Chief Financial Officer and Focusing Area
Entrepreneurs naturally wear
many different hats in their business. However, it is impossible to be an
expert at everything. As a business owner you keep a very close eye on day to
day business transactions and which is why you hire bookkeeper or accountant
who is capable of handling your accounts, but note that while the basic accounting
jobs get done there are Financial GAPS affecting the business without the
knowledge of the business owner and the accounting team. In such cases CFO (Chief
financial officer) covers all the below given areas:
- Adequate financial and budgetary control that is appropriate to that business
- Assurance that you are complying with appropriate accounting standards and controls
- Integration of management information from sources other than accounts, and translation of financial information, to provide relevant and reliable decision-making data
- Someone with a sound knowledge of your business to run financial relationships with external bodies (banks, venture capitalists, auditors, tax advisors)
- A helping hand when there simply aren’t enough hands to get the work done, perhaps around the time of the financial year-end
- Analyzing the company’s internal and external factors that are its strengths, weakness, opportunities, and threats, together known as SWOT analysis.
Those are largely non-strategic day-to-day jobs that a CFO would typically undertake. At ELEVATE we cover these issues for you by utilizing the existing staff, systems and controls to their best potential. Where changes are necessary we help you to make them with the minimum disruption to your business.
We work closely with you, the business owner, to identify the overall aims of the business, including the final exit strategy of the owners. Together, we undertake an exercise to understand where the business is now, both financially and within its chosen markets.