What Does A CFO Do?

A CFO is someone that is specifically driving more value to the enterprise. They provide some tangible benefit. They increase sales and margins. They decrease expenses. They increase cash flow and the business valuation. They don’t just do stuff. They do stuff that is WORTH doing.

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VIDEO TRANSCRIPT:
Most people are going to be wanting to do monthly recurring outsourced CFO services.
And here's the way you need to think about that versus if you're doing bookkeeping, or if you're doing accounting, or if you're doing AP, or AR.
I like to think about monthly recurring in 4 different tiers.
First tier is going to be what I call sub-account management.
And that's really going to be AP, AR, fixed assets, inventory, and all these things that are sub-account management. Generally speaking, a CFO is not going to be doing the work associated with this.
Now they might be aware of what's being done.
They should be aware of what's being done. They should have an understanding of it.
They should know who's doing it and how they're doing it.
But they're probably not going to be doing the work.
They're probably not going to be reconciling the inventory at the end of the month.
The second thing is monthly accounting.
When I think about monthly accounting, what I'm really thinking about is reconciliations.
And I'm also thinking about the month end close.
And you might be saying, "Andrew, how did you come up with all this?
Where did you see all this stuff?"
Guys, this is not the opinion of Andrew. I'm simply telling you what I've learned from my research.
I probably talked with 4,000 individuals in the US and probably 13-14 other countries that have a small business accounting firm or a small business tax firm.

Видео What Does A CFO Do? канала Corvee