A controller (also known as a chief accounting officer) plays an important role in accounting who heads the entire accounting department. Controllers help to manage all accounting functions of a company, ensuring the integrity of the processes, and providing timely and understandable financial reports. When you outsource an experienced Certified Public Accountant (CPA) to help with your business’s financial processes, you will want to ensure that there is also a controller who will oversee their team in order to receive timely and accurate financial data that is crucial for business growth.
At Beyond Basics Accounting Resources, LLC in Nashville, our CPA offers accounting, controller, financial analysis, and bookkeeping services for our clients so that they can save money on an in-house accounting team and focus on what matters most — growing their business. For more information on our services, give us a call today and continue reading for more information on what controllers do, how to know if your business needs one, and the benefits of outsourcing.
What Does a Controller Do?
Controllers traditionally provide management with assistance in financial decisions from information that is provided by an accounting team. The team generally consists of accounts payable, accounts receivable, and depending on the size of the company, there may also be a cost and general accountant. Controllers also provide management with bills that are due to be paid as well as daily cash receipts to manage cash flow. They also act as the financial communicator between management and the accounting team.
Some of the many areas that controllers oversee are:
- The drafting of financial statements
- Updating the general ledger
- Processing cost accounting paperwork
- Completing payroll
- Processing accounts payable
- Processing accounts receivable
- Budgeting expenses
- Staying compliant with tax laws
- Analyzing financial data
- Interpret management accounting information
- Address areas where the company can save
When Do I Need a Controller?
Every business needs financial oversight, but many business owners opt to tackle the task on their own in an effort to save money or keep a hands-on approach to managing their business. However, taking this task on your own without a background in accounting or financial analysis can end up costing much more in the long run if there is even the slightest error.
Business owners should consider hiring a controller if they are wanting both accurate and timely information on the financial condition of their company while ensuring that they are in full tax compliance on state, local, and federal levels. Hiring a controller should also be considered if you find yourself spending too much time on accounting functions when you would rather be focusing on developing your business, your business is growing rapidly, you are uncertain of the financial effect of certain business decisions (such as buying a new facility or exploring a new revenue stream for the business), or you have large amounts of inventory and receivables that need to be accurately managed with both an accounts payable and accounts receivable person.
Why Should I Outsource a Controller?
Outsourcing a controller is an excellent option for businesses who are looking to save money on hiring an in-house accounting department, and will be especially beneficial for companies that use technology tools effectively in order to allow for seamless remote communication. At Beyond Basics Accounting Resources, LLC in Nashville, we are a team of CPAs who provide a range of financial services, including accounting, financial analysis, and bookkeeping services that are all overseen by an experienced and professional controller. This way, you can rest assured that your company is financially sound and in good hands while you focus on your own clients and day-to-day business operations. Not only will this take the weight off of financial analysis and planning off of your shoulders, but it will also allow your business to thrive and grow at a faster rate than if you were attempting to take on every task on your own.
Where Can I Find a Quality Outsourced Controller?
Beyond Basics Accounting Resources, LLC, of course! At BBAR, we understand that running a small to medium-sized business is no walk in the park. We also understand that the burden of financials becomes heavier as your business grows, from handling payroll to paying taxes in a compliant manner to ensuring that all bills are paid. If you are interested in learning more about how you can take advantage of controller services from an experienced Certified Public Accountant, be sure to reach out to us today. We will create a customized solution based on you and your business’s needs and goals, helping with both short- and long-term business decision making. Our mission is to help your business succeed!
For more great information and resources on accounting and bookkeeping services, be sure to check out some of our previous posts: