Starting out a small business, the staff members often wear many hats, especially the boss. When there’s not enough money to hire a full staff, a few people must handle many responsibilities. But as the company grows and becomes more successful, it becomes necessary to hire additional employees to handle the task load. Fortunately, this also means the company is bringing in more money, and is able to support a larger staff.
One of the financial jobs that is often overlooked is that of a chief financial officer, or CFO. A CFO not only handles the corporation’s financial responsibilities, such as accounting, treasury, and tax functions, but they also act as a partner to the chief executive officer, or CEO.
Signs It’s Time to Hire a Chief Financial Officer
- Growing Revenue – When your top-line revenue grows quickly, and starts going above $5 million to $8 million in revenue, financial management becomes more complex.
- Audit – When you need to undertake a formal financial audit it’s best to have a CFO in place.
- Going Public – A CFO with experience in IPOs or mergers and acquisitions can help the company if you think it might go public or engage in mergers or acquisitions.
- More People – When you have more than 30 employees, that’s a sign that your company has grown large enough, and its financial operations more complex. This means its probably time to hire a CFO.
If you’re looking to fill some corporate finance positions at your company, you would be wise to begin your search online, even finding some recruiters to help out. There are many people out there looking for financial jobs or jobs in accounting, from fresh college grads, all the way up to those with years of experience. The right person for your company is out there, all you have to do is find them. IF you have financial jobs available, there are definitely qualified applicants ready to take them.