The more your business earns, the more complex your financial needs become. Without expert oversight from an accounting controller, you leave your business vulnerable to common accounting mistakes that could limit growth and profitability.
Let’s first explore what an outsourced controller does to determine if your business is ready to take the next step. Then, we’ll highlight common signs indicating it may be time to hire one.
What Does an Outsourced Controller Do?
An outsourced controller takes on the role of an executive-level accountant without being a full-time employee. Outsourcing this role is ideal for small and medium-sized businesses that need financial oversight but either cannot afford it or simply don’t need a full-time, in-house financial executive.
While services vary with need, an outsourced controller typically helps businesses:
- Manage cash flow
- Set budgets
- Simplify complex accounting processes into an orderly system
- Maintain compliance
- Compile and analyze financial reports
Common Signs It’s Time to Hire an Outsourced Controller
We’ve established what an outsourced accounting controller does. But how do you know when it’s time to hire one?
You’re Struggling With Cash Flow Management
Ever wondered why your bank statements do not accurately reflect your cash flow? If you’ve ever worried about having enough cash to cover monthly expenses, it may be time to hire an outsourced controller.
When it comes to cash flow, an accounting controller can:
- Set up a forecasting system that tracks incoming and outgoing money, allowing you to make informed financial decisions
- Streamline billing and payment processes, shrinking the gap between when you pay your bills and when customers pay their invoices
- Analyze cash flow patterns to ensure you are prepared for seasonal fluctuations or unexpected expenses
You Need Help Budgeting
While cash flow management focuses on the immediate inflow and outflow of money, budgeting is a long-term strategy. Our outsourced accounting controllers and fractional CFOs can help you:
- Align your budget with your long-term business objectives
- Analyze past performances to inform future budget allocations
- Establish performance benchmarks – then track and evaluate your financial performance over time
- Give you the up-to-the-minute financial data you need to make informed decisions
Your Accounting Processes Feel Disorganized
While business owners are often experts in their industry, many lack a strong background in accounting or financial management. As a result, these owners often find themselves “winging it” when it comes to accounting tasks, doing their best to manage without the necessary knowledge or experience.
We see this frequently—especially with small and medium-sized businesses that do not have the resources to hire a full-time accounting team.
This is where our outsourced controller services come into play. Our team can give order to your lackluster accounting processes by:
- Standardizing all accounting tasks, from daily bookkeeping to monthly closings
- Automating tedious manual tasks with software
- Developing a system that flexes with your needs, whether you need to scale up or scale back
- Ensuring your books are accurate, up-to-date, and audit-ready at all times
We Take Care of the Numbers. You Take Care of Your Business.
When you run a business, it’s easy to lose sight of the bigger picture—the profit and loss statements, the cash flow projections, and everything you need to achieve financial clarity. That is why we exist. Our outsourced controllers will take over tedious and time-consuming back-office tasks, allowing you to focus on building your business. Ready to get started? Contact us today!
