bookkeeperMost small businesses know they need a bookkeeper to enter the financial data and an accountant to prepare taxes, but few know when the time has come for a CFO-type advisor.

The title itself can be daunting, as CFO’s are associated with large, public corporations. When applied to a small private company, it is confusing to tell the difference between a CFO, Controller, Accounting Manager, Bookkeeper and what those roles should be. Aren’t these all the same person in a small business? What exactly does a CFO do anyway?

Where a bookkeeper is a specialist on the routine entry of the financial data into an accounting program, and an accountant specializes in tax preparation and tax-saving strategies, a CFO partners with the owner to carry out vision reflected by their financial goals. The CFO would serve as a liaison between the bookkeeper and accountant to make sure the financial information is accurate, but their main objective is to maintain the forecast and manage the strategies for growth.

What most small businesses don’t know you don’t have to spend 6 figures to get this valuable advisor on your team; you can find a part-time CFO to help you out a few hours each month and get your business on track.

A CFO will:

  • Identify goals and strategy for the growth of your business
  • Monetize your goals into a short or long term forecast
  • Analyze financial statements to help you find money leaks and maximize your profits
  • Help you maintain momentum
  • Warn you if there’s a train wreck up ahead
  • Manage cash flow during down cycles

The question for those with growing businesses is not, “Can you afford to hire a CFO?”…it’s “Can you afford not to?”