What is a CFO for Rent?

A CFO is the finance member of the Senior management team, hence the Chief Financial Officer. The CFO is focused on long-term financial strategy. 

A CFO for Rent is a substitute for hiring a full-time CFO. Small to Medium-sized companies may want to refrain from indulging in this expense; however, they may have to for regulatory reasons (reporting etc.).

As “CFO for Rent,” Ahmad and Mumtaz can take on a key role in your business, helping you with strategy development and specialized tasks in the following areas:

• Reviewing the accounting system and its adequacy.
• Overseeing the full cycle accounting process, ensuring correct accounting processes, policies, reporting etc.
• Creation and review of budgets vs. how the actuals did, the variances, and the reasons thereof.
• Payroll, submission, reporting, etc.
• GST/HST/PST reporting.
• Annual taxation.
• Guidance on audits etc.

The CFO understands operations, tax situations, and employment issues and provides a sounding board for potential changes (trusted advisor). In some sectors, the CFO is also responsible for data analysis.

They offer many other services to “plug the leaks” and increase small business owners’ wealth while often also reducing their workload, which include:

• Business Process Reviews
• Risk Management
• Performance Management 
• Information Systems and ERPs (Enterprise Resource Planning)
• Customer and product profitability expertise
• Corporate and personal taxation

What are the Accounting Designations in Canada? 

Historically there have been three different accounting designations in Canada; the CA (Chartered Accountant), the CGA (Certified General Accountant), and the CMA (Certified Management Accountant). To provide clarity to the accounting industry, in 2012, the accounting associations representing the three designations agreed to merge under a single designation, now known as Chartered Professional Accountants (CPAs) and work in a variety of different fields as auditors, taxation specialists, or providers of general accounting services and consulting to businesses.

Ahmad and Mumtaz lead a full-service accounting firm based in Oakville, Ontario, offering a broad range of services to meet the needs of businesses, entrepreneurs, and individuals in Oakville and the GTA.