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.