A real CFO in its natural habitat [centre]. Today’s CFO is the expert that all successful entrepreneurs need on their team to help manage business growth.
Having a CFO is not the same as having an accountant, nor does the CFO replace the accountant. CFOs and accountants work together, along with other advisers. The CFO has a different perspective and more closely-focused responsibilities as an internal member of the management team.
Because CFOs must be supremely qualified and experienced, they’re costly to employ. Larger companies have a CFO working at the right-hand of the CEO, with other C-level executives.
A small business usually needs a ‘real’ CFO long before it can really afford to hire one.
And yet, how sustainably a smaller-sized business can grow and scale-up, and how much more value is built within the business for owners who want to exit, can largely depend on having a skillful CFO.