There are many other factors that determine the need for a CFO. A $10 million company could need a CFO, where a $20 million company many not need one. It is really based on the business complexity and business decisions needing to be made in a timely fashion.

The controller helps to guide financial decisions by helping to establish and enforce policies and procedures. They do this in order to protect the assets of the company through strong internal controls. They monitor and oversee the financial condition of the business.

If you are having problems making business decisions due to missing or delayed financial information, you need a controller and/or CFO. Your company has outgrown your family or friends accounting skills or time they have available to keep up to date financial information. You have a current employee who is not providing the information you need in order to make business decisions in an educated and timely manner.