![]() Managing all aspects of a business’s finances.Creating long-term financial projections.Setting forward-looking financial strategy.However, a CPA doesn’t usually have the same depth of strategic finance experience as a CFO. Just as a CFO doesn’t have the same depth of tax experience as a CPA. Interfacing with IRS representatives (the least appealing part of the job!).Representing you in the event of an audit.Developing strategies to minimize taxes.Preparing financial statements in accordance with GAAP (Generally Accepted Accounting Principles).Common responsibilities of a CPA include: A CFO focuses on broader financial strategy and management. A CPA typically focuses on accounting and tax matters. However, don’t confuse the roles of a CPA and CFO. Californians can check their CPA’s license here.Ī CPA is a valuable member of your financial team. But, before you hire a CPA, always confirm that they are licensed and in good standing with your state’s board of accountancy. Ready to learn more? Schedule a free consultation! Together we’ll explore how Momentum CFO’s part-time CFO services can help you achieve your financial objectives.Ī CPA (Certified Public Accountant) is an experienced accountant who is licensed by the state. In other words, all CPAs are accountants, but not all accountants are CPAs.Īs an example, obtaining a CPA license requires years of accounting study, experience, and passing a comprehensive exam. As a result, we bring the benefits of large company expertise to smaller businesses like yours. From small startups to Fortune 500 enterprises. We’ve led finance organizations at various size businesses. Momentum CFO’s leadership has over 20 years of experience. Finally, CFOs have excellent decision-making abilities. Additionally, CFOs are collaborative and can explain complex financial concepts in straightforward language to anyone on your team. Skilled CFOs have many years of corporate finance experience. Therefore, fractional CFO services are a more affordable option for small businesses that need strategic financial guidance on a part-time basis. As a result, you can avoid the hefty salary, bonuses, cost of benefits, and employer payroll taxes that come with hiring a full-time CFO by outsourcing the CFO function. ![]() ![]() Furthermore, hiring a CFO full-time can be expensive! However, not all small businesses need a CFO on a full-time basis. Most small businesses will benefit from having a CFO on their team. How can your business benefit from a CFO? In addition, the term ‘outsourced CFO services’ may also be referred to as fractional CFO services, part-time CFO services, or CFO consulting services. Overseeing all other accounting and finance staff and coordinating activities among themĪt Momentum CFO, we offer outsourced CFO services for small business owners.Managing relationships with shareholders, investors, and lenders.Establishing policies and procedures to ensure smooth financial operations.Assessing and minimizing financial risks.Measuring and improving financial performance.Preparing annual budgets and financial forecasts (projections).Providing comprehensive guidance to help you make important financial decisions.Developing a strategy and detailed plans for achieving your business’s financial objectives.Therefore, a CFO will focus on your financial strategy and overall financial management. Making these decisions is where a CFO comes in.Ī CFO is the Chief Financial Officer of a business. Make decisions about the financial direction of a business.Create financial projections of profit or cash.Provide guidance on how to improve your numbers.At a minimum, you should receive a profit and loss statement (P&L), balance sheet, and statement of cash flows. Keep in mind that bookkeepers often will not: Organizing and maintaining documents such as purchase receiptsĪ good bookkeeper will provide a few basic monthly financial reports.Reconciling bank statements to records in your accounting system.Recording sales, expenses, accounts receivable and accounts payable.Generally, bookkeepers process and record financial transactions in accounting software such as QuickBooks Online. A bookkeeper is usually the first professional that a small business owner will engage with to assist with their finances.
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