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CPA or CFO?

I recently attended a seminar by a CPA that is providing CFO and controller services. He pointed out, and I concur with, the following perspective.

CPAs come from a perspective of periodic analysis of some sort. This is usually in the form of auditing, preparing some type of financial statements, or preparing tax returns. They are certainly considered experts in financial reporting and taxation. They provide top notch services under the CPA designation. It is critical for them to maintain some form of independence. Their skill sets are based on those job requirements.

A CFO is involved with operations on an on-going basis. A CFO should be able to guide all facets of finances, planning, accounting, treasury, and systems as well as administrative functions for risk management, human resources, bank and lender requirements, teambuilding, cost-benefit analysis, investor strategy and relations, while coordinating with external CPAs, tax experts, and regulatory authorities. They are part of your business and not outside looking in. Their skill sets are based on those job requirements.

The primary difference between a CFO and controller is one of detail orientation. A CFO is strategic in nature and operates at that level. The controller is more concerned with ensuring accurate and timely financial information and implementing the strategic decisions. Please look at our service offering for more differentiation.

As a result, it is very desirable for the CFO or controller to be a CPA and have the associated experience and knowledge. This experience will assure you they understand financial reporting and/or taxation. But, the CFO needs to go beyond that skill set. A CFO is not a high caliber CPA. He is almost certainly a CPA with extensive time in the saddle as a highly experienced controller or CFO.

Most CPA firms will hold themselves out as capable of offering these services. It is not that they are misleading intentionally. They just do not have the hands on perspective, and thus have never learned the skills.

About the CFO...

Professional Experience:

Elroy McConnell, CPA, CIA founded iCFO. His vision was to merge the synergy of Roy's unique years of financial experience, passion for solving business challenges, entrepreneurial enthusiasm, and desire to help people, with his observed need for these skills on a shorter term, cost-effective basis by businesses. So, the company now fills this business demand in circumstances including part-time CFOs for start-up companies, interim CFO/controllers for growing companies, personnel support for large company audit and finance functions, and fraud analysis services. The company was designed to be a flexible entrepreneurial endeavor providing superior service in a fast paced changing environment as well as provide a charitable conduit for the community.

Roy has a vast knowledge base as he has spent many years in all facets of financial management. This includes:

Twelve years as CFO or controller of companies like SkyVenture, Advantor, Orlando International Airport, and Independence Mortgage. Six of these years were with two start-up companies.

Seven years in internal and operational auditing for West Chester University and SunTrust Banks.

Seven years in large and small firm public accounting for Greene, Dycus and Co. and Pricewaterhousecoopers.

Through this Roy became known for "fixing" finance functions that were off track. He always insured he and the companies he served were on the leading edge of technology, accounting and finance giving him the "pioneer" title at SunTrust. He also has a reputation for his ability to prevent, identify and prove fraud.

With Roy you can have all the credentials and qualifications of a standard CPA with the added skill sets in business operations and fraud assessment as well as proven front line experience as a CFO.

Roy has a broad industry knowledge base as he spent significant time in the banking and financial services, as well as manufacturing and job cost environments. Within these industries, Roy was involved with public filings; fraud investigations; amusement, construction, internet and service companies; financial and cost reporting; start-up companies; reengineering failing finance functions; international operations; paperless accounting functions; consolidations and combinations; as well as system conversions.

He has functioned within some of the largest Florida based companies and supervised up to ten direct reports, as well as start-up companies with one having virtually 100% outsourced financial and administrative functions. Roy managed and performed all aspects of finance and administration and developed a unique perspective on team building and employee empowerment. He is experienced in the traditional and paperless/virtual office environments and thrives on change and new technology solutions.

See Roy's full resume

About the iCFO Team...

Through years of service, iCFO established connections with many high caliber finance professionals. iCFO has professionals available to perform as CFO and Controller on an as-needed basis and has affiliation with other interim or part-time service providers across the United States. We also act as a conduit for permanent replacement referral sources for iCFO customers. As the market for these resources change in this economy and business environment, iCFO becomes a merger point for businesses with needs as well as financial professionals looking for an opportunity; simply because of the nature of our business model.

iCFO has professional contacts is almost every aspect of business. The CFO is typically someone within your organization that coordinates most aspects of operations and finances. iCFO will work intimately with the professionals your company has on staff or on contract. But, iCFO performing as your CFO or financial support can additionally act as a referral source for any of your business needs. For example, we know professionals with similar service concepts available to you in fields such as insurance and risk management, human resource and benefits, audit, taxation, valuation, financing, capital funding, programming and design, system infrastructure, hardware and software, web development and design, and investing. So, feel free to ask us about referrals.

iCFO considers it a responsibility to coordinate business contacts between iCFO customers. This allows iCFO to provide your company with an alternative network for sales potential or strategic alliances as a result of our contact with other iCFO customers.

Finally, if you would like to be considered as a professional resource for iCFO employment, permanent placement opportunities, or part of the iCFO interim service provider network; please contact us to probe the possibilities. If you or your company would like to become part of the referral network, please contact us as well. The key characteristics of a synergistic match with iCFO and our customers is the dedication to the business service model indicated in the "Who We Are" section as well as having the credentials and track record for being the absolute best in the world.