Proper financial management is critical for any business, small or large. It allows businesses to understand their true performance, provide visibility to investors, and guide strategic planning decisions.
A controller is a vital part of the accounting department for every business. They head up the accounting department and are responsible for supervising bookkeepers and accountants, producing month-end close reports and helping guide CEOs and business owners to make critical business decisions.
While some companies see drawbacks to using an outsourced controller, there are also benefits that a company can only get when using an outsourced service. Outsourcing the controller function has become a new way CEOs can benefit by cutting costs, gaining expertise and making confident business decisions.
To help your company make the best decision possible we have outlined the benefits of outsourced controller services.
Benefits of Outsourced Controller and CFO Services
Outsourcing controller and CFO services to Limitless Investment and Capital has many benefits, including:
1. Cost Savings Over Hiring In-house Staff
Requiring less staff time for internal accounting functions will allow you to save employment costs such as salaries, payroll taxes, benefits, training and recruitment expenses. Hire employees that will focus on your main business purpose rather than auxiliary services.
By picking and choosing only the types of services you really need from your outsourcing partner, you will be able to eliminate unneeded overhead expenses in those areas. Businesses need to concentrate on the return of every dollar they spend and be ready to deploy resources where they can maximize their leverage quickly.
2. An Objective Evaluation of Your Finances
The ability to provide higher quality accounting information faster, more efficiently and with greater effectiveness is crucial. Working with accounting professionals will yield more reliable information to make improved business decisions in less time. You will not need to spend time and money trying to keep up with an avalanche of new laws, policies, procedures, and technologies. Missing critical business signals because you are not able to access the financial information in the form you need it, when you need it, will put you at a distinct disadvantage in today’s hyper-competitive environment.
3. Accurate and Timely Statements on Your Desired Schedule
A financial controller plays an important role when it comes to managing your company data. If you’re going to invest money in hiring a controller, you need to understand his or her exact role in this critical area.
Your controller will not deal with financial data entry but will supervise the process and make sure it’s carried out accurately, efficiently, and securely. Within this role, the controller should be up-to-date on current accounting and finance technology. This person should always be on the lookout for new and innovative technology to help streamline the running of your accounting department.
4. Professional Financial Advice and Guidance
A controller who is worth their salt should manage vendor relationships, so the business receives the best available terms and contracts. The right controller must also feel comfortable to talk to you if they disagree with your company’s spending habits. If you are patient and listen to your controller, you will find their opinion not only valuable, but their professional point of view can save you money that can be reinvested in your business.
5. Outsourced Controller Services can Grow With You
You can hire outsourced controller service to meet your current needs with the vision of that controller service scaling up to meet your future needs. You might not be in a position to buy out a competitor at this point. But if that opportunity arises down the road your controller and CFO service will have you covered. They should have meaningful expertise in mergers and acquisitions. Or maybe you envision a round of fundraising in your future and you need the expertise to build your financial story and to coach you through the fundraising process. Or you hit a rough patch and need a steady hand to guide you through a cash-flow crisis. Outsourced controller services stand ready to offer expertise and guidance through these scenarios – and hundreds of others – as they’ve seen small businesses face these challenges before.
Other Questions to Consider
- Has the company reached the level requiring the need for frequent higher-level reporting and accounting functions?
- Does the situation require a full time or part-time controller?
- How much will a controller cost the firm including all payroll taxes and benefits paid for by the company?
- Will outsourcing the function be more cost-effective.
- Will outsourcing impact day to day operations.
- Does my company have the internal controls to put the full accounting function in the hands of a controller?
- Will the quality of the work be better or worse if outsourced.
Limitless Investment and Capital Outsourced Financial Controller Services in Denver
No two businesses are the same, thus no two customer relationships are identical either. At Limitless Investment and Capital, we do not standardize pricing for an outsourced controller and CFO services. Instead, we look at the unique needs of your business. This can vary by industry, the type of business, company size, customer base, number of transactions, etc. To learn more about our services and to obtain pricing information, please contact us to schedule a consultation with our team.