Dominick Bencivenga, President of A Team Consulting, brings decades of CFO experience and big picture strategy to help CEO’s improve their PEOPLE, PROCESSES and PROFITS.
In his recent podcast Dominick discussed how small to Mid-Market CEO’s could create financial predictability and a competitive advantage by investing in their financial and accounting technology and strategic talent. Fractional CFOs provide not only strategic financial planning advice, but also provide an “outside looking in” perspective, putting your business success at the forefront of their mission.
Here we explore the 5 Key Takeaways on the importance of the (Fractional) CFO role, particularly as we exit from the Covid crisis:
1. The CFO is an active partner in your business, informing action.
This role interacts with, maintains, and builds equity with key internal (management team, partners, employees) and external (Banks, Government agencies, insurance) stakeholders.
2. Strategic partner in executing the business model, not controlling it (that’s for the controller).
Offers objective review of the key decision points and can mediate differing opinions among leadership team members.
3. A CFO pays attention to all aspects of your financial picture.
They know where you are going and keep you aligned with your financials, KPI’s and metrics. They’ll also analyze your company metrics and profitability each month.
4. A CFO is proactive in managing your cash flow.
When it comes to managing the finances of your business cash is king. A CFO has the expertise and experience to make sure you are getting the most out of your cash flow, and they ensure every key decision is fully vetted from a financial point of view.
5. The CFO is a strategic partner in identifying your risks and opportunities and communicating your business vision.
A CFO does not just monitor and write financial reports. They can play a significant role cost reductions through operational changes, not simply cutting expenses, as well as driving efficiencies in the business through implementing innovative technology into the financial department.
Listen to the full podcast with Dominick here.
A Team Consulting, celebrating 20 years, is a leading outsourced accounting firm in NYC who offers expert accounting and financial advice from the boardroom to the back office, and provide valuable technology, recruiting and consulting support. Learn more about the work Dominick and his team are doing here.