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
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.