Qualifications for Your Financial Team
As your business expands and your market footprint begins to grow, the size of your staff will need to keep pace. Hiring demands will pick up across all aspects of your company from production to customer outreach, and your financial department will be no exception. While you may have handled most of your accounting needs on your own during the early chapters, this just isn’t realistic beyond a certain stage. You’ll eventually need a CPA to manage to your tax responsibilities, a book keeper to monitor your revenue streams and cost centers, and eventually a controller to make sure your shareholders understand what’s happening behind the scenes.
What kinds of traits and skills should you be looking for as you move forward with your financial hiring process? Keep these considerations in mind.
Chief Financial Officer
A CFO manages and oversees all aspects of your company’s financial operations. From keeping costs under control, to improving efficiency in processing, to monitoring all financial reporting, the CFO holds final accountability for this aspect of your company. There are no specific qualifications or licensing requirements for CFOs, but this should be a person you trust as a money manager and also as a leader. He or she should hold a four year degree in business management or finance—at the very least—and should possess exceptional leadership and communication skill.
Certified Public Accountant
Your CPA is the person who will ensure that your company functions in accordance with state and federal regulations, which include tax payment and filing issues. Since CPAs interact directly with the government and the legal system, they’re required to abide by strict licensing and certification requirements that vary by state. Before you consider any candidate for a CPA position, make sure he or she holds these credentials and ideally has some experience with your specific type of business (LLC, partnership, sole proprietorship, etc).
Your controller will handle all your company’s issues related to financial reporting. These will include shareholder communications, long term business forecasting, and budgeting. A controller should possess an MBA or a four year degree in finance or accounting. Advanced CFA, CMA or CPA certification suggest an additional measure of competence.
In addition to the positions listed here, you’ll also benefit from the skills of an advanced accounting staff and at least one book keeper, an entry level employee who keeps track of sales figures, invoices, and operating expenses. For specific guidance as you begin the recruiting process for each of these roles, reach out to the financial staffing experts at Pace.