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Bring in a CFO if you are growing

Source | LinkedIn : By Rob Tearle

I was asked last week by a CEO of a well-run growth company what sort of finance team do I need? Do I need a CFO or will a Controller be sufficient?

Whilst I like the Company and what it stands for my approach has always been to be straightforward and honest. I told him I would get back to you.

I looked at the role of the CFO which I summarise in the diagram above. If the CEO needs 50% or more of those tasks then would suggest a CFO is the right option. A hands on CFO can generally complete the task of a Controller but their leadership can take the organisation to the next level. Years of experience, networks and skills can help create great value.

In a world that has moved to agile Cloud technology where Xero or Navision and Entryless simplify the process perhaps we should be looking at whether we need a full time accountant or controller instead?

To me it boiled down to one question – is the business growing and requires a strong management team then bring in a CFO otherwise a Controller would be better for both parties.

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