A good article in the New York Times describes the tipping point for when SMEs move beyond the backwards-looking Financial Controller perspective and need a forward-looking CFO partnership.
When Should a Business Hire a Chief Financial Officer?
“I like to say that a controller is always looking backward in their role of financial reporting and closing the books,” Mr. Masarek said. “But a C.F.O. is always looking forward, someone who will own the accounting functions but also get involved strategically in how we handle things like debt and equity and how we finance the company moving forward.”
The article also describes the use of part-time CFOs to support modelling growth plans and expansion:
Jeff Gustafson, whom Ms. Gignilliat pays $150 an hour for typically eight hours a month, took on several critical projects for the company, including building an extensive financial model that demonstrated the impact of expanding into new cities, hiring employees and raising prices. “It has allowed me to be the C.E.O., working on the business versus working in the business,” Ms. Gignilliat said.