A part-time bookkeeper is an effective accounting solution for small businesses. There are different levels of financial support that a business will need over time. If you don’t know that, it’s impossible to make the kinds of financial decisions that will impact the growth of your company. So how do you know if you need a bookkeeper, a contract controller, or contract CFO?
In fact, most businesses save money by hiring professional financial staff to manage their daily business operations. However, depending on the size of your business, your industry, and other factors, you might just need a part-time bookkeeper or require a full financial staff that includes a controller or CFO.
Knowing When to Hire a Part-Time Business Bookkeeper
Outsourced bookkeeping services are how most companies start out when it comes to financial reporting. Although bookkeeping can seem like a basic task, this isn’t a job that just anyone could do and there’s a substantial amount of training that goes into the job, not to mention a keen ability to pay attention to detail.
Many bookkeepers work reactively recording what has already been done financially in the small business with little or no influence on business strategy. Bookkeepers work on a transactional basis and seldom make decisions about future business transactions. A talented bookkeeper might explain your options, keep records and reports current, identify discrepancies in the books and recommend cost-saving ideas, but their primary jobs are to chronicle the business and its financial transactions and compile reports from this information.
In addition to implementing a system of tracking financial transactions, your bookkeeping service is also responsible for handling accounts payable and accounts receivable. Failure to keep up with accounts payable can result in lowered credit ratings with lenders, and a failure to keep up the same level of performance in accounts receivable can end with a company not realizing its income in a timely manner.
When to Consider Hiring a Financial Controller Instead
A controller is as much a hands-on financial person as a bookkeeper, but with a lot more knowledge of accounting and finances. Having a controller is usually the next stage or level of financial reporting when you outgrow a bookkeeper. You can hire part-time controllers or a contract controller based on your companies needs.
A controller helps far beyond the accurate keeping of financial records. A contract controller helps a company realize impactful account solutions in areas of cash flow management and maintaining overall control of operational costs. They also bear responsibility for preparing financial statements, business plans, budgets, taxes, compliance certifications and special projects such as planning short and long-term business strategies, acquisitions, sales of assets, and securing financing or investors. This person should be the owner’s go-to-person when it comes to how financially weak or strong the company is at any given time.
When a Part-Time CFO Might Be Best
CFOs work beyond strict limits by taking part in all business decisions and advocating for the best financial interests of the organization. CFOs are generally hired when a company reaches a certain size, has an internal accounting department, and needs someone to oversee all accounting functions, financing for the company, and working intimately with the owner on the future growth and vision of the company. Small businesses sometimes hire a part-time or outsourced CFO. This is an excellent option for small businesses which enables them to get the skills of a CFO at a more reasonable cost and should be considered if your business has more complex financial requirements.
The best CFOs asses the cost of doing business as well as the risks and threats that any enterprise might generate. They are responsible for working with owners, a board of directors, senior management and other key stakeholders. They will also play critical roles in research and development, company oversight, regulatory compliance, and day-to-day operations. Your part-time outsourced CFO can also plan short and long term financial goals, streamline operations, manage major business expansions to new markets, determine how to invest corporate assets, and more!
Limitless Investment and Capital’s Part-Time Bookkeepers
Running a business is hard work. Bookkeeping shouldn’t be. Let our professional bookkeepers do it for you. Our certified professional advisors will make sure you have this information in the palm of your hand and kept up to date. Whether you need to prepare for tax time, a financial review or you just need to clean up some problem areas, Limitless Investment and Capital’s bookkeeping services is a smart and affordable way to get a handle on your books.
Limitless Investment and Capital’s Outsourced Part-Time Financial Controller Services
When performance matters, you can count on Limitless Investment and Capital to deliver metrics tailored to your unique needs. Our controllers will manage all of the accounting functions in your company while providing timely, meaningful and understandable financial information and analysis. We ensure the integrity of processes, procedures and information systems and help everyone work together in their respective roles efficiently.
Limitless Investment and Capital’s Outsourced Part-time CFO Services
An entrepreneur managing a growing business needs a strategic partner to lead and manage the financial aspects of the business. At Limitless Investment & Capital, our virtual CFO’s will help your company grow sales, cash flow, and profit. Our Virtual CFOs can drive growth and profitability for your company anywhere from 5 to 36 hours per week, based on your needs. Depending on the size and the growth stage of your company, we provide a flexible engagement model, enabling you to increase/decrease engagement levels, thereby giving you the opportunity of having the best CFO talent assisting you, based on your needs.
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