A chief financial officer, better known as a CFO, is one of the most important people at any company. CFOs are responsible for taking care of all the various financial issues related to running a business. From analyzing current financial statements and tracking a company’s cash flow to planning for the future and establishing the proper procedures for a company’s accounting, HR, and IT departments, CFOs have a lot on their plates.
Here are some qualities to look for in a CFO when you’re interested in hiring one for your company:
Experienced in your specific industry
The CFO that you bring on board to help manage your company’s finances should have a wealth of experience in your specific industry. This will help them make the right calls when analyzing your financial reports and seeing where to make improvements. It’ll also help them keep tabs on the industry to see where it’s going so that you can generate the largest possible profits moving forward.
Knowledgeable when it comes to every aspect of finance
A good CFO will understand the basic principles of finance and accounting. But they also need to be able to take things to the next level by understanding more complicated financial areas. For example, they should be familiar with making investments, budgeting, managing cash, strategic planning, and so much more. If anyone in your company has a question about finances, your CFO should be the person they turn to.
Excellent leader and communicator
Despite what you might think, CFOs don’t spend all their time hunched over a stack of papers crunching away at the numbers that affect your company. They actually spend the majority of their days interacting with those within your company who are responsible for managing your day-to-day finances. They also maintain a healthy relationship with the CEO and make sure they’re aware of the company’s financial situation at all times. Therefore, CFOs need to be natural born leaders and excellent communicators.
Are you operating without a CFO at the moment? You can hire someone to fill the position, but you can also put the CFO services offered by CM Solutions to the test. Contact us today to see how our services can help you manage your company’s finances more effectively.