Which Team Player Do You Need?

Do you need a CFO, a controller, an accountant or a bookkeeper to manage your business’s financial matters? Hiring the right person for the job will help save you time and money.

Chief Financial Officer

Forward looking financial projections are the job of the CFO. They will project future revenue amounts and forecast expenses and business needs. They will also project cash needs and help make investment decisions based upon those needs.

If you’re considering launching a new project, such as expanding into international markets or seeking new investors, it may be time to hire a CFO. A good rule of thumb is if your business has reached the $1 million in annual revenue, hiring a CFO makes sense. But if your business isn’t ready for a CFO, accounting staff may help.

Controller

Controllers are typically Certified Public Accountants who review financial statements and help with financial compliance. This might entail monthly reports for a lender or investors and completing tax returns.

Without a CFO, your controller becomes your finance leader. And as an accountant, a controller looks backwards at what’s already happened to complete financial statements. If your business has investors or owners who aren’t friends or family, hiring a controller could be a sound business choice.

Accountant

An accountant can help you with reconciling accounts and preparing basic financial statements. They usually have a four-year degree in accounting and are able to run the day-to-day operations of an accounting department. If your bookkeeper is overwhelmed, an accountant can help share the work and provide support to the bookkeeper.

Bookkeeper

Bookkeepers are the financial workhorse of any business. They will record all your financial transactions, issue invoices and pay your bills. They understand the basics and help keep your business running smoothly.

If you’re the business owner and struggle to keep up with your finances, it may be time to hire a bookkeeper. Bookkeepers are often the first financial professional a company hires and as your business grows, you can add to your team.