It is enlightening to consider the duties of a Chief Financial Officer (CFO) in a large business. Many of the components of a large organisation’s CFO services are also required by SMEs. Whilst it is acknowledged that an SME does not require a full time CFO, nevertheless many growing businesses could benefit from an experienced accountant supplying CFO services to assist in the growth and value-adding of the business. A review of newspaper advertisements has identified the key job requirements, as follows:
Financial Function
- lead, plan and direct the financial strategy of the business
- management of financial and business services
Commercial Function
- management of commercial business services, including:
- human resources
- risk management
- effective cashflow management
- develop effective banking relationship
- manage all matters relating to working capital, including debtors, stock, work in progress, bank relationship
- preparation of detailed Budgets & Cashflow Forecasts
Business Growth
- drive profitable growth achieved by understanding the business fundamentals
- establish strategies and tactics for business growth and shareholder value improvement
Focus on Key Financial Data
- key performance indicators
- benchmarking comparisons
- analysing costs and risks
- company secretarial
These items are an extract from a summary of advertisements for positions of Chief Financial Officers in large corporations. Do these tasks sound familiar? Do they relate to many of your small/medium enterprise clients? The accountancy business is ideally positioned to be offering a full range of “CFO services” to small/medium enterprises.
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