More often than not a business gets started with a junior accountant or a bookkeeper as the top person in charge of the company’s finances. As the business grows not only in terms of sales but also in terms of complexity, there is a point in time where the company must upgrade its accounting staff. For example, a junior accountant may not have the appropriate skill set if the company is evaluating selling products/services outside the country or if the company is planning to acquire another company.
he good old saying of hire for attitude and train for skills, does apply in the world of Finance/Accounting. As a CEO/Founder you want to have a right hand person that you can trust and that has the ability to learn. Therefore, you need to hire for aptitude and provide the tools for that person to learn the detail and the particular to your business.
If your business has some successes and has a track record, you may want to hire for 5 years out. Meaning, identify the needs of the business 5 years from now and hire that person that can help you get there. If you hire the right person, this approach will help you get there faster and with less mistakes.
Another option is to take advantage of the Gig economy by hiring a fractional CFO or Controller. The advantages of having this person in your team are obvious, you get a tons of experience for a fraction of the cost.
For a portion of the annual cost you can have in your staff a senior financial executive that brings to your organization tons of experiences from several different industries. You can use this CFO as a part-time consultant until the business gets to a specific size or level of complexity that requires a full-time CFO.
