When a Small Business Needs a Full-Time Financial Expert

small business

Now more than ever, financial expertise is an important component to a small business. As the small business grows, so should the full-time accounting staff, from bookkeeper to accountant to CFO, and hiring a financial expert can be challenging.

Not only is there concern over compliance and keeping up with evolving government regulations, but across industries, organizations are shifting their finance departments from a reporting-focused approach to one that’s more analytics-centric.

Beyond that, people with financial knowledge can play an important role in niche areas as businesses expand and grow their headcount. Here are five challenges facing a small business and how a full-time financial expert can help:

1. Doing interstate or intrastate business

The scope of your business will likely evolve and grow over the years. Are you considering doing multistate sales or extending your operations outside of your state? There are certain qualifications your small business must meet when it comes to doing intrastate business, which includes a registration process and fees. A financial expert can help ensure it’s as smooth as possible, providing insight and advice on where you should incorporate your business.

2. Doing business internationally

Whether you’re opening a new store in another country or using the services of a factory or warehouse overseas, extending your small business internationally comes with increased complications. A finance professional can help you with currency exchange considerations and currency hedges, create a financial contract that protects you from unexpected exchange rate fluctuations and minimize the risks of doing business internationally.

3. Tax incentives

In the U.S., just failing to file some informational-only returns on non-U.S. currency activity can result in major fines. You’ll also need to consider whether the state views you as having a taxable presence in that state and what state or local tax incentives are available for your business, in addition to understanding the employment tax requirements from state to state. Having financial experts in small business jobs outside of your accounting team can help you get the most out of tax incentives and make sure you file appropriately.

4. Insurance needs

Evaluating and understanding your company’s insurance needs is a complex process, and those needs may evolve along with government regulations. A financial expert brought aboard can help you project cash needs, calculate the time value of money and generate a financial analysis of your products or services that will help you navigate the tricky waters of insurance year-round. 

5. Finance and leasing

A real estate evaluation specialist can be invaluable for your small business’s finance team. Whether you’re opening new stores, expanding your warehouse or moving your headquarters to a new location, financial expertise is essential when there is financing or leasing involved.

You know your company needs a savvy accounting and finance staff, but there are plenty of other small business jobs that, when filled by a financial expert, can help you make the best decisions for your organization.

More resources for small business owners

Is it time to hire a financial expert? Read this post to find out when you should recruit to hire these four accounting roles: bookkeepers, accounting managers, financial controllers, and chief financial officers.

Are you looking for more insight? Robert Half can help! Contact our Small and Mid-Sized Business Resource Center.