--- title: 7 Signs It's Time to Hire a CFO description: At some stage it will be necessary to bring a CFO on board, either full time or on a consulting basis. Find out if the time is right for you. image: https://www.altusfinancial.com.au/hubfs/Blog_Hero_Images/7-Signs-its-time-to-hire-a-CFO.jpg --- [![Logo](https://www.altusfinancial.com.au/hubfs/Logo.svg "Logo")](https://www.altusfinancial.com.au/) - [![](https://www.altusfinancial.com.au/hubfs/1.%202017%20Assets/Dark_Phone.svg)](tel:+61289083444) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) ##### Accounting & Business Services ##### Wealth Services ##### Lending Sources ##### [Need Real-life Advice?](https://www.altusfinancial.com.au/request-a-consultation) [![Talk with us](https://no-cache.hubspot.com/cta/default/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/6a87cb2e-17ae-43a1-93c7-da9582e08c36) [![page-1 (5)](https://www.altusfinancial.com.au/hubfs/page-1%20(5).svg "page-1 (5)")](https://www.altusfinancial.com.au) - ![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-14%20(1).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/group-17%20(1).svg) - ##### MENU - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call%20(6).svg)![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2.svg)](tel:1300832962) - ##### MENU [![Talk With Us](https://no-cache.hubspot.com/cta/default/512115/11099956-4246-4311-83f2-64fc6560f370.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11099956-4246-4311-83f2-64fc6560f370) - [![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/phone-call-2%20(1).svg)](tel:+61%202%208908%203444) - ![](https://www.altusfinancial.com.au/hubfs/close.svg) CLOSE - [Instagram](https://www.instagram.com/altus_financial/) - [LinkedIn](https://www.linkedin.com/company/2339369/admin/) - [Facebook](https://www.facebook.com/AltusFinancial/) - [Business (242)](https://www.altusfinancial.com.au/blog/topic/business) - [Strategy (150)](https://www.altusfinancial.com.au/blog/topic/strategy) - [Wealth (142)](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super (56)](https://www.altusfinancial.com.au/blog/topic/super) - [CFO (48)](https://www.altusfinancial.com.au/blog/topic/cfo) - [Growth (38)](https://www.altusfinancial.com.au/blog/topic/growth) - [Business Succession (25)](https://www.altusfinancial.com.au/blog/topic/business-succession) [![Helpful Resources](https://no-cache.hubspot.com/cta/default/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/11b7293b-309b-4f1b-af85-27ec1dd19a35) Request a Consultation - Close![](https://www.altusfinancial.com.au/hubfs/Assets%20Jan%202019/Images/close%20(3).svg) ## Request a Consultation - [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth) - [Super](https://www.altusfinancial.com.au/blog/topic/super) - [Tax](https://www.altusfinancial.com.au/blog/topic/tax) # [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) From 1 July 2026, Division 296 will introduce additional tax on superannuation balances above $3 million. 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For high-balance super members, it’s something more significant — a shift that could reshape how sup..... ###### Altus Team #### Latest Posts [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Super](https://www.altusfinancial.com.au/blog/topic/super), [Tax](https://www.altusfinancial.com.au/blog/topic/tax) ##### [Division 296 tax: what high-balance super members need to do now](https://www.altusfinancial.com.au/blog/division-296-tax-what-high-balance-super-members-need-to-do-now) [Business](https://www.altusfinancial.com.au/blog/topic/business), [FBT](https://www.altusfinancial.com.au/blog/topic/fbt), [Accounting](https://www.altusfinancial.com.au/blog/topic/accounting) ##### [Common FBT Questions and Answers](https://www.altusfinancial.com.au/blog/common-fbt-questions-and-answers) [Super](https://www.altusfinancial.com.au/blog/topic/super), [Business](https://www.altusfinancial.com.au/blog/topic/business) ##### [Pay Day Super Is Coming: What SMEs Should Be Doing Now](https://www.altusfinancial.com.au/blog/pay-day-super-is-coming-what-smes-should-be-doing-now) [Lending](https://www.altusfinancial.com.au/blog/topic/lending) ##### [Supporting the Next Generation into Property](https://www.altusfinancial.com.au/blog/supporting-the-next-generation-into-property) [Wealth](https://www.altusfinancial.com.au/blog/topic/wealth), [Budget](https://www.altusfinancial.com.au/blog/topic/budget), [Risk](https://www.altusfinancial.com.au/blog/topic/risk) ##### [Rising Insurance Premiums: What’s Really Going On, and What You Can Do About It](https://www.altusfinancial.com.au/blog/rising-insurance-premiums) [Strategy](https://www.altusfinancial.com.au/blog/topic/strategy), [Business](https://www.altusfinancial.com.au/blog/topic/business) - 4 min read ## [7 Signs It's Time to Hire a CFO](https://www.altusfinancial.com.au/blog/7-signs-its-time-to-hire-a-cfo) ###### Scott Young - SHARE: - [**](http://www.linkedin.com/shareArticle?mini=true&url=https://www.altusfinancial.com.au/blog/7-signs-its-time-to-hire-a-cfo) - [**](https://www.twitter.com/share?url=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2F7-signs-its-time-to-hire-a-cfo) - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.altusfinancial.com.au%2Fblog%2F7-signs-its-time-to-hire-a-cfo) When your business is in its infancy, hiring a CFO may seem unnecessary and maybe even ostentatious. However, at some point it will be necessary to bring a CFO on board, either full time or on a consulting basis. Why? CFOs have the kind of expertise that reaches beyond what your bookkeeper and internal accountant can manage. They can help with the complexities of your finances and the strategic planning needed to take your business to the next level. If you’ve wondered about the efficacy of your financial analysis and reporting, how to provide financial advice to your organisation’s principles, creating financial tools and systems, and managing your company’s risk, [you are probably ready for a CFO](https://www.altusfinancial.com.au/cfo-services-lp-0) [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/2cd422f3-8c83-4e61-8738-0e218e6d9762.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/2cd422f3-8c83-4e61-8738-0e218e6d9762) The following signs will help you to determine if you’re ready (or even overdue) for a CFO at your business.   ## Communication Has Become Complicated If you’re using lots of consultants, you may find that communication with these external personnel has become difficult. They might not understand the work and position of all the other consultants, and when they’re working autonomously, you can lose direction. A CFO consults with all of the external consultants and helps them to understand the overall strategy. They all report back to the CFO as well, so you can know what is happening with consultants at all times.   ## You’re Not Keeping Up With Contracts It’s not uncommon for growing businesses to acquire multiple loans as they expand into new territories, hire key players, and invest in infrastructure. The funds from these loans can help you to do great things, but keeping up with all of the details can be daunting. A CFO keeps track of your obligations and [develops strategies for managing debt](https://www.altusfinancial.com.au/latest-news-1/7-business-strategy-mistakes-youre-probably-making), as well as ensuring timely reporting.   ## The Audit Process Seems Overwhelming At some point in your organisation’s growth, third-party entities (such as your bank) will require audited financial statements. Audits mean additional scrutiny of your company’s finances, and this can be intimidating, especially to business owners who don’t specialise in finance themselves. A CFO can create and monitor accounting systems with internal controls so that audits are much cheaper and easier to manage. [When the time comes](https://www.altusfinancial.com.au/cfo-services-lp-0), your CFO can oversee the audit, reducing your stress and preventing the audit from sidelining your daily operations.   ## You’re Concerned About Risk Management If “what if” scenarios keep you up at night, it’s time to hire a CFO. Many business owners don’t know how to look for the red flags that CFOs are trained to see. Therefore, they may not realise there’s a problem until it’s too late to institute a simple solution. A CFO can drive and monitor your strategy and plans and provide timely responses.   ## Tax Compliance Has Become Complicated As your business grows and you have more and more transactions to track, tax compliance can become trickier. Tax compliance mistakes are expensive and dangerous for your company’s financial health. Most companies really can’t afford the penalties associated with failing to remit taxes promptly and accurately. Your CFO will create tax systems that are easy to manage and facilitate accurate reporting.   ## Investors Want More Information If your investors are dissatisfied with the amount of information you’re giving them, it’s definitely time to hire a CFO. Investors may want to review everything from your corporate minute books to your internal financial controls as they decide whether or not to invest in your company, and a CFO can make this process easy for you.  A CFO will know what investors want to see and prepare the reports for you.   ## You’re Growing Once your company gets to a certain size, additional legal and compliance rules kick in, and you will want the advice of a seasoned expert to help you navigate these regulations. Not only will a CFO help you to stay within government regulations, but he or she will also help you to manage the risk associated with quick growth. For more information on if and when a CFO is right for your business, download our free guide below: [![New Call-to-action](https://no-cache.hubspot.com/cta/default/512115/47e207ca-a8f3-43b0-a3fc-b2ece5ca0e95.png)](https://cta-redirect.hubspot.com/cta/redirect/512115/47e207ca-a8f3-43b0-a3fc-b2ece5ca0e95) ### **Could Your Business Benefit from an Outsourced CFO?** Set your business on the right path with this simple guide. [Access the Guide](https://www.altusfinancial.com.au/cfo-landing-page) ![Could Your Business Benefit From an Outsources CFO_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Could%20Your%20Business%20Benefit%20From%20an%20Outsourced%20CFO/Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg?width=582&height=386&name=Could%20Your%20Business%20Benefit%20From%20an%20Outsources%20CFO_Resources.jpg) ## Financial insights you won’t delete. 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[Access the Checklist](https://www.altusfinancial.com.au/prospective-business-owner-succession) ![Business Owner - Succession Checklist_Resources](https://www.altusfinancial.com.au/hs-fs/hubfs/1.Offers/Business%20Owner%20-%20Succession%20Checklist/Business%20Owner%20-%20Succession%20Checklist_Resources.jpg?width=581&height=386&name=Business%20Owner%20-%20Succession%20Checklist_Resources.jpg) #### Featured authors [Adam Montana](https://www.altusfinancial.com.au/blog/author/adam-montana) [See all articles](https://www.altusfinancial.com.au/blog/author/adam-montana) [Alex Bouris](https://www.altusfinancial.com.au/blog/author/alex-bouris) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-bouris) [Alex Thomaschuetz](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [See all articles](https://www.altusfinancial.com.au/blog/author/alex-thomaschuetz) [Altus Team](https://www.altusfinancial.com.au/blog/author/altus-team) [See all articles](https://www.altusfinancial.com.au/blog/author/altus-team) ###### Have a question for Scott Young? 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