking and legal community as well as with major vendors and clients.

In conclusion, there is a significant strategic and tactical difference between the value a CFO brings to the leadership of a business and that of a Bookkeeper. Because most small and medium-size businesses cannot afford a full-time CFO, then a part-time CFO would be an ideal arrangement. The key is to find a CFO that can be your trusted advisor and provide financial, operational and business insights.