Bohemia, NY (PRWEB) August 15, 2013
On August 15, Lawrence Teicher, founder of CFO Consulting Services, LLC, a leading part time CFO services company, comments on an article published by Inc.com, which discusses why many CFOs could benefit from teaching employees about financial planning.
According to an article published by Inc.com on August 9th titled “Why Your CFO Needs a Curriculum,” companies that employ an “open-book management” approach have seen higher revenue growth and increased employee productivity. In fact, the article says that “absenteeism, healthcare costs, payroll taxes and turnover all decline when a company teaches its employees basic financial literacy.”
Most business owners and executives do not often share financial data with their employees or managers. The article says many employees are not financially literate, meaning they do not fully understand financial terms and processes.
Teicher, a seasoned CPA and part-time CFO services consultant, says that it’s beneficial to teach employees basic financial processes and common terminology. “When employees understand how a business works and how budgets are maintained, productivity can increase,” he says. “With a newfound sense of understanding, employees will realize how much their work affects financial decisions. Employees might help spark new business opportunities that can save the company money or make it more profitable.”
Teicher says CFOs should be involved in all aspects of a business, from leadership to finance. “Good CFOs know that in order to help a business grow, everyone from the employees to the executives need to be on the same page,” he says. “That’s why it’s very important to create small informal financial literacy programs.”
CFO Consulting Services, LLC provides outsourced, part-time CFO services on an as-needed basis to both small and mid-sized businesses located in the NY metropolitan region. Founded by CPA and financial expert Lawrence Teicher, CFO Consulting Services follows four main principles: independence, objectivity, competence and confidentiality. These core values have led its clients to achieve lasting success in their businesses.