The Financial Controller: Controller vs CFO
As a business grows and faces different challenges there will come the time to invest in the finance function. And what your business needs very much depends on the specifics of its strategy, cashflow and growth objectives.
There has long been the view that the skills needed to expand your business lie with an FD or CFO. Although it is absolutely correct to bring one in if you need one, bringing one in can cost huge amounts of money (£800 plus per day) and there are only a limited number of circumstances in which you do. You will need to bring in an FD or CFO when you need to:
1. Raise investment funds;
2. Exit your business / conduct an MBO;
3. Expand internationally with new company structures.
As with any position you recruit for in your business, make sure previous results are demonstrable within your sector and for your size of business. Matching specific skills and knowledge is vital in such critical areas for these roles as requirements vary across sectors and business size.
So, what can a part-time financial controller do for your business and when are they needed?
The traditional role of a financial controller is to control and report – that means systems, automation and accuracy of data. If you’re finding yourself doing things manually or wondering if there ‘must be a better way’ to do a repetitive task then its worth finding out if a financial controller could help your business.
The ecosystem of apps, software and systems has developed to such a stage that most of them are readily configured to integrate with one another, thus making any financial reconciliation and reporting much easier.
We don’t believe that’s where it should stop though.
A part-time financial controller, with the right experience can provide many of the skills your business needs. These items include:
1. Forecasting;
2. Scenario modelling;
3. Data analytics;
4. Budget planning;
5. Cashflow management;
6. Operational support across the organisation.
We value the contribution of all professional finance personnel but the mix of who, what and when will set your business on the right path, at the right time for the right cost.
