“I have an accountant, so I don’t need a CFO.” Your accountant does many important things, but your CFO will drive your growth.
Accountants are very important to the business: compliance and legislation, tax audit, general bookkeeping, coding and cost control.
A CFO, though, provides the roadmap for driving growth and keeps your journey on track: building and implementing strategy, focusing on value, understanding your business potential – and unlocking it, maximising results. Your CFO gives you benchmarks, dashboards and drives accountability.
The accountant-only approach leads to business owners who don’t really understand the numbers in the business, what drives the business, or what risks and opportunities to look out for. They might not receive end-of-month reports at all, or the reports might appear months later, making them irrelevant. Some don’t even know their cash flow position and if they can actually afford to do what they are doing. With a CFO you know, in real time.
Accountants are terrific at keeping the business in order on tax, compliance and legislation. A CFO takes this information further: presenting it in ways you and your CFO can use to maximise your growth. Your accountant is by nature an outsider to your business. A CFO is your CFO, driving the business from within.
Every business needs an accountant. Every business that wants maximum growth needs a CFO.