![]() ![]() ![]() How do customers pay for our products and services? What are the systems and software the finance function relies on today? (It may simply be Excel). Here are some key questions you need to be able to answer: Today, you simply need the full picture of company processes you’re supposed to oversee. The biggest goal here isn’t even to make changes. Is the data reliable, complete, and up to date? Audit existing processesīefore even looking at data and numbers themselves, you need to understand where they come from. It’s more than enough to walk away after three months with a firm grasp on all of the above, and a plan of attack for those areas that need improving. Many - like building relationships and process design - will never truly be finished. It’s worth noting that you likely won’t “finish” any of these within 90 days. We’ll go into detail below, but here’s the checklist in a nutshell: We’ve also ordered them from more “finance focused” to less, but all are valid and important. So what are your tangible action items for the first 90 days? Because the CFO scope is so broad we’ve categorized these under certain key themes. So let’s now turn to the tangible actions you can take as a company’s new CFO. It’s a big ask, with a number of different starting points. Instead, they’re expected to build the teams and find the tools to handle these topics for them.īut ultimately these all fall under the CFO’s responsibilities, and you’re expected to be in charge. Of course, the CFO can’t be hands-on with every one of these challenges. Internal processes that employees can follow Internal processes like performance reviews and feedbackĬontracts with employees, suppliers, and third parties Reporting to the board, other executives, and the wider company Here’s a quick list of topics the typical CFO needs to deal with:Ĭontrollership (ensuring transaction data flows in and out smoothly) They’re ultimately responsible for a company’s corporate arm, including legal, payroll, HR, operations, and supplier negotiations. There are new and significant financial matters, so it’s time to find a CFO.īut today’s startup CFO doesn’t only deal with the finance function. In most cases, the CFO enters a company at a specific milestone, usually connected to a fundraising round coming up or one just completed. The name “Chief Financial Officer” rightly suggests that the CFO is focused mainly on a startup’s finances. ![]()
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