Among popular Three Letter Abbreviations is CFO – it sits along CEO, CMO, CTO and a heap of other “chief Something officers”. Do you even know what this means and how a chartered accounting firm can assist with this service? Let’s break it down and explain what a CFO is and what they do.
What is a CFO?
CFO stands for Chief Financial Officer. Large organisations have a CFO who gives high skill assistance in managing the financial requirements of an organisation. Few small businesses can afford a full time CFO.
Areas a CFO can help you:
- Assisting you to set goals and track progress.
- Periodic reporting, (Monthly, Quarterly)
- Cashflow management.
- Helping to improve financial results.
- Help to improve cashflow.
- Provides peace of mind to Shareholders/Business Owners
- Tax Advice
Why would I need a CFO?
Emerging to mid-size organisations require the skills of a CFO but cannot justify employing a full time internal CFO. Working with Monteck Carter, the functions of a CFO can be outsourced so that you only pay a small percentage of what a full time CFO would cost but get the benefits of the skill level required for your business. Watch this short video in which we explain the Financial Director role.
Technology allows Monteck Carter to be your CFO
To ensure we can offer the best advice to our clients in a proficient manner we make use of the following technology:
Cloud Accounting software – this enables us to access your accounting information at any time and from anywhere. We know that we are looking at current information when we advise you.
Calxa Forecasting – this programme gives us the ability to bring in your data from your accounting system and produce accurate and timely budgets and forecasts. (A recent project for a client saw us produce 5 years of forecasts with 3 different scenarios).
Attache Business Improvement software – enables us to see where your shortfalls are and design a programme to facilitate a change in your business towards better results and better cashflow.
Zuna Benchmarking – see how your business measures up against your competitors.
What is the benefit to your business?
A CFO helps you to understand the financial running of your business. Some business owners don’t want to know what is happening financially on a day to day basis. Using a CFO means they can keep an eye on the numbers for you. As a result, you are more aware and have more knowledge so you can make better decisions and maximise your profits.
What does this cost?
Our preference is to bundle our CFO services up along with any other work we do for your organisation and provide you with a fixed monthly fee. This fee includes phone and email support as well as meetings. You can confidently call or email us with quick day to day queries.