Duke Heninger, CPA’s Post

Road Map to CFO

Before you do a CFO search, figure out which type of CFO you need. The best way to determine the type of CFO you need is by understanding that finance is not the same as accounting and accounting is not finance. Even though both have career paths that lead to the Chief Financial Officer role, each produces a different type of CFO. ACCOUNTING vs FINANCE The accounting path would have roles such as: Staff Accountant ➡ Accounting Manager ➡ Controller ➡ CFO A CFO with this career path will likely be very detailed oriented, technically sound, compliance focused and process driven. Financial reporting, auditing, financial controls and bookkeeping are strengths of this type of CFO. The finance path would look something like: Financial Analyst ➡ Finance Manager ➡ Director of Finance ➡ CFO The finance path CFO will likely be more strategic, forward looking, analytical and decision focused. Financial analysis, forecasting, budgeting and strategic planning are strengths of this type of CFO. When searching for your next CFO, choose the skill set that is right for your organization. 🔆 Extra credit 🔆 Ensure your CFO has a strong #2 that compliments their strengths.

COO WITH NO CFO? Someone asked me recently what I'd share with a COO who is operating without a CFO. This is actually pretty common, especially at companies under $10M in revenue. If you're sitting in the COO seat but are also accountable for the finances, it can feel like a LOT. I know it did for me. Here are the three ways that I tackled it: 🤝 𝗚𝗘𝗧 𝗦𝗢𝗠𝗘 𝗛𝗘𝗟𝗣 When I came into my current role, I was super lucky to work with an incredible controller (who is now my Head of Finance). She is incredibly smart, and I couldn't imagine having to make it happen without her in the role. If you don't have someone like this in your org, make it your mission to find one. Just because you're accountable for the operation at the executive level doesn't mean you have to do EVERYTHING in the finance function. Get a leader, invest in them, and make sure they can run the day-to-day operation. 🎓 𝗚𝗘𝗧 𝗘𝗗𝗨𝗖𝗔𝗧𝗘𝗗 If you're coming into this role without a ton of operational finance experience, it's time to get your learn on. I mashed up like 6 different books, a few courses, and talked with as many finance leaders as I could - all in support of building competence. Competence leads to confidence, which leads to results. In that order. There's no "fake it till you make it" when it comes to money. If you try to fake it, it hurts everyone. 👀 𝗚𝗘𝗧 𝗦𝗢𝗠𝗘 𝗢𝗨𝗧𝗦𝗜𝗗𝗘 𝗣𝗘𝗥𝗦𝗣𝗘𝗖𝗧𝗜𝗩𝗘 One of the best things I did is hire an outside FP&A analyst to come in and prepare their own financial model, provide their own analysis of our results, and to challenge my assumptions and beliefs around our performance. Fresh eyes will see things that you won't see. They don't make decisions, but they advise me - which is crazy valuable. It never hurts getting some more smart people in the room to help back you up. If you have a solid team to work through, are building your own skills, and are leveraging outside eyes where you can...it's a pretty great way to make sure your finance operation is build to last (at least until you're big enough to hire that CFO) MV

The CFO. Way more than a controller or a bookkeeper. But powerless without them. The CFO is a key strategic partner in the leadership team, with a broad role that extends beyond just managing the company's finances to playing a pivotal role in shaping the company's strategy and future growth. Key tasks include: 💪 Financial analysis and planning 💪 Cash management 💪 Risk management 💪 Cost management 💪 Financing and capital structure and decisions 💪 Key leader within a business 💪 Stakeholder relations Many small businesses cannot afford a full-time CFO. And will either need to rely on their controller to handle a lot of these tasks or pay for a fractional resource. When making long-term strategic decisions, make sure you are getting help from a CFO. A good CFO can elevate your business and take you to the next level. #smallbusiness #accounting #accountingandaccountants #bookkeeping #outsourcedaccounting

CFOs are more than just financial wizards; they're strategic partners shaping the future of a company. From financial planning to stakeholder relations, they play a vital role in driving growth. 💪📈 Elevate your business with CFO expertise! Ready to take your business to the next level? 🚀 DM me or call 786-853-3434 to discuss how a CFO can benefit your company!

Are you a business owner / CEO / MD who is getting bogged down with the day to day oversight of finance? This may not be the best use of your time. I can help you as a CFO / finance director working on a completely flexible basis to suit your business needs and your budget! With over 15 years of finance director experience this is definitely a good use of my time….and I won’t bamboozle you with jargon 🤣 As a reminder my services include the following: ➡️ Creation and review of business model and strategic plans with full consideration of opportunities and risks ➡️ Assessment of profitability by business area - are there activities that are diluting your profit? ➡️ Mentoring the finance team to get the best results ➡️ Understanding cash flow and working capital needs (stock, payables and receivables) - optimising to maximise cash flows and return on investment ➡️ Collation of KPIs and based on what can make or break your strategy. A long list of PIs is distracting… ➡️ Ensuring management information provides insight and is not just a set of numbers. The numbers need to tell a story ➡️ Review of controls to make sure your risks are appropriately managed Please send a direct message if you want to discuss… #finance director #portfolio CFO #mentor

Successful companies wouldn’t exist without expert and strategic financial management. Knowing when to hire a CFO comes down to your company's current position and your plans for future growth. Most companies will need a dedicated leader who will be able to oversee and drive the finance and accounting function forward and plan financial strategies for the future as the business grows. At Halliday Marx, we know how important a CFO is and we’ve been helping to match finance experts with leading companies for many years, this is our advice on what you need to know when hiring your first CFO: https://bit.ly/3v2oTU5

Yes. An Accountant Can Become a CEO. Why an Accountant Visions for CFO When They Can Be CEO? Why do we finance people who play small when we're designed for big? I have observed that the majority of finance professionals aim for the designation of the Chief Financial Officer (CFO) rather than the Chief Executive Officer (CEO). It doesn't mean that we should not try to be the CFO of the organization. It is easier to move from CFO to CEO but it depends on our ultimate "Why". In my experience, not all accountants wanted to get involved in the strategic aspect of the business and had entered the profession simply because they ‘liked doing numbers’. A general theme emerged suggesting that although an accountant may possess the technical skills there needs to be a desire to get involved in the business and to have a genuine interest in business issues. Accountants have skills that make themselves apt for the top position of a company, they also have many things that hinder them from becoming more than just an accountant. Accountants are commonly known to be overly introverted, unrelatable, and just plain geeky. The common theme about accountants that I have personally heard in my career is that they don’t truly understand the business and too “black and white.” Business is filled with a grey area. And the grey area of business involves relationships.

💡 From Corporate Controller to CFO Your 5-Year Plan 👇 If you're currently a Corporate Controller With eyes on that CFO role, this post is for you Here's a realistic 5-year plan for making the leap: 🛠 Year 1: Strengthen Operational Knowledge Dive deep into operations. Understand how every function in the company contributes to the bottom line. Build relationships outside of accounting and finance. Engage with operations, sales, marketing, and other teams to grasp their challenges and opportunities. 🗺 Year 2: Expand Knowledge & Skills Involve yourself in strategic planning sessions. Offer financial insights that drive business decisions. Experience in due diligence and integration can be invaluable for a future CFO. Obtain professional certifications like the CMA or CPA to quickly gain knowledge and skills that would otherwise take decades on the job. 🧑💼 Year 3: Leadership and Influence Seek leadership training or mentorship. A CFO is a company leader first, and a finance leader second. Influence business strategy. Use financial data to drive business discussions and decisions. 🗣 Year 4: Enhance Communication Skills CFOs are the bridge between the financial workings of a company and its stakeholders (investors, board members, public). Practice simplifying complex financial jargon for non-financial stakeholders. Network extensively. Join CFO forums, attend industry conferences, and engage with peers in similar roles. 🎯 Year 5: Position Yourself By now, you've built a well-rounded profile. Seek out projects that put you in the limelight, demonstrating your readiness for the CFO role. Communicate your aspirations assuming your company doesn’t have a CFO. Let your superiors and HR know you're aiming for the CFO position, and ask for feedback on any gaps to fill.

Do you need a CFO or a Finance Director? That depends on your goals and what you want to achieve. It also depends on what problem you need to solve. If you’re looking to grow your turnover by 30% year on year and increase your profit by 10% year on year, for the next 5 years (very specific goals!😆) - then a Fractional CFO would be better for you. This is because these are long-term strategic goals, and you’ll need to make some tough decisions around pricing and spending. So you'll need someone in place who can be there to guide you in the right direction to achieving these. Likewise, if you’ve got a specific project that you’re working on that needs some serious knowledge to get it across the line, again a CFO is best. If you’re after someone to come in and help with the day-to-day work and get things running smoothly, then the FD is generally better for you. There are a few lines that definitely cross between the two, so it's always worth having a chat with both to ensure you've got the right idea.✅