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Your Path to CFO - Making the Accounting Department a Profit Center

 
 
 
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Welcome to Your Path to CFO

 

When I first started my career, I worked for a larger organization where I worked for a boss who mentored me and helped me grow. The after a few years, I became the top financial person for a business and reported directly to the CEO who expected me to know everything about the job. For the next several years, I stumbled and made a lot of mistakes learning by trial and error and a hobpodge of research.

If you are in a similar situation, this site is dedidated to making your life easier. This site is focused on providing support to Controllers of organizations with revenues of less than $20 million. Controllers of larger organizations have the luxury of having fully developed processes and a CFO who can be a great mentor. However, Controllers of smaller organizations frequently find themselves in a situation where they have to figure out everything by themselves.

If this fits you or your organization, then this site will provide a lot of information to help you be a more valuable controller and fill in the role of the CFO.

Manage

You will find ideas on improving the internal controls of your organization so you reduce the risk of fraud or wasteful spending. There are sample procedures for you to use for each of your accounting functions so you do not have to start from scratch.

Finding employees will be easier with ideas on where to advertise and some sample advertisements for each accounting position. You will increase the likelihood that you hire "A" employees with a set of interview questions for both the candidate and each of their references. The process can be much less painful and more efficient by following the recommended process.

Managing and motivating employees to get the most out of everyone while making

It helps when looking for financing to understand how a bank or other lender will evaluate your organizations. I have included several things you can do to improve your chances of finding loans and, getting a lower rate with more favorable terms.

You will find cash forecasting templates you can use to ensure your organizaiton does not unexpectately run out of cash.

 

The CFO almost always manages the accounts receivable, accounts payable and payroll functions. The CFO ensures that the organization never runs out of cash and there is sufficient cash to grow and execute its short and long-term strategies.

Frequently, the CFO manages the other administrative functions including human resources

CFO, who has a strategic focus and the following key responsibilities:

  1. Reduce the risk that the organization unexpectedly run out of cash

  2. Make sure contracts protect and are fair to the organization

  3. Minimize the business risks, at a competitive cost

  4. Ensure that each segment of the organization contributes to the profit and/or mission of the organization

  5. Turn the finance/accounting department into a profit center

  6. Keep the organization continuously progresses toward its long-term objectives

Controller, who has a tactical focus and the following key responsibilities:

  1. Motivate the right behavior of your employees

  2. Ensure there is sufficient cash to grow your business

  3. Increase the speed with which problems are identified and corrected

  4. Eliminate wasteful spending

  5. Management

  6. Hire and train, motivate and retain accounting staff members that execute their duties effectively, efficiently and in a manner that they are respected by others both inside and outside the organization.

    1.  

Accounting Clerk

  1. Focus

    1. Transactions

    2. Accounting sub-ledgers, such as Accounts Payable, Accounts Receivable, Inventory or Payroll

  2. Key Responsibilities:

    1. Accurately enter transactions into accounting sub-ledgers accurately

Bookkeeper

  1. Focus

    1. Transactions

    2. Accounting General Ledger

  2. Key Responsibilities:

    1. Accurately enter transactions into accounting general ledger accurately

    2. Reconcile bank and credit card statements

 

Accountant

  1. Focus

    1. Tactical

    2. Information from ledgers, such as General Ledger, Accounts Payable, Accounts Receivable, Inventory or Payroll

  2. Key Responsibilities:

    1. Turn data from accounting ledgers into useful information that can be used to make decisions or report to outside entities

 

 

 

 
Links to Other Sites
 
Click here for information on Mark Brown of the Florida CFO Group Click here for information on Mark Brown of the Florida CFO Group
 
Are You Losing Money on Your Biggest Customers?
 
Are Budgets a Waste of Your Management Teams Time?
 

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