Most owners of small to medium-size businesses dream about running a successful company. They imagine having a business with constant revenue coming in, making it possible for them to think about adding employees, expanding to other locations, or broadening the products and services they offer.
If you find yourself in this enviable position, you are probably trying to determine how best to use your money. Should you spend the cash that you have? When is the right time to make moves with your money? What will produce the best return on investment? These are difficult questions to answer and require you to have a vision that goes beyond selling products or hiring new employees.
The Importance of Making Decisions Based on Accurate Financial Information
If you are not receiving timely, meaningful, and accurate financial information about your business, you may not know if its foundation solid enough for you to take things to the next level. This is where outsourced part-time controllers for small businesses are beneficial. If you don't have a controller, then you don't have a person giving you the data you need to make decisions. Using outsourced part-time controllers for small businesses gives you a higher level of control over business reporting and analysis.
Outsourced Part-Time Controllers for Medium-Size Businesses Versus In-House Controllers
It's different to have an in-house controller as opposed to using outsourced part-time controllers for medium-sized businesses. Regardless of if they are in-house or outsourced, a controller is an accountant with a degree who oversees bookkeepers, accountants, and other members of the accounting team.
In some medium-size businesses, there may only be one or two members on the accounting team. They are responsible for providing reports to the CFO, doing account reconciliation, paying bills, and inputting data. This creates the opportunity for fraud. One or two people should not pay all of the bills and reconcile the bank account.
When a medium-size business outsources their controller services, they are able to pick and choose what services the controller will give the company.
The Benefits of Using Outsourced Part-Time Controllers for Large Companies
While large companies may have an in-house controller, there are reasons why many choose to use outsourced part-time controllers for large companies.
Outsourced Controllers Keep Confidentiality
When an accounting team works closely together, they could share confidential information that may get into the wrong hands, damaging the business and its employees. The liability and risk of data sharing can be mitigated by using outsourced controllers.
Keep Human Resources and Turnover Expenses to a Minimum
Large companies have frequent turnover in their accounting and bookkeeping positions. Hiring and retraining new accountants gets expensive. Using an outsourcing controller service saves money because you have someone you can rely on year after year.
Prevent Single Point of Failure
This happens when the individual in charge of a function or process isn't there. Their duties aren't getting accomplished, and your business suffers. What happens if an in-house controller or account goes on vacation for a couple of weeks? What if they quit? Using an outsourced controller mitigates that risk.
Fusion CPA outsources part-time controllers for small, medium, and large businesses. Our services include bookkeeping, tax planning, and general accounting. We will ensure that the right policies get implemented in a timely way so you get accurate financials every time. We look forward to using our services to help you. You can learn more about our services by clicking the button below to schedule a complimentary discovery call today!
This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.