The modern Chief Finance Officer (CFO) goes by many names in today’s business world- Finance Controller, Chief Accountant, Finance Director, etc. Irrespective of the name, what is unquestionable is that the CFO is in a unique position to see all that happens in a business and can tend to be more influential than the CEO or founder. This is simply because all the activities undertaken (or not undertaken) have a cost element to them. Therefore, the analytically driven CFO can quickly spot trends, opportunities, problems, and solutions that can transform a business.

Therefore, irrespective of the size, it is guaranteed that at least one of the following will be required by a business and can be properly handled by your CFO:

o    Maintain Accounting Records in Accordance with Generally Accepted Accounting Principles (GAAP)

o    Annual Professional Quality Financial Statements in accordance with International Financial Reporting Standards (IFRS)

o    Financial and Operational Results Analysis

o    Board and Management Reporting

o    Profitability and break-even analysis

o    Budgeting, Forecasting, and Sensitivity Analysis

o    Risk and Opportunity Assessment

o    Systems Assessment and Development

o    Cash flow management and optimization

o    Working Capital Management

o    Performance management reporting on Key Performance Indicators

o    Confidential Financial Projects

o    Organizational Structure and Restructuring

o    Growth Plan

o    Finance Team Evaluation and Gap Analysis

o    Initial Public Offerings (IPO) Support

o    Mergers and Acquisitions Support

o    Due Diligence

o    Sounding Board

o    Exit Strategy

o    Turnaround Strategy

o    Training and Coaching

o    External Audit readiness

o    Incorporation support

o    Development of Accounting Policies and Procedures

o    Basic Tax Planning & Tax Compliance

o    Liaison with Bankers, Lawyers, External Accountants, Business Insurance Providers & Tax Authorities

o    Funding Guidance & Analysis

o    Mentoring

The list above is not exhaustive but involving a CFO early and throughout the “process” will reap tremendous benefits for your business.

If you have a business and have no idea what any of the items on the list mean, the chances that you need a CFO are high.

Do you see any items on the list that you need help with? Or any other issue requiring the assistance of a finance and accounting professional? Reach out to us today or leave a comment below. We will do our best to get back to you as soon as possible.