A lot of finance professionals want to become a CFO.

But very few actually understand what the role looks like day to day.

It’s easy to assume it’s:

• reviewing numbers 
• signing off reports 
• overseeing finance

That’s a small part of it.

In a startup or scaleup, the CFO role is far more commercial, fast-moving, and people-focused than most expect.

Here’s what CFOs actually spend their time doing.

1. Working With the Founder

A big part of the role is being a sounding board for the founder or CEO.

This isn’t just “finance updates”.  It's much more strategic than that.  Examples include:

• pressure testing decisions 
• talking through trade-offs 
• helping prioritise 
• sense-checking strategy

Often these are informal conversations:

• quick calls 
• walking between meetings
• messages throughout the day

This is where a lot of the real value happens.

2. Making Decisions (Not Just Reporting)

CFOs are constantly involved in decisions around hiring plans, pricing changes, cost reductions and investment in growth.

The expectation is not to present options and step back and leave it to the business to make the decision but rather the CFO is giving a lense into:

• give a clear recommendation 
• explain the impact 
• help the business move forward

This is a shift from reporting to decision-making.

3. Managing Cash and Runway

In startups, cash is always front of mind.  In fact, being in a CFO role now for two weeks, I am already:

• reviewing cash position 
• updating short-term forecasts 
• assessing runway 
• planning for different scenarios

Questions I'm already thinking about include:

• how long do we have?
• what needs to change?
• when do we need to raise?

This is not a monthly task and is just reviewed as part of month end.  It’s ongoing.

4. Leading the Finance Team

Even in smaller businesses, there is usually a small finance function which could include a bookkeeper,
a financial controller or HoF or outsourced support.

However, there are other teams that can also fall under a CFO and it ranges based on the industry, the stage of business and other c-suite.  

Teams that can be included under the CFO's remit could include: FinOps, Risk, Fraud, Office & Admin, HR, Legal, Business Intelligence & Data and on occasion, Operations.

CFOs are responsible not to "manage" the task list, but instead;

• setting expectations
• reviewing output at a high level
• improving processes
• building capability

The goal is to ensure the work is done well.

5. Improving Processes and Systems

There is always something that needs fixing or improving.  Whether it's reporting, systems, controls and data quality in finance or something else in your other teams or around the business.

A CFOs decides regulary, what matters now, what can wait and importantly where to invest time and budget

6. Stakeholder Management

There are a lot of them and this is why CFOs spend a lot of time in meetings or chatting to people.  Stakeholders can include:

• investors
• board members
• banks
• auditors
• tax advisors
• key suppliers
• any many more!

CFOs are often the main point of contact.  You’re expected to communicate clearly with each of these stakeholders, build trust and al manage expectations.

This becomes more important as the business grows or prepares for fundraising.

7. Thinking Ahead

A lot of the role is forward-looking and is very different to a traditional finance role that spends a lot of time look at history.  

CFOs are constantly thinking about where the business is currently going, fundraising plans, growth scenarios and of course risks.

A Day in the Life (Example)

No two days are the same, but a typical day might look like:

Morning

• Quick check on cash position 
• Messages with founder on current priorities 
• Review key numbers or KPIs

Late morning / Midday

• Meeting with Head of Sales or Marketing on performance 
• Team check-in with finance 
• Working through a commercial decision or scenario

Afternoon

• Call with investors, bank, or advisors
• Review of reporting or forecasts
• Planning next steps on hiring, fundraising, or strategy

Throughout the day

• Constant questions from the business
• Quick decisions
• Adjusting priorities

That’s what the role actually looks like day to day.

This is part of my series on becoming a CFO in a startup. You might also find these useful:

• The 5 Skills Every Future CFO Must Learn
• Why Some Finance Directors Never Become CFOs
• The Career Mistake That Stops Finance Leaders Getting Promoted

Want to be a confident and skilled Finance leader in 12 months? 

Then follow these steps:

1. Sign up to our next free workshop.
2. Access the FLF Book that gives you an overview of the FLF Framework. 
3. Work with me in the Financial Leadership Foundations course  for indepth training to become a confident & skilled finance professional in 12 months.  Includes regular Q&A sessions, networking with other finance professionals & the Advanced Management Accounts course.