Basics Questions about Accounting, Bookkeeping, and Working with a CFO
Who needs a CFO?
Every business can benefit from a CFO, even small ones. A CFO helps you understand important financial reports like income statements, balance sheets, and cash flow. Without these, your business is making decisions based on guesswork. A CFO gives you clear information to grow your business with purpose.
When do I need a CFO?
You need a CFO when your business grows beyond what a bookkeeper can handle. A CFO helps you plan for the future, keep track of past results, and find opportunities to grow. They also make sure you’re ready for big changes by creating efficient systems, like KPI dashboards or free cash flow forecasting.
What is “bookkeeping?”
Bookkeeping is tracking the money your business earns and spends. It’s the first step to knowing your cash flow and staying compliant with tax laws. Bookkeeping keeps you organized so you can make smarter decisions about your business.
What is “accounting?”
Accounting goes deeper than bookkeeping. It looks at how profitable your business is, not just how much cash is moving in and out. Accounting helps you understand your profit and loss statement, plan for growth, and make better decisions about your money.
What accounting systems do you support?
We work with all cloud-based systems like QuickBooks and Xero. These tools are great for business owners and make tracking things like free cash flow calculations easier. We don’t work with systems that can’t be accessed remotely.