(08) 9240 4211 
In the past, the role of a Chief Financial Officer (CFO) was primarily focused on managing financial matters such as profit and loss, and cash flow. However, the evolution of business demands has transformed the CFO into a multifaceted strategic leader, responsible for much more than just financial oversight.
Today, a CFO not only manages financial affairs but also provides strategic advice, oversees risk management, and plays a crucial role in shaping operational areas such as hiring policies, workflows, systems, and procedures.
So, when does a business need a CFO? Essentially, if your business is growing or undergoing significant changes, having a CFO onboard becomes invaluable. However, it's important to note that CFOs are highly skilled professionals and come with a substantial price tag.
With CFOs commanding salaries upwards of $250,000 annually, not every business can afford to hire one full-time. In such cases, outsourcing CFO services from a reputable company can be a cost-effective solution. CFO services can also be delivered virtually, or come to you when you need them, which may be utilised by businesses in regional areas too, such as our clients in Geraldton, Carnarvon, Exmouth, and Karratha.
At Fortuna, our CFO services can include: goal and objective setting, progress tracking (financial and operational KPI’s), cash flow management, new venture risk analysis, business growth analysis, business exit strategies, compliance checks, shareholder notices and board reporting.
Now that you know some of the activities a CFO performs, you may be wondering what typical qualifications a CFO holds. Chief Financial Officers usually have a bachelor's degree in finance, accounting, economics, business administration, or a related field. Many CFOs also have advanced degrees such as a Master of Business Administration (MBA) or a Master of Finance. They are likely to also hold certifications such as Certified Public Accountant (CPA), Chartered Financial Analyst (CFA), or Certified Management Accountant (CMA). These certifications demonstrate expertise in financial management and accounting principles, and are often paired with extensive experience in leadership finance or accounting roles.
While the traditional responsibilities of a CFO revolve around financial management, the modern CFO has evolved into a strategic leader who contributes to various aspects of business growth and development. Whether through in-house hiring or outsourcing, leveraging the expertise of a CFO can be a game-changer for businesses aiming for sustainable growth and success.
