The CFO is the financial leader of an organization, overseeing the accounting, finance, payroll and tax departments. As an integral member of the executive and strategic management team, the CFO bringing with him or her a strong financial and accounting perspective to the team.
The executive and strategic management team is charged with planning & implementing growth strategies, profitability strategies, acquisitions, major purchases, etc. As part of this team, the CFO is uniquely qualified to contribute to the team in areas such as the development of financial analyses, financial strategies, tax strategies, and risk management strategies.
It is the CFO who works with the management and executive team to identify what are the critical success factors (CSF) of an organization, then develop appropriate key performance indicators (KPI) to monitor what is critical to the success of the organization. Among other things, this includes the DEVELOPMENT of effective:
· Management reports and dashboards,
· Financial statements,
· Policies & procedures,
· Financial plans,
· Cash flow assumptions,
· Capital spending plans,
· Performance measures, and
· Internal controls
The CFO must understand past financial performance in order to develop reports and controls that will accurately predict the organization’s financial future. Growing businesses may not be able to afford or require a full-time CFO, but still need the skill sets that such professionals bring to the management team.
The CFO’s role is to help grow the business and build business value. Parker Consultants & Accountants, PLLC fills this niche by providing the needed financial, analytical, strategic and operational expertise to provide to serve forward thinking small to medium size enterprises (SMEs), at a fraction of the cost of a full-time in-house CFO.