The Difference Between Accounting and Finance

Many family business leaders use “accounting” and “finance” interchangeably, but these are entirely different disciplines. Not knowing that difference will limit your ability to grow and prosper. Listen as Wayne shares his thoughts – and please share your comments below.

Please click here to download the transcript.

  1. I am interested of your topic. I would love to know more and deeper about this matter.

  2. Wayne,
    This seems timely. Our “CFO” retired 18 months ago. We were thinking we wanted to hire a new one. After discussions with a couple of groups that help in hiring CFOs, we have decided to hire a controller and use the services of a part-time CFO. This seems like it might be in line with your thoughts. Maybe not the right thing for every company, but it is something we are going to try to see how it works. Now we just need to find the right people.

    • Stan;
      I believe you are moving in the right direction. After serving as a CFO for many years for large companies I have learned the tremendous gap of availability of talent and also the resources to afford the talent for a mid to small size business. Having a fractional CFO is a great way to set a foundation, provide guidance to the Ownership and assist the Controller understand strategy. Once growth is achieved and volume justifies having someone full time you will already have a foundation to continue to build on. Lost of success finding a good partner that will assist you add value to your organization.
      Mariellie Mundy

    • Good call, Stan, and very much in line with what I was discussing. Thanks for the feedback!

  3. Wayne, well done! Agree 100%. I may reach out with some thoughts on peer group leaders.
    All the best,

    • Thanks, Josef!

  4. Hi
    I heard your comment about running peer groups. I am a family business advisor and I currently run one peer group. I am located in eastern PA so I don’t know if I would be appropriate for your groups. Thanks.

Leave a Reply

Your email address will not be published. Required fields are marked *

©2024 Performance Construction Advisors