What exactly is a CFO? A small business CFO essentially encompasses both Controller and Treasurer responsibilities. By necessity, in addition to having strong accounting and finance skills, a small business CFO has experience in corporate level administration and operations including production, purchasing, human resources, facilities, contracting, negotiations, etc. CFO can also stand for Corporate Finance and Operations - because finance doesn’t operate in a vacuum. It's an integral part of every business operation regardless of size, because every business transaction has a financial implication. At what point should I think about hiring a CFO/Controller? To help you determine when the time is right, ask yourself these simple questions…
Most companies find they need a CFO/Controller when their operation reaches a certain level of complexity – whether it’s due to the numbers of employees, contractors, product lines, suppliers, vendors, geographic locations, etc. Others want to take advantage of opportunities to grow the business and realize they don’t have the necessary financial expertise on board to help them get there. The right time to bring in a CFO/Controller will vary from company to company since no two companies, even in the same industry, are grappling with exactly the same financial and operational issues. Finally, most small businesses either don't need or can't afford a full-time CFO/Controller on staff. Contracting with a Consultant can be a cost-effective way to get the specific services you need, when you need them. What
is the difference between accounting and finance? Finance takes accounting information to the next level. While a CFO fully understands accounting and accounting systems, s/he also has the ability to take a more forward look at your business through budgeting, planning, projecting, forecasting, etc. - all toward helping you plan for 'profitable' growth or sustainability. Can Small Biz
CFO also do my bookkeeping and taxes? QuickBooks is the general accounting software that we typically recommend and we are proficient in its usage. We also have experience with other standard accounting software. Small Biz CFO will also help recruit, hire and train your own permanent bookkeeping and accounting staff. Taxes: No, because we are not tax professionals. Because
of the complexity of ever-changing tax laws, we recommend that you engage an experienced Tax CPA or Tax Agent to provide tax planning and tax return preparation. Our goal is simply to ensure that your books are ready and in good shape for them to prepare your tax returns. Small Biz CFO values your relationship with your CPA and strives to maintain good communication. “When a former employee left, Priscilla was very helpful in sorting things out while getting a new hire fully trained and up to speed. During a frustrating and uncertain time when I was not sure what problems we might find, or how it would impact the numbers, I found her calm demeanor, and the perspective she gave on other businesses, to be very reassuring. I appreciated that! Sometimes, it's not only what we do but how we do it. I was truly pleased with the results.” Wendy Simmons, President, Prism Consulting, Inc. |
Financial Accounting Management Accounting Business Plans Bookkeeping Services |
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