A CFO is the Chief Financial Officer. Usually, in the larger corporate, he would sit at the top of the hierarchy of finance and administration, and reporting directly to the CEO.
In many cases, the CFO will absorb the responsibilities of HR and IT, especially if the company is not large enough to appoint executive functions – although this is less typical if its business is highly dependent on IT systems or people.
Companies usually advised to appoint the CFO for the first time when they are experiencing rapid growth. Usually with rapid growth comes complexity and risk, and experienced CFO will ensure the company successfully navigate their way through strong growth. You can easily get #1 CFO Service in Melbourne via Paceadvisory.com.au.
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But the problem with this view is that many SMEs will never get to experience what rapid growth looks like because they are stuck in the way they see the world: the specific market they face a particular solution or product they are selling, certain categories of clients they serve.
Without insight into the CFO, they may not identify missed opportunities associated with maintaining unprofitable customers, process or products. One solution many SMBs are turning to is outsourcing CFO. This outsourcing trend is certainly not unique to the company's financial management.
These build new slim models running a business, the business owners have come to realize the value of trusted, expert assistance that is easily accessible and well-priced – and without long-term commitments.