Often times when businesses begin, owners overlook the necessity of a CFO in order to save money, and sometimes because they are confused at what exactly a CFO could do for their company. According to BusinessWeek, a CFO prepares and interprets financial statements; develops financing strategies (with banks and investors); does tax planning; sets internal controls (to help minimize fraud); forecasts budgets, and handles compliance. CFOs are professional advisors that can strengthen your business. As long as you make sure you do not neglect your own views, a CFO can offer outside perspectives for your business. They can be especially helpful in turbulent times when a business owner may not be able to see things clearly.
Knowing when and how to find the right CFO is important, and may take months, but once you find the correct person to fit with you and your business, they will help provide the foundation your company needs. And you do not have to go at it alone to try and find this person. Recruiters are available to reference check and interview the person as well. To read more about the importance of a CFO, click here.