A great Chief Financial Officer (CFO) is like a sports coach. This individual ensures that the organization makes the best use of its resources, plays by the rules and reaches its full potential. A CFO is not simply a skilled accountant. Rather, a great CFO is strategic and not only asks the right questions but can interpret the answers in a way that creates value for the organization. A great CFO has the ability to interpret the company’s financial information with the company’s objectives and strategies in mind, and then share this knowledge with its business owner(s).
In sports it’s called having “skin in the game.” In business, the CFO sits in on management and planning meetings and looks for ways to ensure that the team is playing at its peak.
A great CFO, like an awesome coach, is one that makes a difference. How? By working closely with the business owners or CEO to run the company more efficiently and get it down the field to its business goal.
What does a great CFO do to help the company score? This person:
- Has a view of the company’s full value chain from customer needs to back-office support to suppliers’ contributions to competitors’ positioning. This line of sight enables the CFO to identify areas that need attention.
- Considers how financial transactions will be booked. While an accountant tracks financial statements with client-provided data, a strong CFO plans and strategizes how accounting for data in a certain way will impact the company.
- Understands the company’s key performance indicators (KPIs) and tracks these metrics to determine trends, risks and opportunities.
- Reviews the issues, weighs the challenges and counsels business owners, suggesting smart strategic moves.
- Sees the big picture and helps translate financial statements into business plans, budgets and forecasts. A savvy CFO works to maximize the value of the business.
Many of Northern New Jersey’s fastest-growing companies rely on CFO Your Way for that knowledgeable, experienced individual who has the financial management insight they need with the flexibility they desire. With CFO Your Way, you can get the benefit of a financial professional at a fraction of the price of hiring an in-house employee, without the headache of additional headcount and office space needs. We’re on your management team—keeping an eye on the business ball through financial management, accurate financial reporting, KPI monitoring, and more—but not necessarily in your office.
Contact Cheryl Mucha at firstname.lastname@example.org for a consultation and to discuss your needs in the areas of business bookkeeping, financial forecasting, cash flow analysis and all the other plays that a great CFO brings to your team.