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Accountant/CPA, Bookkeeper, CFO???

Roles Differences and what your business really needs

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.

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.

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 enters the data

  • Accountant/CPA reconciles the work of the bookkeeper

  • CFO supervises and guides the work of the bookkeeper and the accountant