General Ledger Accounting Software

GatewayCFO.com – In our continuing series detailing the duties of a CFO, today we discuss the CFO’s role as it relates to accounting. Let’s start from the top. A CFO is ultimately accountable for the performance of the entire accounting department. They must build a competent team that is suited to meet the goals of the organization, and manage this team to insure success. Once personnel are established and in place, the CFO needs to oversee accounting to insure that financial statements and reports are being produced in a timely and accurate manner. This includes much more than simply checking in to see if things are coming along. It entails establishing standard procedures for monthly accounting, closeout, and reporting requirements. Process improvement isn’t just for production and operations. Organizations of all sizes require continuous improvement in their business processes, accounting included. A strong CFO will stay on top of opportunities for process improvements. They will review and recommend improvements for billing, collections, payroll, accounts payable, inventory tracking, etc. These improvements should be prioritized, budgeted and scheduled for implementation. In the case of smaller companies, the CFO should be expected to “get their hands dirty” in the details. Small businesses don’t need sophisticated accounting departments, and thus must rely on the CFO for more than just oversight. In many cases, this means getting as detailed as reviewing the general …