Here’s the scenario: You’ve discovered a problem with your books. It has rippled through into your key financial reports and possibly also affected corresponding tax filings for that period. Your mind starts spinning.

How can you tell if this bookkeeping problem is fraudulent activity or just a simple mistake?

Executive Summary: Tariffs, particularly those on imports from key trading partners like Canada and Mexico, can have a far-reaching impact on U.S. businesses and the economy. While they may provide some protection for domestic industries, they also introduce significant challenges including higher costs, disrupted supply chains, and the need to make difficult decisions on pricing and profit margins. The ripple effects of tariffs can stretch across the broader economy, influencing consumer behavior and currency strength. Navigating these challenges successfully often requires the expertise of a CFO who can help businesses adapt, manage risks, and maintain financial health in an ever-changing economic landscape.

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With tariffs being recently imposed on U.S. imports from Canada and Mexico, it is important for business owners to understand the risks to their business, both directly and on the economy at large, and how engaging with a skilled financial leader may help minimize the impact.

There is a common misconception that early-stage startups and low-growth companies don’t really need executive financial leadership… not yet anyways. This misconception holds that hiring a Controller or CFO is something that comes later, after enough growth has occurred or growth is happening more quickly than before.

And while it’s true that it often doesn’t make sense financially for a small company to hire a full-time in-house CFO right away, the need for experienced financial leadership isn’t something that a company just graduates into once they hit a certain revenue benchmark. Strong financial oversight and leadership is something that every business needs, and many business owners simply can’t provide alongside their other duties. This is especially true when the business has more complicated financial needs like a complex capital structure, multiple revenue streams, deferred revenue, international operations, and/or seasonality, to consider.

Faced with both of these realities – that they can’t necessarily afford a Controller or CFO, and that financial oversight and leadership is important – they instead opt to hire a bookkeeper or accountant to manage their finances, hoping that will be enough for now as a stopgap until they can afford more later. However, a bookkeeper or accountant role may not be enough to do what they need done if they have more complex financial needs. And, if the business owner doesn’t have a financial background, they may not even realize there is a mismatch there to understand what they’re missing out on.

Executive Summary: In this article, we’ll explore why every startup should consider hiring a fractional CFO from day one and discuss how a fractional CFO can help prevent costly mistakes that could derail a business.

Launching a startup is an exhilarating journey, full of opportunity and innovation. However, the path to success is also fraught with financial complexities that can overwhelm even the most capable entrepreneurs. From managing cash flow to ensuring compliance with tax regulations, startups often find themselves navigating a maze of financial challenges. This is where a fractional CFO (Chief Financial Officer) can play a pivotal role, even from day one.

While it may seem like a luxury or an expense that can wait, having access to financial expertise from the outset is not only beneficial – it’s crucial.

Which characteristics do the best CFOs share? What should you look for when hiring a CFO or bringing fractional financial leadership on board? As a Director of Finance, which skills should you look to bolster if you want to keep progressing in your career?

Obviously, the exact skills that a CFO needs to succeed in a specific role will vary based on factors like industry, company size and growth stage, and makeup of the c-suite team, but one commonality is that they all think strategically and communicate well.

With the recent issuance of OMB (Office of Management and Budget) Memorandum M-25-13 calling for the pausing of financial assistance for programs and activities implicated by the President’s DEI-focused Executive Order (E.O. 14151), many nonprofits are trying to evaluate the financial impact that may result. While all of this may end up in court, or require additional legislative action, nonprofit organizations that rely on federal funding would be wise to take proactive steps now to assess and mitigate potential risks that these kinds of policies could create in the coming weeks and months. To safeguard operations in response, organizations should follow these key steps as soon as possible:

These days the same misconceptions around CFO and Controller roles that have lingered for decades appear to be just as sticky as always. Time and again we hear the misconceptions reiterated that “a CFO only handles finance” and a Controller is “really just an accounting CFO.”

So, we’ve created this resource to set the record straight for business leaders that are looking for financial direction and don’t understand which role their small or mid-market company needs or why it really matters one way or the other.

But before we can talk about how a CFO and Controller are different, we need to explain why it matters at all. It’s important to understand that clarifying the distinctions between CFO and Controller roles isn’t just a matter of semantics. CFOs and Controllers are two distinct roles that serve two distinct functions within a business. Both are important and, when executed well, they will complement each other to aid in strategic management and foster growth. Once you understand that these roles are meant to work together, defining each becomes a critical component organizational alignment.

As a CPA, CFO, and business owner for nearly 20 years, I’ve participated in business development to some degree throughout my career, but last year I transitioned into a full-time business development role. I made the switch because I love helping business owners achieve greater success and I’m passionate about supporting my fellow CFOs and team members by showcasing their incredible talent and accomplishments. As a relationship-driven person, I thrive on building and deepening meaningful connections that create mutual value and drive positive outcomes for everyone involved, so the role was a natural fit. But the best part is that making this change taught me a lot about business development that I can now share with you!