What Does a CFO Do?
There’s a lot that goes into running a business, and the most successful businesses split all of the different duties and responsibilities into multiple positions. One of the most common roles found in businesses is the Chief Financial Officer (CFO), but what exactly does a CFO do? If you’re just starting, looking to expand your business, learning more about the pivotal CFO position could help you a lot. At CFO Source, we provide many Maryland businesses with our CFO services and wanted to talk about what a CFO does today.
Manage and Maintain Day to Day Expenses and Income
This may depend on the industry you’re in, but most businesses have lots of daily expenses and income. It’s very important that all of the financial comings and goings of a business are kept track of, but you, as a business owner, have many other things to worry about, especially if you’re the owner of a medium or large-sized business. This is where a CFO can help, as they’ll keep track of everything financial and will be able to give you reports where they go into explaining what all of your business’s financial data means.
Report to Any Required Bodies
This will also vary depending on your industry and the particular setup of your business, but lots of different businesses have several bodies and agencies they’re required to report to. This could include governing agencies, shareholders, trade groups, union groups, or any other person or organization that is either asked to review a business’s data or require the review of it.
Reports to any of these groups or organizations need to be submitted correctly and on time. If your business has to make many reports, trying to do it yourself is impossible. This is a task best delegated to someone else, someone like a professional Maryland chief financial officer.
Offer Business and Financial Advice
Most business owners that have been doing it for a while know that they can’t do it alone and understand that seeking knowledge and advice from others can be a great source of innovation and improvement. CFOs are financial experts and will be able to look through your business’ data and offer you advice on how to improve efficiency. At the end of the day, as the owner, your word is final, but hearing other opinions can help you get past a problem you’ve been stuck on.
Need Professional CFO Services to Help Take Your Business to the Next Level?
Are you looking for someone to help you manage the finances of your business? If so, then you’ve come to the right place. At CFO Source, we’re in the accounting/finances industry, and our team of experienced accounting professionals has the knowledge and skill set necessary to provide you with industry-leading CFO services. Reach out to us today to learn more about how we can aid you and your business. We can be reached at (443-487-7733), or feel free to send us a message through our website.