The Chief Financial Officer (CFO) is one of the most
important leadership positions in an organization. But are they
really necessary for most online businesses?
A CFO, with the help of their finance team, is
ultimately responsible for tracking, organizing, reporting, and
analyzing all the financial data in a company. A business is only
as successful as its profit and loss statement, and when you’re
doing things like managing inventory or multiple payments in and
out of a business with millions of dollars on the line, you need to
have someone constantly keeping track of how you’re doing
But what about for an online business like yours? Do
you need a CFO?
The short answer is no…the vast majority of online
businesses do not need a monthly CFO involved in their operations.
There simply isn’t the same amount of complexity around an online
business’ finances that an eight-figure business selling physical
products has. There ARE, however, some instances where it makes
sense to get some sort of extra help.
That’s why in this episode, we discuss
How we are able to help our clients master their
finances without the need of a CFO or financial
When a CFO or financial consultant can be helpful for
an online business
What financial roles are non-negotiable in an online
Why creating simple financial systems in your business
is so important
Why our clients spend far more money on their
marketing, sales, and operations labor than their financial
What we’ve learned over our years working with online
businesses of all shapes and sizes
Why it’s more important for larger organizations to
have more robust financial support
Why some online businesses might benefit from a
comptroller or other help instead of a CFO
When an online business should consider making a
transition with how they handle their finances
About the Podcast
Bookkeeping and business education company dedicated to helping online entrepreneurs create profitable and healthy businesses.