Accounting functions in business often tend to evolve over a period of time. Often people who started doing the books in a small business, struggle when the business starts to grow. More formal expertise is required to keep up with the demands of a growing business.
The number and complexity of transactions increases. The cash flow management requires much more attention. The business owner has a need for better information to base solid decisions on.
A CFO can set the whole accounting function up… from setting up the system to ensuring a business owner gets information they need… to employing the right bookkeeper with good solid qualifications and experience to do the job right.
A CFO will also liaise with external parties such as accountants, lenders and investors to ease this burden on the business owner.