Most people are familiar with the important role that a Chief Executive Officer, better known as a CEO, plays at a company. CEOs are the highest-ranking employees at most companies. But not everyone is as familiar with the role that a Chief Financial Officer, better known as a CFO, plays. Continue reading to learn what a CFO is and what they do to help push companies forward.
What is a CFO?
CFOs are, as their names would suggest, experts when it comes to finances. They’re in charge of making a lot of important decisions related to the financial operations of a business. From working closely with the accountants at a company to making sure a company follows certain financial rules and regulations, CFOs are responsible for just about all things related to finance.
What Does a CFO Do?
No two days are alike for a CFO. One day, they might be implementing changes in the accounting department for a company, and the next, they might be reviewing the first-quarter earnings for a company with the CEO. But generally speaking, there are a handful of tasks that a CFO will complete regularly. They will monitor all of the financial statements for a company as they come in. They’ll also analyze financial reports and interpret the data contained within them to make sure a company is hitting its goals. They’ll even ensure a company is in compliance with all of the different local, state, and federal laws that are on the books.
How Do CFOs Benefit Businesses?
If you can’t already tell, CFOs are a vital part of any company’s operations. If you don’t have a CFO in place at your company, it’ll be hard for upper management to keep tabs on what’s going on with the company’s finances. Your company will also run the risk of running afoul of the law. Additionally, accountants will lack the leadership they need to do their jobs effectively. It’s why all companies should have CFOs.
Is your company currently operating without a CFO? CM Solutions can set you up with the CFO services you need to do financial planning and analysis, financial reporting, and so much more. Contact us today to start using our CFO services to your advantage!