Outsourced CFO

• Business accelerator -Improve profits, liquidity and stability by driving performance.

• Internally focused on implementing sound financial management practices and takes into account tax strategies.

• Responsible for the accuracy of transaction accounting and financial reports

• Takes over the banking relationship

• Does short and long term planning and implementation

• Be diagnostic about action the firm should take and implements changes.

• Prepares financials and liaises with the CPA to prepare taxes and financials for outside authorities.

• Emphasizes business strategy, organizational management and management accounting.

CPA

• Business advisor -primarily focused on aligning a business to be tax advantaged.

• Can develop financial management practices, but usually will not implement.

• Receives financials. Cannot actively work, as a CPA cannot audit or attest their own work.

• Can do this and represent the firm.

• Provides business advice and can do planning

• Can be diagnostic but usually cannot implement changes needed.

• CPA workload is reduced when they receive draft financials and are able to interact with the CFO.

• Focuses on financial accounting and reporting, auditing and taxation.