Managing the finances of a small business can be, and often is, a full-time job. For many companies, hiring a full-time, qualified Controller can help alleviate many of the pressures placed on small business owners and upper management. But is that always the best solution? What if there was a more strategic, more cost-effective way to resolve accounting challenges while helping your business reach and surpass goals? Part-time outsourced controller services could be the answer for your small business.
In general, an outsourced controller’s main expertise is in tracking financial data and in reporting.
A financial controller’s main duties and responsibilities include:
- Accounting
- Record-keeping
- Managing information technologies
- Financial & regulatory compliance
- Payroll
- Accounts payable/accounts receivable
- Cash balances
- Financial report preparation
Advantage of a Part-time Financial Controller
Recruitment Cost- Savings
Finding a qualified financial controller is costly. Between posting the listing, conducting numerous phone screenings, bringing in candidates from around the region, or country for multiple rounds of interviews, and putting together offer packages, the financial commitment can add up quickly. In companies that have never employed a financial controller before, operational inefficiencies along the way can inflate this cost even further. Using part-time controller services can skip the recruitment and hiring costs, leaving your small business with more money for business operations.
Immediacy
You’ve heard the saying before “time is money.” The immediacy of using part-time controller services is another cost-saver. In situations where a company realizes the need for a financial controller and does not begin the search process immediately, bringing in a part-time controller offers immediate help while a more exhaustive search for a permanent controller can run its course.
You May not Have Enough Work to Keep a Controller Busy Full-Time
One of the main reasons organizations prefer an outsourced controller is that they may not have enough needs to justify a full-time employee. Many organizations hiring an outsourced controller have not had a controller on staff before and use an outsourced solution as a stepping stone while they grow big enough to justify an in-house hire. Additionally, your business does not need to pay for benefits or be concerned with offering costly perks to incentivize retention when utilizing a part-time CFO.
Assist an Existing Financial Team
Your organization may already be in place, but perhaps the books got a little out-of-control during growth or transition. An outsourced controller may come in on a project basis to help clean up your books so your team can better manage them moving forward. This service may be used in conjunction with an outsourced CFO who may help put financial systems in place and train employees in more efficient accounting practices.
Help Prepare for a Transaction
An outsourced part-time controller is often pulled into an organization to help prepare for a transaction such as raising capital, a merger or acquisition, or sale. In this case, an organization may not want a full-time hire when the projection of the business is dependent on the outcome of the transaction. The organization may also not be wanting to add another salaried employee to the roster prior to a transaction. Or the organization may have their financial bases covered in everyday practices and simply need control to help with the transaction itself.
Problems Businesses Have with Outsourcing Their Controller Function
Outsourced controller services don’t fit the exact needs of all businesses. Sometimes CEOs and small business owners have hesitations when turning to outsourced controller services. Some areas that prevent CEOs and owners from outsourcing are:
- Loss of Control
- Communication Issues with Remote Controllers
- Don’t Understand the Business or Industry
- Different Locations or Time Zones
While these are all valid concerns, the benefits of outsourcing the controller function for many businesses can outweigh potential problems. Most outsourced services know small business owners might have these apprehensions and work to make sure these issues are minimized.
The Bottom Line
The key benefit part-time controller service provide is expert financial assistance of a fraction of the cost of hiring a full-time employee. An outsourced part-time financial controller can help small business owners make key decisions that will drive performance and profitability. A part-time controller will help run your business with total confidence backed by accurate, up-to-date financial reporting you can depend on.
Limitless Investment and Capital Outsourced Part-Time Controller Services in Denver
Are you unsure as to whether part-time controller services in Denver are right for your small business? Call us! Our financial experts can conduct a free financial analysis to asses your business needs and determine a unique plan tailored to your business. Let’s get started, TODAY!
