It is tempting for a business to look to hire an accounting all-rounder, who can manage an assortment of financial tasks, such as, taxation, compliance, reporting, accounting, and business strategy. However finding an accountant who can manage all aspects of the financial mix is both rare and expensive. What is the difference between a CFO and an accountant, and how will adding a CFO Service help.
Numerous small to medium sized businesses (SMB) have outsourced their CFO function to a CFO Service company and for a number of good reasons: The costs of a full time Chief Financial Officer (CFO) are often prohibitive for a small or medium sized company. It is virtually impossible to find a part time CFO, often because experienced CFO’s who want to work part time are working for CFO Service companies and not available for smaller organisations.
Effectively managed accounting teams invariably make a significant difference to the general performance of a business. With integrity of the accounting function comes reliable and timely financial and management information.
I have always been amazed when I hear CFOs and their teams working well into the night to fulfil their month end obligations. Journals, rework, analysis, reporting until the late hours of the evening, month after month, year after year.
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