What makes a great Chief Financial Officer? How can a CEO know if they are getting everything they should from their CFO? These ten attributes are a big part of what you would find common with every CFO who adds great value to their company, staff, and community. For the sake of simplicity, I will assume the CFO is male. Please do not mistake my choice of gender with ones ability to be a great CFO. I know many women that fill this role effectively and successfully!



Recently I noticed a new position of a CFO -- this is another company -- allocated by someone who was praised for his multicultural background and experience. But, understanding more about different cultures, will that help a CFO?

Many are seasoned professionals with at least 20 yrs of experience in accounting and finance. They have overcome and learned from numerous challenges, have already experienced most problems your company faces and know how to help you run your business successfully. With a part time CFO, plans and strategies can also be tested in financial models before you risk implementing them in your company.

The CFO is in charge of:

? The Finance Director

? The Financing Department

? The Accounting Department which answer to him and regularly report to him.

Hoard Cash! Companies that are cash smart will have the most flexibility. This long-standing tradition has served the likes of Warren Buffet and other famous names very well. Companies that have maintained a balance between leverage and cash reserves, maybe have lost some percentage of short term financial reward from their capital, but have succeeded long term. Cash has always been a great measuring tool and now the Financial Accounting Profession is recognizing it to be a measure of the value of a company as important as market capitalization and earnings per share.

Give credit where it's due. - I don't expect accolades or a ticker tape parade, but a simple "Great job on that presentation," or "Your input was really helpful," will do. It lets me know when I'm onto something, that you see my potential, and it also gives me confidence. Of course I'll never turn down a monetary 'good job' reward, which is always needed. I'm just saying.

Small businesses need professional accountants but their services are too expensive so it's better to hire an outsourcing vendor providing cost-effective accounting services and allow them to take your business to next level. Hiring a part time bookkeeper can help you with basic tasks, while other crucial financial requirements get neglected.

If your supplier did that to you, he would be in breach of contract and you would have, at least, asked him to explain. But your Finance Department holds the keys to the safe, even though it is your budget. Yes, you have the budgetary authority to act as you have but they action the payments.

The legal aspects of all matters financial can get very complicated quickly.This is where it can be a huge time saver to attend a seminar that will provide information on this important aspect of business conduct. Payroll management trainings can give you this information, and more.Here you can learn which benefits are taxable, the wage and hour laws covering commissions and overtime, COBRA, and other legal aspects that will affect your payroll.You can also find out when it might be the right thing to outsource your payroll, and which parts of it you should never outsource.