5 Flub-ups Your CFO or Controller May Be Making

 Has your CFO or Controller established a solid working relationship with your bank and your CPA firm?

If not, that may be an indicator that you have a weak CFO/Controller. Here are 5 signs that your key finance person is not doing their job:

  1. They have a contentious and unpredictable relationship with your bank or your CPA firm or both.
  2. You see no business improvements or positive insights coming from bank or CPA relationships
  3. You’re getting socked with high and unexpected fees.
  4. Your banking and CPA services are not being managed to maximize value and minimize costs.
  5. You have trouble obtaining financing.

If you are encountering any of these problems, you need to let your CFO/Controller know that they are not doing the job they were hired to do. Offer to provide coaching, and if that doesn’t work, look into replacing them.

In one case, the finance person in a nonprofit was letting $1 million in cash sit idle in a bank account. A new head of finance came in and directed that person to put the money into a money market fund, increasing badly needed annual revenue for the organization by $50,000!

What could a new head of finance do for you?

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