When to Hire a CFO

As your company grows, both in size and revenue, it becomes necessary to have a leader who can manage and think strategically about financial decisions. While CPAs are critical to the success of the organization, they may not have the time to dive in and focus on the financial future of the company. When you hire a CFO you have the opportunity to add value through a variety of resources and collaboration.

Here are a few indicators that it is time for you to hire a CFO:
  • CEO is working more “in” instead of “on” the business
  • Complexity of the business begins to erodes profits
  • Business decisions are hindered by lack of timely financial data
  • An early warning system would have prepared the business for significant up or downturn
  • Lack of planning unexpectedly interrupted cash flow
  • Lead bank is concerned over quality and timeliness of financial reporting
  • The business growth plans include an acquisition strategy
  • Company experiences higher than expected tax liabilities due to lack of tax strategy

The resources the CFO provides can add value to and enhance the strategic direction of the company.

If you are interested in learning more or would like to hire a CFO, contact us today!

Fraud Alert: Identity Theft Fraudsters Targeting Small Businesses

In recent years, we have seen a marked increase in the amount of identity theft cases due to our increased use of the internet. Generally, as tax professionals we mainly see the impact on individuals from these schemes. However, there is an surge of small businesses being targeted now.

The Journal of Accountancy recently posted an article regarding this increase. The article highlights signs that you may have been a victim of identity theft and provides information on the ways both the IRS and state tax agencies are working to combat these fraud schemes. To read the full article click here.

LBA Haynes Strand is dedicated to alerting the public on any scam or fraudulous attempt to steal identities or gain access to important financial information. If you are interested learning more, contact us today.