CPA or CFO—are you planning ahead

It feels like every decision is do or die. No pressure.

You’ve taken over your family business and you’re eager to grow it, boost revenue, and build the future you envision. 

Your financial needs will soon go beyond what a CPA or bookkeeper can handle, so having the right financial team makes all the difference.

I had a conversation with Dave Whitwell,* a seasoned CFO and trusted friend whose advice I’ve relied on more times than I can count when a CPA just doesn’t cut it for future planning.

Here’s Dave’s insights in a quick comparison of what each role offers:

• CPA/Tax Expert: Works primarily from a tax-based, rearview mirror approach, handling taxes, compliance, and tax planning.
• Controller/Bookkeeper: Keeps day-to-day records, monthly closing, and reconciliations. A higher-level controller might track financial health in real-time, but they’re not diving into growth plans.
• CFO: Builds and adjusts your strategic budget, provides cash flow insights, identifies growth opportunities, and measures profitability to help you achieve the financial strength you’ll need for your goals.

The CFO’s role is essential if you’re expanding, changing focus, or working toward a major goal, like buying out a partner or entering new markets. 

Thank you, Dave, for offering up this CFO-level advice and allowing me to share it.

If you’re ready to explore how a CFO can help you achieve that next stage of growth, learn about Dave’s consulting services on his website, Whitwell CFO.