Most CFOs/accountants glorify their work but fail to actually help entrepreneurs. Have you ever struggled to understand the numbers that your CFOs/accountants give you? Don’t feel bad! Check out this video to see where they have failed you as the profession and what changes you can make in 2018.
Topic – Where Most Outsourced CFOs Fail Entrepreneurs
The issue of timely, accurate financial statement
[00:35] Every accountant, every CFOs out there promise a timely, accurate, financial statement. On the surface, it seems to make sense except it’s not. Think about how many timely financial statements you’ve received from your bookkeepers/accountants. Are these financial statements drive the behavioral change? Are your making the more strategic decisions due to these report? I guess most of you would say no. And this is where your business goes wrong.
Where Most CFOs Fail Entrepreneurs
[00:43] Most of accountants and CFOs fail because they can’t explain the financial statement in an easy way. These reports are useless if entrepreneurs can’t understand what story these reports are telling. They can’t identify the problem or take action based on the reports.
How to reverse the situation
[01:27] Michael believes that our clients don’t need to understand the financial statements. It’s CFOs/accountants job to understand the statement and communicate that information to entrepreneurs/CEOs via graphics, charts, or even dashboard. What entrepreneurs need to know is enough information to make a strategic decision instead of processing those tedious number.
So, entrepreneurs, don’t feel bad if you couldn’t understand the financial reports your CFO/accountant give to you. It’s their failures that not be able to communicate the information effectively. In 2018, We hope you find a good partner that walk you through the numbers and help you grow profitably!