A CFO’s Contribution to Your Business
A recent article detailed the four most common things CFO’s address when they start at a new company. While many people believe that every owner and company are different, financial officers state that the needs are generally the same, regardless of size or industry.
To begin, a CFO always examines the financial statements for the business. Carefully studying these reports can help to identify material errors or inconsistencies. It can also show if any useful or needed financial statements are missing. Once the officer has gathered all the useful data, the company hires a third party to perform a trend analysis report. These ratios and statistics can be compared against industry standards as well as the closest competition. This comparison gives the company a solid way to measure its performance.
Second, the CFO will analyze the company’s accounts receivable. Using software, the financial officer can easily group accounts by customer, amount, … Read More