In this blog, we will take a closer look at What Does a CFO Do on a Daily Basis, covering strategic, operational, and financial responsibilities. By the end of this, you will have a better understanding of what a CFO does and how they contribute to a company’s success.
As a business owner or someone who’s just curious about the role of a Chief Financial Officer (CFO), you might be wondering what they do all day. Do they just sit around and crunch numbers, or is there more to it? Well, let’s break it down for you!
Strategic Tasks: Steering the Ship
A CFO is responsible for steering the company’s financial strategy, which includes:
- Financial Planning and Analysis: They work with the CEO and other stakeholders to develop the company’s financial goals and objectives. This involves analyzing market trends, assessing risks, and identifying opportunities for growth.
- Budgeting and Forecasting: The CFO creates and manages the company’s budget, ensuring that financial resources are allocated effectively. They also develop financial models to predict future revenue and expenses.
- Investor Relations: CFOs communicate with investors, analysts, and other external stakeholders, providing financial updates and insights.
If you’re a business owner struggling to create a financial plan, a CFO can help you develop a roadmap for success. They can help you identify areas for cost reduction and provide guidance on how to allocate resources effectively.
Operational Tasks: Keeping the Wheels Turning
A CFO is also responsible for overseeing the day-to-day financial operations of the company, including:
- Cash Management: They manage the company’s cash flow, ensuring that there’s enough liquidity to meet financial obligations.
- Accounting and Reporting: The CFO oversees financial reporting, accounting, and internal controls, ensuring that financial statements are accurate and compliant with regulatory requirements.
- Risk Management: They identify and mitigate financial risks, such as market risk, credit risk, and operational risk.
If you’re struggling to manage your company’s cash flow, a CFO can help you develop a cash management strategy that works for you. They can also help you implement financial systems and processes to improve efficiency.
A Look at a Typical CFO Day (Not so Typical!)
There really isn’t a “typical” day, but it often involves jumping between these three areas quickly:
| Time Block | Focus Area | Example Task |
| 8:00 AM – 10:00 AM | Operational / Guardian | Review daily cash balance; sign off on large vendor payments; meet with the Controller about a tricky accounting issue. |
| 10:00 AM – 12:00 PM | Strategic | Attend a board meeting to discuss the financial impact of a new product launch or a potential acquisition target. |
| 1:00 PM – 3:00 PM | Operational | One-on-one meeting with a department head to review their spending variance against the budget and help them adjust their plan. |
| 3:00 PM – 5:00 PM | Strategic / Guardian | Prepare an investor presentation; discuss financial risk exposure (like currency fluctuations) with the Treasurer; review compliance reports. |
Financial Tasks: What Does a CFO Do on a Daily Basis
A CFO is responsible for overseeing the company’s financial activities, including:
- Financial Modeling: They develop financial models to forecast revenue, expenses, and cash flow.
- Financial Analysis: The CFO analyzes financial data to identify trends, opportunities, and challenges.
- Funding and Capital Structure: They manage the company’s capital structure, including debt and equity financing.
If you’re struggling to understand your company’s financial performance, a CFO can help you make sense of the numbers. They can provide insights on how to improve profitability and make informed decisions about investments and funding.
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The Skills That Separate Great CFOs From Average Ones
- They speak human. They can explain a DCF model to a sales VP who hates numbers.
- They say no in a way that doesn’t make enemies.
- They’re paranoid about cash but optimistic with the leadership team.
- They know when to be in the weeds and when to stay high-level.
The Bottom Line
A CFO is a critical member of any company’s leadership team, responsible for steering the financial strategy, overseeing day-to-day financial operations, and providing financial insights to inform business decisions.
If you’re a business owner looking to take your company to the next level, consider partnering with a CFO who can provide strategic guidance and financial expertise.
Conclusion
In conclusion, a CFO plays a vital role in driving business success. By understanding their responsibilities and tasks, you can appreciate the value they bring to a company. Whether you’re a startup or an established business, a CFO can help you achieve your financial goals and drive growth.
