{"id":361,"date":"2022-12-13T16:48:09","date_gmt":"2022-12-13T16:48:09","guid":{"rendered":"http:\/\/lanternpartners.com.au\/?p=361"},"modified":"2022-12-13T16:48:09","modified_gmt":"2022-12-13T16:48:09","slug":"i-have-an-accountant-why-do-i-need-a-cfo","status":"publish","type":"post","link":"https:\/\/lanternpartners.com.au\/i-have-an-accountant-why-do-i-need-a-cfo\/","title":{"rendered":"I have an accountant &#8211; why do i need a CFO?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The challenge with any industry when you\u2019re looking in from the outside is to understand the different roles that make up a particular profession. And I know I\u2019ve been guilty of that when I\u2019ve looked at other professions.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Often when businesses say they have an accountant they mean a tax accountant. A tax accountant structures your business effectively for tax, and deals with your year-end tax return filings and sometimes other compliance filings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Businesses also often refer to their bookkeeper, insourced or outsourced, as their accountant.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A bookkeeper will generally cover the following tasks<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Codes the transactions to your general ledger (eg. Xero)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounts receivable &#8211; issues and chases payment of invoices<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Accounts payable &#8211; logs and pays supplier invoices\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Payroll<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compliance filings (eg. BAS and payroll-related filings)<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Broadly a bookkeeper is responsible for day-to-day transactions and ensuring that the financial data is correctly reflected in the business. The focus is on what <\/span><b>has<\/b><span style=\"font-weight: 400;\"> happened rather than what <\/span><b>will<\/b><span style=\"font-weight: 400;\"> happen.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The forward-looking lens is where your CFO steps in.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A CFO provides commercial and strategic finance leadership to support your business growth. They will be responsible for\u00a0<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The \u201cso what\u201d of your numbers.\u00a0 What are your financials telling you about the health and direction of your business? What story are they telling you?<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Projecting your financial performance based on historical information and planned investment<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Running scenarios that show \u201cwhat if\u201d the business makes certain choices or is impacted by certain variables (eg. loss of a key customer or slowing sales)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing risk, particularly financial risk, within the business<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Developing or evolving processes to support business growth and allow it to operate effectively<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Managing relationships with key financial partners; tax advisors, ATO, banks, lenders, and investors.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">What financial support does your business have today and what does it need for tomorrow?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The challenge with any industry when you\u2019re looking in from the outside is to understand the different roles that make up a particular profession. And I know I\u2019ve been guilty of that when I\u2019ve looked at other professions.\u00a0\u00a0 Often when businesses say they have an accountant they mean a tax accountant. A tax accountant structures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>I have an accountant - why do i need a CFO? - Lantern Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lanternpartners.com.au\/i-have-an-accountant-why-do-i-need-a-cfo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"I have an accountant - why do i need a CFO? - Lantern Partners\" \/>\n<meta property=\"og:description\" content=\"The challenge with any industry when you\u2019re looking in from the outside is to understand the different roles that make up a particular profession. 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