The role of an Outsourced (or Fractional) Controller is vital and often misunderstood. Controllers provide the critical link between basic accounting and higher-level financial strategy. They maintain the health of the business by overseeing financial operations including budgeting, forecasting, and financial reporting. By outsourcing this essential role, companies benefit from the expertise of experienced professionals without the payroll and overhead costs associated with a full-time hire.
Here are 5 Benefits of Hiring an Outsourced Controller:
In-Depth Financial Analysis
Outsourced Controllers perform in-depth financial analyses that identify opportunities for financial performance improvement including expense reduction, increasing profits and enhanced cash flow.
Streamlined Accounting Processes
Outsourced Controllers work with companies to implement best practices and automate manual processes, thereby reducing the time and effort required to manage financial operations. In addition, by leveraging technology they increase efficiency.
Improved Financial Reporting
Outsourced Controllers create accurate financial statements that provide insights into financial performance. Using accounting technology, Outsourced Controllers help a company improve the accuracy and timeliness of their financial reporting. This technology also enables them to create reports and dashboards that provide real-time financial data to help management make informed decisions.
Regulatory Compliance and Risk Mitigation
Outsourced Controllers focus on best practices and compliance issues and can help reduce the risk of running afoul of regulatory requirements thereby helping the company avoid costly fines and penalties that can result from non-compliance. They also implement internal controls and monitor financial transactions looking for inconsistencies and discrepancies that might signal fraud. This avoids financial losses and reputational damage.
Access to Specialized Talent
With an Outsourced Controller, you gain access to specialized talent that has expertise in your industry and can leverage industry-specific software. Outsourced Controllers have experience in many industries and an understanding of, and appreciation for, unique challenges, regulations, and best practices.
Outsourced Controller services provide scalable solutions that allow businesses to ramp up staffing levels to meet demand. They provide flexible, affordable talent that enables businesses to remain agile, responsive, and competitive.
Want to learn more? Contact us for a 15-minute free consultation to discuss how our fractional Controller services can be tailored to meet your unique needs and budget.