Many accounting service providers have the acronym ‘CFO’ in their company title, but not all are created equal. The truth is, few actually have qualified and experienced CFOs on their teams.
YourCFO is one of the few. But are CFOs even needed? What does ‘CFO’ mean? Is it just a fancy title that’s nice to have, or could it make a difference to your business? The short answer is that a CFO is a must-have (even more so in uncertain economic times). Here’s why.
What is a Chief Financial Officer?
A CFO is a highly skilled and experienced finance professional. They act as the CEO or business owner’s right hand and are often their sparring partner or sounding board for critical business decisions. They always represent the business’s interests and act as a liaison for key external stakeholders like banks, investors, and even government. Usually, they have:
- Worked within multiple industries
- Experience in different finance roles
- Developed a strong commercial understanding of the business
- Spent actual time in the CFO seat of a large organisation.
CFOs can provide insight on financials and performance that goes beyond just reporting the numbers. They can tell the story behind the numbers and explain what needs to be done to achieve the business’s goals: goals that are usually key in a company’s strategy. CFOs can translate that strategy into a clear plan, forecast, and budget. These are skills that are in short supply as you go higher up within various levels of a company’s finance team.
CFOs also bring value to the table when it comes to internal control and risk management. Businesses face different risks as they grow; CFOs recognise this and implement controls and processes to mitigate the risks.
Ultimately, CFOs help to bridge the gap between the most senior finance professional and the business owner. They’re worth their weight in gold and are a major asset to any business.
In the case of YourCFO, we have more than 30 years of combined international experience in finance, and more than 10 years at international CFO level. That means we can apply our extensive knowledge and expertise to assist your business so that it can make money and grow – quite a feat in 2020, we know. Which is why it’s more important than ever to bring a CFO on board.
Get on top of your business’s future by having a qualified CFO at hand. Contact us; we’re here to help.