When Your Business Needs a Full-Time Controller

So, you’ve got your business humming along nicely. Things are going well, profits are coming in, and you’re starting to feel the weight of managing finances. But at what point does it make sense to hire a full-time controller? Let’s break it down and see how to get this important piece of your business puzzle right.

When to Hire a Full-Time Controller

Every business is different, but generally, you might want to consider hiring a controller when:

• Your revenue reaches $1 million or more: This is often the threshold where financial control becomes critical.
• You have complex financial operations: Multiple funding sources, inventory management, or various revenue streams demand higher accountability.
• You’re preparing for growth: A controller can help streamline your processes and ensure your financial stability as you scale.
• You face compliance or audit pressure: If you’re in a highly regulated industry, having a pro on board reduces risks significantly.
• Your part-time accountant can’t keep up: If you find yourself still balancing books late at night, it’s time for a full-time hire.

Background Qualifications for a Controller

Now that you know when to hire, what kind of person should you be looking for? A controller is not just any finance guru. Ideally, they should have:

• Relevant Qualifications: Look for a CPA or CA. These qualifications ensure they come with robust accounting knowledge.
• Experience: Ideally, you want someone with at least five years in financial management. Consider candidates with experience in sectors similar to yours.
• Industry Knowledge: Familiarity with your specific industry helps in understanding and anticipating financial challenges.
• Leadership Skills: They should lead a team effectively. Business growth entails overseeing a department, so managerial experience matters.
• Tech-Savvy: Your controller should be comfortable with accounting software and data analysis tools. In today’s world, spreadsheets alone won’t cut it!

Guidelines for Hiring the Right Controller

Finding the right controller is not just about credentials; it’s about fit and capability:

1. Define the Role Clearly: Understand what you specifically want this person to achieve. Write a job description that outlines KPIs and responsibilities.
2. Network Locally: Use connections within Adelaide to reach out to potential candidates. Local knowledge can be a game changer.
3. Conduct Thorough Interviews: Ask behavioral questions that reveal how they’ve handled challenges in the past. Look for problem-solvers.
4. Check References: Speaking to former colleagues or employers is essential. It’s not just about what they can do; it’s about how they do it.
5. Consider Cultural Fit: This person will work closely with you and your team, so make sure their personality meshes well.

Identifying Appropriate Candidates

Now, let’s get down to the nitty-gritty of finding these candidates. Here’s how you can identify individuals who might be your next financial whiz:

• Job Boards: Websites like SEEK and Indeed often have listings for controllers. Don’t forget to check out industry-specific boards as well!
• Professional Networks: Use LinkedIn to connect with potential candidates. You can join local finance groups to network.
• Recruitment Agencies: Many agencies specialize in finance and accounting hires. They can help you target passive candidates as well.
• University Alumni Networks: Reach out to local universities with strong accounting programs. Engaging with alumni can surface fresh talents.
• Industry Events: Attend finance-related networking events in Adelaide. You’ll meet professionals actively looking to advance their careers.

In short, hiring a full-time controller is a significant move for your business. It’s crucial to understand when to take the step and ensure that the person you bring on board aligns with your business goals and culture. Together, you’ll navigate the numbers with precision, helping your business grow into what you envision!