Bookkeeper, Accountant/CPA, CFO???
Roles Differences and what your business really needs
Bookkeeper is responsible for recording financial transactions in the general ledger and keeping records up to date. A full charge bookkeeper will also help with payroll, financial statements, bank reconciliation, general bookkeeping, etc.
Accountant/CPA is responsible for preparation of government taxes, audits, and financial planning. Work with tax returns and analyze financial information to ensure taxes are paid on time. Audit accounts for errors, misinformation, fraud, and overspending.
CFO is responsible to drive strategic decisions through financial statements, financial risk assessment, financial planning, business goals, KPIs and overall financial health of the company. Concerned with the development of assets and increasing the wealth of the company. Financial Management: closing of the books monthly, financial data analysis, budgeting, forecasting, inventory, AR/AP process, cash flow, management reports, etc. Responsible for understanding and interpreting financial data and record keeping from bookkeeper.
3 separate roles to keep checks and balances:
Bookkeeper categorize and reconciles the books
Accountant/CPA files taxes, provides tax strategy, audits the books
CFO future planning and strategy for the business to generate higher profits