Business
Episode 71: 5 Reasons You Need a CFO for Your Private Practice
2022-06-10
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Having a CFO (Chief Financial Officer) as a part of your business team can make all the difference! Along with offering their expertise of the financial world, they can provide budgets, forecasts, and metrics to help grow your business. Today's episode is all about CFOs and why you should consider bringing one on in your practice.
Episode Highlights:
- What exactly is a CFO?
- A Chief Financial Office (in the context of a small business) is a person that has significant accounting experience, but split their time between multiple companies
- They are not typically on your payroll but are hired through an accounting firm or as a contractor
- A CFO doesn't necessarily have to be a CPA or EA, but will definitely have a significant amount of time and experience in the accounting field
- What are some things a CFO might do?
- They are a key player in making financial decisions
- They will provide financial reports, projections, and forecasting scenarios for you to make the best-informed decisions for your practice
- 5 reasons you should work with a CFO:
- Budgeting
- Forecasting
- Expert Guidance
- Establish KPIs
- Financial Reports
Links & Resources:
GreenOak Accounting
Therapy For Your Money Podcast
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