In this episode, Zane Stevens discusses the difference between a CFO and a controller and why Protea Financial does not offer fractional CFO services.
He emphasizes the importance of bookkeeping as the foundation of good accounting services and highlights the services Protea Financial offers up to the CFO level. Zane explains that a CFO is responsible for making strategic business decisions based on financial information. At the same time, a controller focuses on operational and day-to-day management of the accounting function. He advises businesses to hire a CFO who provides strategic insight and helps make strategic business decisions.
Takeaways
- Bookkeeping is the foundation of good accounting services and provides the basis for making better business decisions.
- Protea Financial offers services up to the CFO level, providing budgeting, forecasting, financial analysis, stakeholder communication, and more.
- A CFO is responsible for making strategic business decisions based on financial information, while a controller focuses on operational and day-to-day management of the accounting function.
- Businesses should hire a CFO who provides strategic insight and helps make strategic business decisions.
Sound Bites
“In my effort to underline and emphasize that we do not offer fractional CFO services, I’ve most likely undersold the services we do offer.”
“A CFO is a strategic element of a business that makes business decisions.”
“We do not make strategic business decisions for our clients. We just provide them the tools to be able to make a decision by themselves or with the help of another professional.”
Chapters
00:00 Introduction and Busy Day Ahead
03:27 Why Protea Financial Does Not Offer Fractional CFO Services
08:27 Understanding the Role of a CFO
16:15 Difference Between a CFO and a Controller
21:00 Hiring a CFO for Strategic Business Decisions
23:32 Protea Financial’s Services and Conclusion
