I realize that as a small business owner you may not have the funds or the capacity to hire a CFO. Most likely, you’re the CFO. If that’s the case, then you must make a concerted effort to oversee all things financial, especially cash flow in and out of your company. However, unless you have bookkeeping experience or a degree in business, finance, or accounting, directing your financial department can be daunting. Therefore, if at all possible, I recommend hiring a CFO or placing someone within your financial division in charge of Accounts Payable (AP) – the money you owe vendors for products and services. You need someone who knows which Accounts Payable processes are necessary and someone who can implement those processes.