As Foresight CFO grows, we encounter new obstacles to growth affecting a diverse array of CEOs.
An obstacle we frequently see is the failure of CEOs to recognize the differences between a Growth CFO and an Accountant. “Why do we need another role dedicated to bookkeeping and tracking the numbers?”
While an accountant and CFO share some of the same roles, the difference is stark and can separate your company from merely treading water and driving forward in your industry in a meaningful way.
The Difference in the Division of Labor.
Let’s break down some of the main differences between a Growth CFO and an accountant outright, as some skills overlap and lead to more confusion among CEOs who could strongly benefit from a growth-centric mindset.
An Accountant handles:
- Reporting and tracking, including profit and loss (P&L) and balance sheet reports
- Producing periodic (monthly, quarterly, and so on) activity reports
- Filing and tracking of all numbers-related statements
- Handling payroll
- Performing reconciliations, such as with banking and dealing with creditors and debtors
By contrast, a Growth CFO will assist with these tasks alongside:
- Developing and implementing a comprehensive business strategy
- Facilitating organization and cash management
- Utilizing forecasting and pipeline reporting
- Modeling financials and budgeting
- Communicating and reporting relevant information to stakeholders
- Advising you and your board, as well as other executives
And honestly, the list of differences between a Growth CFO and an Accountant goes on – for miles. Just take a look at that list and really think about how having an expert in your pocket to navigate these critical areas could impact your workflow and free your time. Better yet, think about how having a team of Growth CFOs at your disposal would streamline this process and accelerate your growth.
The Major Difference: Looking towards the Future
If you know what you’re doing, you’re always looking toward the future as a CEO. Accountants deal primarily with the past and sometimes the present: financials, book balancing, reports, and tax filing. A Growth CFO manages your future, develops sound strategies, and structures ways to virtually remove any obstacles in your way.
Both roles are critical, but there’s no reason to split the difference. A Growth CFO can tackle all of this in one package or even work alongside your current accountant to complement their work. But the stark differences between a Growth CFO and an accountant mean you’re losing out on valuable real estate to simply live in the past and ignore such a vital component you might be lacking.
Utilize Fractional Growth CFO Services
Like many owners, you likely trust and rely on your accountant. They don’t have to leave or make room for another body. Instead, you can use fractional Growth CFO services like those offered at Foresight CFO to comfortably manage your tasks and set you on a new path.
These services provide an excellent and workable solution that doesn’t compete with your accounting staff – because, let’s face it, with all the differences between Growth CFOs and accountants, they’re not in the same ballpark.
Reach out to us today to get a better look at what we can offer you. Schedule a 25-minute discovery call so we can begin to understand your situation and give you a better sense of the kinds of work we do for countless clients daily.
Start thinking about the future in a more organized way. Get the help you need to drive yourself into the next five years and beyond.
Foresight CFO is always here to help. We’ve got the tools, experience, and chops to execute this precarious decision and let you enter the next stage of your life and career on strong footing.
Reach out today for a no-hassle consultation and learn more about how we can drive your growth.
Feel free to use this link to Schedule a 25 Minute Discovery Call.
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