Jeffrey Johnson’s Post

1. Accounting is Not Fianace! 2. The CFO’s highest priority is Not Producing Accounting/Financial Reports. (Prerequisite… Absolutely. Highest Value Priority… Absolutely Not). 3. The CFO and the CEO are the two sides of the Leadership Coin. 4. Both have the Priority to drive the Business Forward, Build Financial Strength, and Safely guide the organization to Achieve the Desired Goals. 5. The CEO and the CFO must work as Partners. They must be the Check and Balance for Each Other. They must both work with the Board to Achieve the Objectives of Shareholders, Employees, and Clients. 6. The CEO and the CFO are the senior leadership of the “Together We” in the Strategic Gosls of the company. Different Roles? Absolutely. Does the CFO typically report to the CEO, Almost Always. But they are the two sides of the Leadership coin and when they work together, their coin is Priceless. See Oana Labes post below to understand the Importance and Priorities of a real CFO. Yes, in small companies the CFO may also be the OFO (Only Financial Officer). They may also be called Controller or VP Finance and Accounting, or many other titles. But if they are producing Financal (not just accounting) reports then in that process, they must be working closely with the office of CEO, Owner, Founder. Even so the Mindset of the senior most “financial” position must partner with the CEO. An the CEO must partner with their Financial Realities. Remember, “Financial Health is the enabler of Goal Achievement”. Together they bring operational value and balance to the business. CEOs must carefully select their CFOs. Thanks again Oana! #ThoughtThinkers4You

What does a CFO actually do? Hint: it's not financial reporting. It's also not budgeting and forecasting. And definitely not budget to actual variances. Those are outcomes, essential outputs of a CFO office. 🎯 What a CFO actually does is drive business success alongside the CEO. 🎯 Check out Financiario to learn how we enable these objectives and more: ✓ Big picture thinking and long term planning ✓ Identifying and navigating risks & opportunities ✓ Driving change for improved efficiency & profitability ✓ Keeping stakeholders informed and engaged with strategy ✓ Identifying growth opportunities, making strategic investments. ✓ Ensuring that all departments understand their impact the financial health. 🔹 A CFO in a small and medium sized company is likely also the OFO (Only Financial Officer). 🔷 A CFO in a large organization has an entire CFO Office helping them deliver on their 3 key areas of responsibility: ✓ Reporting and Compliance (Controllership) ✓ Treasury (Cash Flow Planning) ✓ Financial Planning and Analysis (Strategic Planning) 🎯 A CFO in every organization acts as an essential bridge between Finance and Operations that helps the company: ✓ Make informed decisions ✓ Allocate resources effectively ✓ Achieve strategic objectives 🎯 Here are The Top 10 Responsibilities of a CFO: 1️⃣ Attest to the accuracy of financial reports 2️⃣ Build/Scale/Lead the finance and accounting team 3️⃣ Develop and manage financial systems and policies 4️⃣ Ensure financial plans and budgets align with strategy 5️⃣ Oversee financial planning & analysis to drive growth 6️⃣ Enable/Drive Mergers and Acquisitions (M&A) activity 7️⃣ Plan, negotiate, secure, and manage business financing 8️⃣ Ensure compliance with applicable laws and regulations 9️⃣ Communicate with internal and external company stakeholders 🔟 Support the Board and CEO in setting and executing business strategy 🎯 And here are the Top 3 career skills for you if you're considering the CFO role: 1️⃣ Background in accounting or finance → As a CFO you are relied upon to provide strategic guidance and leadership in these areas. → You may not be required to have a CPA designation, but one would give you the breadth and depth of knowledge to make the job 10x easier. 2️⃣ An advanced business degree, generally including an MBA → As a top-level executive of the company, you are responsible for setting and managing business strategy, as well as effective communication, conflict management and negotiations. 3️⃣ Advanced knowledge and working experience in financial technology What would you add? ---- ▶Visit my website for 5* masterclasses, viral checklists and cheat sheets ➕ Follow me for strategic finance, business, and cash flow insights 📌Grab my free viral cheat sheets: https://lnkd.in/eC_ihy6y 📌 ♻ 𝐋𝐢𝐤𝐞, 𝐂𝐨𝐦𝐦𝐞𝐧𝐭, 𝐑𝐞𝐩𝐨𝐬𝐭 to share with your network ♻

What does a CFO actually do? Hint: it's not financial reporting. It's also not budgeting and forecasting. And definitely not budget to actual variances. Those are outcomes, essential outputs of a CFO office. 🎯 What a CFO actually does is drive business success alongside the CEO. ✓ Big picture thinking and long term planning ✓ Identifying and navigating risks & opportunities ✓ Driving change for improved efficiency & profitability ✓ Keeping stakeholders informed and engaged with strategy ✓ Identifying growth opportunities, making strategic investments. ✓ Ensuring that all departments understand their impact the financial health. 🔹 A CFO in a small and medium sized company is likely also the OFO (Only Financial Officer). 🔷 A CFO in a large organization has an entire CFO Office helping them deliver on their 3 key areas of responsibility: ✓ Reporting and Compliance (Controllership) ✓ Treasury (Cash Flow Planning) ✓ Financial Planning and Analysis (Strategic Planning) 🎯 A CFO in every organization acts as an essential bridge between Finance and Operations that helps the company: ✓ Make informed decisions ✓ Allocate resources effectively ✓ Achieve strategic objectives 🎯 Here are The Top 10 Responsibilities of a CFO: 1️⃣ Attest to the accuracy of financial reports 2️⃣ Build/Scale/Lead the finance and accounting team 3️⃣ Develop and manage financial systems and policies 4️⃣ Ensure financial plans and budgets align with strategy 5️⃣ Oversee financial planning & analysis to drive growth 6️⃣ Enable/Drive Mergers and Acquisitions (M&A) activity 7️⃣ Plan, negotiate, secure, and manage business financing 8️⃣ Ensure compliance with applicable laws and regulations 9️⃣ Communicate with internal and external company stakeholders 🔟 Support the Board and CEO in setting and executing business strategy 🎯 And here are the Top 3 career skills for you if you're considering the CFO role: 1️⃣ Background in accounting or finance → As a CFO you are relied upon to provide strategic guidance and leadership in these areas. → You may not be required to have a CPA designation, but one would give you the breadth and depth of knowledge to make the job 10x easier. 2️⃣ An advanced business degree, generally including an MBA → As a top-level executive of the company, you are responsible for setting and managing business strategy, as well as effective communication, conflict management and negotiations. 3️⃣ Advanced knowledge and working experience in financial technology What do you think? ----------------------  ❌ Frustrated by Short-Sighted Financial Plans? Financiario can help.   ➡️➡️➡️➡️ Transform your strategic financial planning with long term forecasts ➡️➡️➡️ Anticipate the future with automated reports & dashboards. ➡️➡️ Align your operating plans with your financial strategy. ➡️ Solve your most critical strategic planning problems.

Struggling with financial decisions? This simple solution can transform your business. Your business might be ready for a full-time CFO… Or would a fractional CFO be a better fit? Hiring a CFO is a big decision. But the question is, do you really need one? Many companies think they need a full-time CFO to keep growing. This is especially true for small to mid-sized successful businesses. But here's the catch. Executive financial leadership isn't one-size-fits-all. Often, a fractional CFO may be a better fit. Especially for businesses with revenue below $50M. At this level, a full-time CFO's duties might not be necessary. The business owner or CEO is often already managing these tasks. So, how do you make the decision? Consider these aspects: • What responsibilities need to be included in the role right now? • Can your organization afford the leadership it is seeking? • How might these responsibilities change in the future? Sometimes, hiring a Controller is the better option. In other cases, a CFO is needed, but the budget doesn't allow for it. That's when a fractional CFO becomes the perfect fit! A fractional CFO offers many benefits: → They work on the business, not in it. They can do interim work, project work, or "part-time permanent" work. Depending on your organization's needs. → They save you money. You bypass employment-related expenses. Like benefits costs, performance bonuses, and payroll taxes. Plus, they can settle into the role more quickly than a full-time hire (saving you time and money). → They have a wealth of experience. Fractional CFOs often work with multiple clients (gaining a wide range of experience). Many seasoned CFOs choose this type of work for its flexibility and because they enjoy it. This means you benefit from their huge amount of experience. → They are objective. An external CFO provides an independent opinion. That improves business outcomes. And reduces stress for the business owner or CEO. Putting it all together 👇 A fractional CFO brings senior executive skills. ↳ without the full-time cost They offer independent advice based on their experience. ↳ not pushing for any specific strategy And the best part? A fractional CFO can start right away (sometimes in as little as one day) ↳ to get to work immediately So, is your business ready for a full-time CFO? Or would a fractional CFO be a better fit? The answer might surprise you. #FinancialClarity #BusinessGrowth #FractionalCFO ————— We're financial experts for 𝙥𝙧𝙤𝙛𝙚𝙨𝙨𝙞𝙤𝙣𝙖𝙡 𝙨𝙚𝙧𝙫𝙞𝙘𝙚 𝙛𝙞𝙧𝙢𝙨. In just 12 months, we'll skyrocket your profits through razor-sharp financial insights—no gut feeling. Repost to support your network. ♻️ Follow me, Frédéric Neus, for more insights like this. 👍

The Misfit CFO: Breaking the Mold in the Corporate World The Chief Financial Officer (CFO) – a title synonymous with stoicism, spreadsheets, and a sharp eye for the bottom line. But what happens when a CFO doesn't fit the mold? This article explores the idea of the misfit CFO, a financial leader who challenges the status quo and brings a unique perspective to the corporate table. The Traditional CFO: A Pillar of Stability Traditionally, CFOs have been the guardians of financial stability. They wield the power of the budget, analyze risk with laser focus, and ensure the company operates within its means. They are the voice of reason, steering the ship away from financial storms. The Rise of the Misfit CFO However, the business world is changing. In today's dynamic environment, companies need more than just number crunchers. They need strategic thinkers who can translate financial data into actionable insights, embrace innovation, and champion calculated risks. Enter the misfit CFO. Traits of the Misfit CFO Visionary: The misfit CFO isn't just focused on the bottom line; they see the bigger picture. They understand the financial implications of strategic decisions and use their expertise to guide the company towards long-term growth. Creative Problem Solver: Misfit CFOs aren't afraid to think outside the box. They challenge conventional wisdom and seek innovative solutions to complex financial challenges. Storyteller: Numbers tell a story, and the misfit CFO is a master storyteller. They can translate complex financial data into clear, concise narratives that resonate with all levels of the organization. Tech-Savvy: The misfit CFO embraces technology. They understand how to leverage financial technology (FinTech) to streamline processes, gain deeper insights, and make data-driven decisions. People Person: Finance isn't an island. The misfit CFO understands the importance of collaboration. They build strong relationships with other departments, fostering a culture of open communication and shared goals. The Impact of the Misfit CFO The misfit CFO can be a disruptive force for good. They challenge the status quo, inject creativity into financial decision-making, and help companies navigate an increasingly complex economic landscape. Finding Your Inner Misfit Whether you're an aspiring CFO or a seasoned professional, there's a misfit waiting to be unleashed. Embrace your unique strengths, cultivate a forward-thinking mindset, and don't be afraid to challenge the norm. The corporate world needs more misfit CFOs – financial leaders who are as comfortable with creativity as they are with crunching numbers.

Last week, we discussed when a small business should consider hiring a Fractional CFO. Today, we look at what factors would indicate that a small business may be fine managing the finances without the assistance of a Fractional CFO.

Just delved into a fascinating read on the benefits of hiring a fractional CFO and whether it's worth the investment for businesses. Here’s a metaphorical insight: Imagine your business is a ship navigating treacherous waters of financial challenges. A fractional CFO is like a skilled navigator guiding your vessel through cost-effective routes, spotting opportunities, and steering towards growth and operational efficiency. Key Takeaways: - Discover the cost benefits of hiring a fractional CFO compared to a full-time CFO. - Explore the strategic value fractional CFOs bring to growing businesses. - Learn how to assess whether a fractional CFO is the right solution for your business. Understanding the Role of a Fractional CFO: Operating part-time or contractually, a fractional CFO offers strategic financial guidance tailored to your business's needs and scale. Their external perspective and vast industry experience drive growth and operational efficiency. Evaluating the Benefits vs. Costs: Outsourcing financial responsibilities to a fractional CFO can result in significant cost savings without compromising on expertise. This strategic move can optimize budgets and identify growth opportunities for your business. Strategic Value for Growing Businesses: Fractional CFOs provide invaluable insights, streamlining operations, and offering comprehensive financial analysis. Their role as trusted advisors can drive growth, improve financial performance, and contribute to long-term success. Making the Decision for Your Business: Assess factors like the size and stage of your business, budget constraints, and specific financial needs. Choosing the right fractional CFO involves finding a strategic match in vision, experience, and cultural fit. If you're considering a fractional CFO for your business, take the next step towards financial success. Every decision counts on the journey to growth and profitability! For further guidance on finding the right fractional CFO, reach out to Boardroom Advisors to explore how this strategic partnership can benefit your business. https://lnkd.in/e3JfUxN5

A lot of people ask me, "Hey Chris, our company isn't developed enough that I need a full-time CFO, but we still can't manage our finances well." What possible remedy is there for this? Bringing on a full-time CFO? No, it is very expensive, making it unsuitable for small businesses. Hiring a contract agency to redesign the structure and implement a new strategy for a period of time similar to three to six months? To this, I would say, "One can try, but the chances are 50/50." Because someone without financial expertise cannot maintain those strategies after the agency's contract expires, and eventually the business will collapse once more. Fractional CFOs?? I have heard about this, but not sure what they do and how they can be helpful for the business. Indeed!!!!!! Yes, I will outline the services to be expected as well as the (quantifiable) advantages of selecting one here. In many small businesses, fractional CFOs—who carry out the tasks required by the organization but are not full-time in-house CFOs—can be beneficial. How does it work??? A fractional CFO is, as the name implies, a person who, under contract, provides financial expertise to a start-up. Part-time or fractional CFOs typically assist start-ups temporarily but have a wealth of prior CFO-level experience. Fractional CFOs are typically involved in multiple start-ups. What does a fractional CFO do for growing businesses? 1. Finance - This is the CFO's bread-and-butter role. The financial procedures of start-ups grow too complicated for the founders to handle alone, even with the assistance of an accountant. They require an individual who can see beyond the details of accounting and financial reporting to the broader picture. 2. Optimize strategy - Since cash is the lifeblood of businesses, CFOs play a crucial role in developing and refining strategies as the financial gatekeepers. A fractional CFO can provide insight into the financial aspects of strategy by providing an analysis grounded in data. Put differently, your fractional CFO can evaluate your plan and let you know if it makes sense financially. And what steps can be taken to optimize it if not? 3. Implement systems - Start-ups must implement better systems as they grow in order to adapt to their changing needs. This calls for the oversight and direction of a person with experience implementing several systems in various contexts. Someone who has seen it all can anticipate potential problems and fix them before they arise. With a fractional CFO on staff, the founders can assign all audit-related duties to a professional with relevant experience. There are many more advantages, and to know more you can book an appointment with us, we provide all accounting and finance, tax tax-related solutions which will help you to utilize the resources more efficiently. Let me know in the comment sections if you have questions similar to these. #finance #money #business #cfoservices #fractionalcfo #financialadvisor #nebraska

So, you're considering bringing in a Fractional CFO. Congratulations, it's almost certainly going to help you with achieving your business goals. But how exactly do you go about choosing one? How does the whole Fractional thing work? Fear not, here are my top tips for what to look for in a Fractional CFO and what else to consider: 1 - Set the scope. What are you looking for from your CFO? Reporting, modelling, developing a finance team, strategic advice? It's almost certainly some combination of those. Often the best way to do this is to speak with a fCFO from the outset. A good one will help you scope, even if it then turns out they aren't the best person to fulfil those needs. 2 - Consider the cost. You probably want a set monthly cost to deliver the agreed scope. An experienced fCFO should be able to give you an fairly accurate monthly cost from the outset. And remember, when comparing with employing someone, don't forget to factor in the hidden costs of hiring, NI, recruitment, holiday pay, sick pay, etc. 3 - Choose the right fit. Just as you would when hiring an employee, consider how they will fit into your organisation. Think about who they will be working closely with (you, your board, your finance team?). 4 - Concentrate on skills, not industry. Industry experience is almost always overplayed, especially by recruiters looking for an easy way to whittle down a short list or avoid reading a CV properly (imho, of course!). Most of what a CFO does is industry agnostic, particular nuances can be picked up quickly. What really matters is skills. Need to bring in a new ERP, need lots of complex modelling? These are specific skill sets. 10 years experience in widget manufacturing for a £27-£28m t/o business in Bradford? You get the idea! 5 - Choose the right one for today. It's tempting to try to find someone with say M&A experience in case you want to acquire a business in 5 years time, but the beauty of Fractional is, if that happens and your fCFO doesn't have that particular experience, just bolt on someone for a short period to cover that. Make sure you bring in the person that will cover all your current needs first. 6 - Independent or Big firm? Or something in between? Big providers boast hundreds of fCFOs to choose from, so can sound tempting. But they come at a huge cost. Independents will be far cheaper, but what if something goes wrong, or they can't help with a certain task or extra workload? There is a third way. Well-connected independents who are part of a small group, or, in my case, a growing community of like-minded fCFOs. You get a sensible price with the network of professionals to cover all your needs, now and in the future. If you are looking for a fCFO or some advice on the best way to meet your finance needs, I'd love to help and provide some honest feedback on the best way to go, whether that's through me, my network or some other route. There's really nothing to lose! #fCFO #FractionalCFO

YOU MAY BE ASKING, "Why is shawn sharing tips on so many areas of business?" It is because the role of a Chief Financial Officer (CFO) is multifaceted and strategically interacts with different departments within a company to drive effective financial and operational change. Examples: 1. Finance and Accounting: The CFO is primarily responsible for the financial health of the company. They oversee the finance department, ensuring accurate financial reporting, budget management, and compliance with financial regulations. The CFO works closely with accounting teams to streamline processes, manage company finances, and prepare financial statements. 2. Operations: CFOs often work closely with the operations department to optimize efficiency and reduce costs. They analyze operational data and financial reports to identify areas for improvement, such as supply chain management, production processes, and resource allocation. 3. Human Resources (HR): CFOs collaborate with HR to align financial strategy with workforce planning. This includes budgeting for salaries, benefits, training, and development to ensure that the company attracts and retains the necessary talent. They may also be involved in decisions regarding bonuses, compensation, and other financial incentives. 4. Sales and Marketing: The CFO ensures that the sales and marketing departments are aligned with the overall financial goals of the company. They analyze the financial viability of marketing campaigns and sales strategies, assess the profitability of customer segments, and determine pricing strategies to maximize revenue. 5. IT and Technology: CFOs are increasingly involved in IT decision-making, particularly in terms of investments in new technology that can drive business efficiency. They assess the costs and potential returns of tech investments and ensure that IT strategies align with the company's financial goals. 6. Research and Development (R&D): In technology or product-oriented companies, the CFO evaluates the financial implications of R&D investments. They help prioritize projects based on potential returns and strategic fit and ensure that R&D budgets are aligned with long-term business objectives. 7. Strategic Planning and Advisory: As a key member of the executive team, the CFO provides strategic financial input on mergers, acquisitions, and other corporate initiatives. They play a crucial role in financial forecasting and modeling, helping guide the company's strategic direction. 8. Risk Management: The CFO is also responsible for identifying and mitigating financial risks, including economic downturns, fluctuations in market conditions, and operational risks. They implement policies and procedures to safeguard the company's assets and financial stability. Overall, the CFO's role is integral to connecting various departments, ensuring that each aligns with the company's financial strategies and objectives. #cfo #BusinessFinance #businessstrategy #leadership