Many growing startups simply cannot afford a full-time in-house Financial Controller at their current stage of development. Yet they need this type of expertise to have good financial information at their fingertips to help make sound business decisions and grow their company.
Outsourcing Could be the Solution
Outsourcing can offer a good, flexible solution for young businesses where a part-time financial controller works with a business on a regular basis to provide long-term support that is tailored to the individual firm’s requirements.
Additionally, an outsourced part-time controller might provide a good solution to an unexpected short-term gap in a team, due to sickness, maternity cover or to resource a short-term project. Outsourcing would make the most case in this scenario opposed to hiring an in-house employee since your small business could cut training costs and pay for exactly what you need.
Support Your Outsourced Financial Controller Will Provide
Although the support than an outsourced financial controller or direct could provide would depend on your startup’s needs, these services typically include:
• Monthly management accounts
• Monthly management report, with essential KPIs, tailored to the business
• Cash-flow forecasts
• Compliance
• Advice on the latest accounting software
• Strategic advice
Below we have highlighted some of the benefits of hiring an outsourced financial controller
Time Is Money
According to a recent report from the Economist Intelligence Unit, 45% of executives cite time constraints as their number one problem hindering them from achieving their professional goals and duties. Because time is an irreplaceable resource, CFOs are relying more and more on financial controllers to help take up the slack. Your CFO needs to be able to delegate certain tasks to the outsourced financial controller in order to accomplish successful outcomes for the company and cultivate new relationships with investors.
Updating Financial Processes
Your business is growing and so are your processes. Small businesses starting out may be able to handle basic financial operations with efficient bookkeeping, but a growing company may not.
Installing and implementing new accounting software requires someone who understands the complex financial and accounting requirements. An outsourced financial controller can update all your financial processes and make sure your small business is using the best accounting software.
Cash Flow Management
Having cash flow issues? A part-time controller can manage the complicated task of cash flow and free business owners up for more strategic tasks. A strong financial controller can understand cash flow issues faster than someone without this advanced knowledge.
Additionally, an outsourced financial controller can handle a number of financial situations, including providing forecasting information, meeting with investors and presenting projections, provide financial analysis to help your business make better decisions.
Fewer Distractions and Increased Efficiency
How many hours per week does your staff bookkeeper spend at the water cooler? On lunch? Kibitzing with co-workers when they drop off expense reports? Outsourced staff isn’t distracted by water cooler gossip and workplace drama. Although they do more than crunch the numbers, their focus is on productivity and efficiency. Since they are conducting their work and responsibility off-site, they are less distracted by meeting requests and networking responsibilities that might otherwise hinder productivity on-site. Maintaining objectivity, a paramount function of a controller, is easier for the outsourced controller.
Limitless Investment and Capital’s Outsourced Financial Controller Services
The position of a controller is a high-pressure, high-responsibility, and high-paying job within most medium-size businesses. If your company has grown to the point it needs controller services, it may be hard to find the right individual for the job. When you work with Limitless Investment and Capital for your virtual bookkeeping and accounting department, we provide controller services. The controller works in conjunction with the bookkeeper to provide you with all the services of a full-fledged, in-house accounting department—at a fraction of the price.
Our Financial Controllers can help:
• Helps manage cash flow
• Interprets financial reports
• Coordinates systems to expedite the flow of information to and from the accounting department
• Helps in preparation of monthly and annual internal financial reports
• Provides various financial analysis to help you make the right decision about your business
• Supervises the bookkeeper