What Does A Financial Controller Do and Why Do You Need One?

What does a financial controller do?

Getting your business up and running won’t require you to implement complex accounting. As long as you’re recording debit and credit transactions correctly, you’ll likely get by for a while. However, at some point, it will be more beneficial to have a financial controller involved in your company. If you’re wondering, “What does a financial controller do, and how can they assist your business?,” it’s worth examining their role and responsibilities. Understanding more about their duties and how they can help your company should make it easier to know if you need their assistance.

What Does a Financial Controller Do?

Knowing more about the duties of a financial controller and their role in helping your company can be easily understood when you examine the tasks they can handle. Having a financial controller assist your company usually puts them in charge of accounting and record-keeping. They focus on attention to detail and big-picture financial goals for your business. In addition, they can also handle responsibilities such as financial management reporting, insurance and the development of internal accounting procedures and policies, so that you don’t have to. As your business grows, they may even begin handling complex human resource tasks involving 401(k) transactions.

How Outsourced Financial Controller Services Work

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Monitoring Cash Flow and Daily Accounting Requirements

Ensuring your accounts payable and receivable transactions are correct and the cash flow for your company is meeting specific parameters is essential for your business. Having a controller handle these tasks frees you up to focus on other vital areas of your business and ensures they are being handled correctly.

Implementing Financial Reporting Regularly

Staying informed about the position of your business financially is another element essential to the health of your company. However, finding the time required to get this critical task completed may be challenging. Having a financial controller complete this task helps ensure it’s being done accurately, and you’ll be able to stay abreast of the current financial status of your business. Knowing a controller is handling this task should provide peace of mind as they will spot any issues before they can turn into major problems. Note that your financial controller is not the same as your CFO, there are distinct differences between the CFO vs controller.

Creating Accounting Policies for Your Company

Starting your business and generating sales typically doesn’t involve the formulation of any accounting procedures or policies. While you can do without them for a while, it’s essential to have these guidelines in place when your business begins to expand and grow larger. Having a controller implement accounting policies and procedures for your business helps create efficiency and streamlines your accounting processes. Receiving their assistance allows you to focus on other important matters.

Assisting With Accounting Software Implementation

Implementing the appropriate accounting software for the needs of your business is essential. Having a financial controller available to assist with this task can help make it goes smoother. Upgrading your current system or incorporating all of your accounting needs into an existing system and keeping it updated can be completed by a financial controller effectively.

Keeping your business in line financially with your growth should be more efficient to handle when outsourcing controller services from an experienced and reliable company. Here at Fusion CPA, we can take care of the essential elements related to your accounting requirements, whether it’s through policymaking, financial reporting or monitoring cash flow daily. Increasing the efficiency of your accounting system and having a pair of experienced eyes watching it should be highly beneficial to your bottom line. If you have any questions or would like to learn more about outsourcing to a financial controller, contact us today. We’d be happy to assist you.

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