Managing the Company Financials
Managing your money is important. Managing your money correctly…even more so. When it comes to analyzing a company’s financial strengths and weaknesses, proposing corrective actions, or ensuring financial reports are accurate and completed in a timely manner, expert bookkeepers and CFO/Controllers usually know best and are why many businesses employ them to manage their money.
Nearly every company needs bookkeeping, financial planning, and payroll services, but not every company loves working with numbers. Considering current affairs, many companies may no longer be able to hire permanent staff or smaller businesses may not need full-time accounting employees. That’s where outsourcing to an offsite bookkeeper and CFO ensures accurate money management, offloading the day-to-day number crunching, and freeing up one of the most valuable assets for any business owner… time.
So…what exactly is a CFO? A Chief Financial Officer is defined as being an internal or external officer who has the primary responsibility of managing the financial actions of the company. Through financial planning, record keeping, cash flow tracking, and reporting, the CFO advises on the current, past, and future financial health of the business. Through expert oversight of the company’s income and expenses, the CFO typically works with senior managers and often plays a key role in the company’s success.
The CFO has oversight over the forecasting, budget control, and cost-benefit analysis and determines the predictors of a company’s growth potential and strategy. Whether supporting or challenging the company’s financial strategy, the most vital function that the CFO must do is report accurate financial information. Many strategic decisions, large or small, are based on the reports and data that the CFO provides.
Much like the CFO, the Controller also plays an important part of the financial health of an organization. Often in partnership, but reporting to the CFO, the Controller manages the tactical analysis, interpretation, and documentation of the company’s financial statements. Additionally, the Controller may process the payroll, safeguard company assets, create and manage budgets, along with coordinating with and managing the bookkeepers. By focusing on making the financials accurate, understandable, and concise, the Controller gives senior leaders the freedom to focus on products and services of the business. More products and services sold, more money to manage correctly!
October 15, 2020
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Randolph Business Resources, LLC.
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