Is It Time To Hire a Financial Controller?08/19/2019
At the early stages of a business the controller and CFO roles can be somewhat interchangeable. However, as a business expands, these roles need to be differentiated. If your business is growing, to the point that you know within months you’ll need to bring a financial controller on-board you should review controller functions and value to assure this is the best decision for your organization.
Gather Financial Controller Information
You count yourself fortunate as your once small company has grown. However, now you find that your finance, accounting, and business decisions require an advanced skill set. With that in mind, your primary task should be to gather information about today’s controllers. Their assets, abilities, and prospective return on investment. A controller will:
- Provide crucial financial decision-making, such as those associated with large purchases and credit worthiness policies.
- Support work across departments by providing financial information that is readily understood and applies to various work functions.
- Assure that accounting systems, reporting processes, and security protections are up to date while overseeing ongoing accounting operations.
- The role requires several years of finance and accounting experience with a bachelor’s degree in that sector. Some businesses prefer to hire a controller with an MBA and/or one of several other certifications.
Assess Company Growth
It’s time to bring on a controller when:
- Capital expenditures become your business norm.
- Accounting functions and staff are growing to fulfill taxes, reporting requirements, and internal processes like inventory control.
- Your business development planning lags because of time spent on accounting functions.
- Business functions are more complex and compartmentalized. This requires a sophisticated level of accounting and leadership to assure integration and upgrading of IT systems.
Prepare for Business Controller Recruitment
Working with an accounting and finance recruiting firm can help expedite your hiring process. Beacon Resources, for example, has highly skilled, pre-evaluated financial controllers with a wide variety of financial and accounting expertise to fit your needs. Beacon Resources can help you avoid the potential cost of a bad hire, which can negatively impact your bottom line: the cost of a bad hire. When a new hire doesn’t work out, it can undermine productivity and drag down employee morale. It can also lead to project delays that may have hinged on the new hire being part of the team. Click here, to get started with one of our financial and accounting executive recruiters.