"CFO Services"
If you're wondering why so many founders are confused about the difference between a CFO and an accountant, look no further than this:
👆 Post in which I explain how a CFO and an Accountant are two completely different people
👆 CPA Marketing guru commenting on said post, complaining that it's hard for ACCOUNTANTS to UPSELL clients on CFO SERVICES
Sigh...
The fact that it's challenging for Accountants to sell CFO services isn't a problem;
It's a THANK GOODNESS.
Because most accountants are not qualified to provide CFO services.
CFOs typically hold top-tier MBAs or finance MS degrees;
Accountants typically have a bachelor's in accounting or a CPA.
CFOs require 10+ years in strategic leadership roles;
Accountants require 1-2 years of experience in bookkeeping, tax, or audit.
CFOs are skilled in forecasting, fundraising, and capital allocation strategy;
Accountants aren't trained in any of this.
CFOs manage M&A, investor decks, and board reporting;
Accountants handle reconciliations, statements, and regulatory filings.
CFOs drive financial strategy and growth;
Accountants drive rule compliance.
So, unless that accounting firm:
Has an experienced CFO on staff
Is actually a former CFO offering accounting services
Or can pull in an experienced Fractional CFO partner,
Then the only other explanation
Is that they're proposing to bill you more to do a job they're not actually qualified to perform.
This leads to:
Financial models that don't operate properly and lie to you
Board presentations that embarrass you in front of investors
Increased spending on the finance function without any clear ROI
Bad strategic advice that lacks business context and steers you down bad paths
A limited understanding of the incredible impact a great CFO can have on your business.
That's why my advice is the following:
If your Accounting or Bookkeeping firm is offering you CFO Services,
Ask to look at the profile of the "CFO" they'll be providing.
Do they have CFO experience?
Is any of it in the same industry or business model you operate?
Do they have any publicly available thought leadership, reviews, or referrals you can use to check their credibility?
Because if yes, go for it.
But if not,
Run.
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