Chief Financial Officers (CFOs) were once considered a luxury, only accessible to large companies with complex financial needs. Small and medium-sized enterprises (SMEs) often manage with the assumption that an accountant is sufficient to run their operations. In many such SMEs, a team of accountants handles everything from bookkeeping to compliance.

In fact, a recent study showed that 80% of business owners still need monthly financial reports. And those who get them either do not review them or do not know how to read those numbers. The lack of financial literacy is one of the most significant factors contributing to poor decision-making, poor cash flow management, and poor business management.