Are You Considering Hiring an Outsourced Financial Controller?

Businesses without the resources to hire a full-time controller, or those transitioning to new personnel, cannot afford to let day-to-day accounting functions languish. Critical accounting and financial tasks must be performed daily to ensure continued growth and profitability

An outsourced financial controller who can pick up quickly on the specific needs and expectations of your business and work well with your existing staff. Meanwhile, you can be confident that critical tasks are being handled on a regular basis by professionals, freeing you to spend more time on your business and less time worrying about financial matters.

Accountant vs. Financial Controller

It’s important to recognize the difference between a controller and an accountant. A controller is supplementary to an accountant, and it can supervise your accountants and their work as well as help managing your accounting or finance department much more fluidly. They can also help you recruit and hire new accountants to give you a much more streamlined team of accounting professionals.

Determining Factors to Consider When Choosing a Financial Controller

There are many variables that a business must consider before they choose a controller that suits their situation best. To assess your current financial standing start by asking yourself these questions:

  •    How many transactions does your business have each month?
  •    What is the complexity of your month-end close?
  •    Do you need a controller for 40 hours a week?
  •    Is your controller doing the bookkeeping and accounting?

These questions can help you establish if an outsourced controller will work best for your business. You can make changes to your current accounting department or hire a controller that can help you take charge of your financial intelligence. 

Outsourced Controller Services For Small to Medium-Sized Businesses

Do you want to save money without sacrificing financial intelligence? If your answer is yes, outsourcing your business’s controller function might be the answer. Outsourced controllers have become a popular alternative with small and medium businesses because owners can pick and choose what functions they want to outsource vs. keep in-house.

For instance, if you don’t need a controller 40 hours a week, outsourcing could provide a fractional share of a highly skilled Controller. If you only need 10 hours a week, the Controller can focus on the month-end close and produce a customized reporting package that helps drive your business.

A Financial Controller Plays a Crucial Role

To ensure your business’s money is being properly managed, your financial controller will establish internal controls over your accounting procedures, and ensure that accurate records are kept for tax time and are easily accessible for your tax accountant, and for audits.

They may fulfill some or all of the following responsibilities:

  • Management of accounting and bookkeeping processes
  • Budgeting and forecasting
  • Cash flow management and projections
  • Accounting documentation, including processes, procedures, and operations manuals
  • Job costing and inventory tracking
  • Key metrics benchmarking
  • Third-party accounting software selection and implementation
  • Reporting and oversight of month-end closings
  • Audit preparation and advisory service
  • Management of accounting and bookkeeping processes

In many businesses, the financial controller will also analyze your business’s books, helping to assess risks, identify inefficiencies, make informed purchases and other decisions, and provide you with strategic business advice. They will also use this information to plan your long-term financial strategy.

Move From Reactive to Proactive with an Outsourced Financial Controller

If you have a small business that’s growing exponentially, then basic accounting practices aren’t going to cut it anymore. You may start to notice that your expansion is actually negative because you don’t know how to manage income and expenses and other accounts. A financial controller can provide a steady hand that you need to organize your growth going forward. They could provide plenty of expertise in the field of accounting, ensuring that you can focus on other aspects of your company. A controller can also provide you with detailed reports on financial management that can be utilized by the CEO in making crucial decisions.

Final Thoughts

Whether you are an established business or a brand new startup, a controller can help get all of your finances in order. Outsourced financial controllers can oversee all work completed by your bookkeepers, close client books on a monthly or quarterly basis and provide consultations on a wide variety of client matters.

Limitless Investment and Capital Outsourced Financial Controller Services Denver

Our outsourced controller services are specifically designed to suit the exact needs of growing businesses. With a focus on businesses with a minimum of $1 million in annual revenue (and scaling to much higher), our controllers are responsible for overseeing all client accounts, providing timely insights and financial advice, and carrying out proactive account management.