Why you need a CFO and not just an accountant

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accountant v cfo ?

Refer to article below regarding needing a CFO and not just an accountant. Totally self serving but relevant to SMEs nevertheless. The article is referencing external accountants /auditors more than in-house accountants but is relevant all the same.

Many smaller SMEs have external accountants (as outsourced resources) and external auditors (mainly due to the need for a statutory audit) but do not see these resources as pro-active, more they see them as an expense. At the same time, increasingly, external accountants and audit are becoming more risk adverse and do not want to provide a voice as it can affect their indemnity insurance.

Larger SMEs may have their own internal accounts team, but these are often treated as very much a back office function and cost centre, where in fact these teams often know the details of the company very well, where cost savings can be made, and often where risks are as regards forex, tax etc. If asked nicely they can actually help a lot more than they are credited with – often they may not offer advice as they are not asked or are treated as back office and not allowed a voice in meetings. Accountants are, by nature, a little reticent to speak up, so ask, you never know, you might receive. Or we can provide mentoring sessions to the team to understand where they can improve.

In my opinion, a good CFO is certainly not a cost centre and will add value. He will be part of the internal runnings of the business, attend all critical meetings and be part of the strategic process of the company. Even if you don’t need him there full time he should be part ot the key management team to clearly understand where you are going and is capable of helping you get there.

https://www.linkedin.com/pulse/why-you-need-cfo-just-acountant-benjamin-osei-mireku

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