Your finance team is responsible for your company’s bookkeeping, reporting, data analysis, paying bills, sending invoices, tracking the AR, and helping you grow. Their knowledge of needs to go beyond reporting the numbers.
A CFO can help to identify cost saving practices and standardize the department. That saves an owner time and worry.
Start your business off on the right foot with a well run finance team. Remember that this important and essential function will become overwhelming and daunting causing you more headaches in the future.
Early on, companies can either hire a CFO to lay out all of the strategic plans and then hire the fill in position or you can hire someone to take care of your bookkeeping needs. Paying bills, managing invoices and data entry of revenue and expenses. Once that is established, hire a CFO that will help build the company.
Why do I need a CFO?
You didn’t start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.