Linda Blackburn, CPA
As a career CPA with CFO experience, my core business philosophy centers around three C’s:
Communication
Accounting firms are not created equal. Normal business occurrences like tax notices, insurance audits, banking issues or once in a lifetime business opportunities can occur during tax season. Your accountant must be able to balance the tax season with the needs of your business.
Coordination
Technology and automation shouldn’t jeopardize your financial infrastructure. Jumping into business filings, entity choices, payroll contracts or accounting software without sound knowledge or guidance can result in operational and reporting delays and create costly software clean-ups.
Collaboration
Money and industry knowledge doesn’t necessarily guarantee your success. Surround yourself with competent, motivated professionals that value you, your business and your financial partners.
SBAS, LLC recently celebrated twenty years as a CPA firm that focuses on small/medium (SMB), nonprofits and business turnarounds. I am proud of the success of the small businesses I have served over the years.
If you're in need of a fractional CFO or need remote accounting oversight and agree with my core business philosophy, please send me an email.
FAQs
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The CFO acts as the guidance system of the organization, namely where the industry and business are going and how to get there. Whereas, the Corporate Controller is like the engine, overseeing the day-to-day financial activities, and the accuracy of the financial reporting. Without a strong engine, the business is not going to grow and prosper.
This is by far the biggest challenge in filling the financial leadership roles. Shortcoming in either of these will result in misrepresentations often result in management unfamiliar with financial technologies, regulation reporting and weak overall management communication.
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Given that the purpose of a CFO is guidance, the knowledge and experience of the equity partners or board members may already provide sufficient industry knowledge. Depending on the company culture and the corporate structure, a controller with strong subject matter expertise (SME) may be just as effective.
Depending on the experience and resources of a business, it may not be cost-effective to have a dedicated CFO on staff. A fractional CFO or experienced controller may be more efficient and can provide the necessary support needed.
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Corporate controllers are primarily responsible for day-to-day accounting processes and procedures, providing financial reports in a timely manner using the latest technology. A controller ensures compliance with financial and accounting regulations and the safeguarding of assets of the organization.
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Since most daily tasks of the Controller may now operate within a cloud environment, it is not unusual for top accounting managers to prefer working in a private workspace. However, face-to-face time with office staff or company board members will provide a coordinated effort and clearer communication. Therefore, businesses often find success in deploying a hybrid model where both onsite and remote operating environments can succeed with the right balance of interaction.
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CFOs and controllers must be proficient in areas of financial reporting. With the demand for real-time information and the increased reliance on technology, both roles should have an understanding of accounting integrations relative to banking, collection, audit, and financial reporting.
