CPA |
CFO |
|---|---|
| Independent | Not independent |
| Offsite | On site |
| Focus on advising business owners on running business | Directs financial goals, objectives, and strategies |
| General business management consulting | General business management |
| Focus on accounting systems and financial results | Focus on business management, accounting practices, and financial results |
| Reviews and recommends changes to policies, systems, and processes |
Manage and develop policies, system, and process |
| Meets with management monthly, quarterly, or annually | Works side-by-side with management |
| Business tax advice, planning, and preparation of tax returns | Tax planning and general knowledge of taxes |
| Financial closing of books, including adjusting entries | Financial closing of books, including adjusting entries |
| Financial statement preparation, including Accountant’s Report |
Generation of internal financial statements |
| Compilation, Review, or Audit of financial records | Financial analysis and recommendations |
| Budgeting and forecasting | Budgeting and forecasting |
| Business plans | Business plans |
| Recommends accounting systems. Assists with setting up of books and records. |
Implements and maintains accounting systems. |
| Advises on risk management | Manage risk |
| Assists in raising capital | Executes capital raising strategies |
| Reviews legal documents and advises accordingly | Manages legal contracts and activities |
| Reviews IT activities and advises accordingly | Manages IT activities |
| Advises on environmental issues | Manages environmental issues |
| Advises on quality assurance function and makes recommendations |
Manages quality assurance function |
| Advises and trains accounting staff | Hires, manages, coaches, and trains accounting staff |
| Analyzes cash management and makes recommendations |
Performs cash management |
| Inventory/cost analysis | Inventory/cost management and analysis |
| Advises on HR function and makes recommendations |
Manages HR function |
| Fraud detection. Recommends internal controls. | Implements internal controls to prevent theft |
| Advises start-up companies | Helps build infrastructure |
| Personal tax advice, planning, and preparation of tax returns |
N/A |
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