Entrepreneur has published an interesting article about the financial needs of growing businesses. Titled “Is It Time for a CFO?” the article addresses the concern of entrepreneurs and business owners struggling with the decision of hiring an employee to handle their financial needs. According to Gwen Moran, there are four key questions to ask yourself when deciding if your company has grown enough to need a CFO:
- You're regularly getting financial "surprises" in the form of bank notices, tax penalties, or unusual financial statements.
- You regularly feel overwhelmed by the financial demands of your business.
- You're not keeping good records and not tracking expenses because you don't have time to do so.
- You're not looking at planning, regulatory or tax changes.
If the answer to these questions is ‘Yes’, then it’s time to hire a CFO. Right now, Benay is functioning as an external CFO for several companies, solving the need for an in-house employee, and taking care on all of the same essential functions.
It’s something to think about as the year progresses and your businesses grow. You can find the rest of the article here.