What is a CFO?
A CFO or Chief Financial Officer is a corporate officer in charge of financial matters for a company. This person manages financial planning and reporting. CFOs are the ones who track cash flow and analyze financial strengths and weaknesses and propose corrective actions, if needed. This is an executive-level position, typically reporting to the CEO, Chief Executive Officer, and is key in guiding a company towards growth and success.
Getting Started with Your CFO
Since CFO salaries are usually very high, most small to medium companies do not have such a position, even though financial guidance when it comes to running a business is highly beneficial. CPA Accounting and Tax Services is available to serve as part-time or fractional CFO for companies that need this sort of guidance, but are not able to create such a high-paying position in their company. We will fill this role, on a temporary basis, to get your organization in the right direction in regards to operational and financial matters.
Taking a Closer Look at Your Business
Whether you need us for a few days, months, or years, we can partner with you to ensure the best possible financial future for your business. The process begins with us gaining an understanding of pertinent financial issues and company goals, both long-term and short-term. We will collaborate with you to determine a course of action that will achieve these goals, along with a timeline of what it will take to accomplish them.
Call Our Orlando Office at (407) 382-6658 to Schedule Your Initial Consultation
Best Time to Add a CFO
When is a part-time or fractional CFO needed? There are several occasions or situations that cry out for this type of financial leadership: when a company is new or expanding into a new area, when a company is growing or changing in other ways (acquiring or merging with another company), when a company is without this type of leadership temporarily, due to someone retiring or because the lack of financial expertise has just been identified. These are the main examples of why a part-time CFO is needed, but it’s not an exhaustive list.
Common CFO Mistakes
What are the most common tasks performed by a part-time CFO? This depends on the needs of the business and desires of business leaders. It can be a very wide range of tasks and responsibilities, but there are some that are most common. They are often asked to collaborate with senior leadership to develop a strategic financial plan to guide the business toward its goals. Many times, they are called in to support a merger or acquisition. If a business is being sold or passed down to a junior partner or heir, a CFO may be asked to provide their expertise and objective advice. A business that is struggling may hire a part-time CFO to help them turn things around.
If you own or have an interest in a business that is in one of the mentioned situations, or is otherwise in need of some financial guidance, call CPA Accounting and Tax Services today at 407-382-6658. We would be honored to support you with our years of experience and expertise.
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