Bookkeepers are essential to the business. They are responsible for keeping track of your financial transactions, including all income and expenses, bills payment, invoice and payroll. This means if your bookkeeper, or an accountant doing a bookkeeping role, makes bad or fraudulent decisions, it can cost the company.
Enter the controller – unlike bookkeepers who are generally only focused on keeping records of your business’ daily financial negotiations, a controller provides more impactful solutions in your cash flow management and overall control of your operational costs. Depending on what you need, controllers can review your financial records and compliance, provide accounting process recommendations, do bookkeeping coaching, prepare detailed financial reports, and help provide strategic decisions with the CFO.
While not every business needs a full-time controller, there might be a point in your business that you should, one way or another. In that case, hiring an outsourced or fractional controller might be the best option. Below are the 5 reasons why:
- There is not enough need to hire full-time:
A common reason why organizations prefer to hire outsourced controllers is because there is not enough work volume to justify hiring an in-house controller. In a lot of cases, a business might be needing a controller for the first time, and would want to tap outside help first to test the waters.
- You want to improve your current finance team
Any organization from startup to enterprise knows that information is key to making major decisions, and this holds especially true for financial information. The question is, are you utilizing your financial data strategically? If no, then your finance team might need outside help from a controller to supplement its capabilities. An outsource controller will support your bookkeepers and accountants by answering questions and doing the heavy lifting. This will help you understand what insights are available to you, and then translate those into actionable decisions to drive growth.
- You need a cost-saving option
Having an in-house controller means full-time salary including all the benefits and raises your company needs to provide. When you hire a fractional controller, you will only pay for the work you need accomplished. In addition, you will also maximize the expertise you get per dollar. Depending on your needs, you can negotiate the terms and avail a controller’s service either as a stand-alone offer, or as part of a package.
- You are preparing for a transaction
If your business is preparing for a transaction, wanting to raise capital, or preparing for an acquisition or merger, you may want to hire an outsourced controller. An outsourced controller will help make sure your records are clean, organized, and up-to-date.
- You want to hire fast
Businesses that have an urgent need to hire a controller but don’t want to spend weeks or months looking for an in-house professional, may consider a third-party controller. Third-party controllers have the experience and skill sets to provide immediate help on urgent tasks and special projects.
Do any of these reasons apply to your current situation? If you don’t have a controller or need help from an experienced finance professional, book a commitment-free consultation with us at https://calendly.com/levine-and-associates.