Becoming a Contract Controller

Chapter 2CFO Responsibilities

“The CFO must be the one asking questions that others are reluctant to ask. He must be the one others regard as the person without an agenda.”

Introduction

For the person who wants to consult at a high level, while having significant impact, being a contract CFO is the ultimate head rush. Since 1992, the men and women I met who serve as a contract CFO tell me that they love their job. The three things they enjoy most are

• The high level at which they get to work.

• The tremendous impact they have on their clients.

• The high fees they earn.

Hired Gun CFOs tell me that their clients rarely question the amount of the fee. In fact, their clients tend to rely on their advice and counsel so much that their engagements continue for years.

This chapter will highlight just a few of the nuances that will enable the contract CFO to function at the strategic level.

Completion of this chapter will allow you to

• Understand the high-level role that the contract CFO is asked to undertake.

• Apply the critical skills that a contract CFO will need to be strategic.

• Contrast how the CFO’s role differs from that of the Controller.

• Use the Economic Value Added reporting tool to help the client manage both profits and balance sheet investments.

Attributes of the CFO

Mike McCracken, President of Tatum CFO Partners, an Atlanta based firm that provides clients with CFO talent on a short-term basis, said this in an interview in Business Finance Magazine.

“CFOs are not likely ...