Maintaining company finances can become more onerous as firms grow larger and many business owners opt to outsource the task or invest in virtual Controller programs and software. Virtual controllership can help to streamline the process, but creating monthly, quarterly, and annual reports can be a time-consuming process, even with the most advanced software.
The advantages of having an in-house Controller is that there is greater control over the reporting and the employee will possess a higher level of native knowledge about the company. Disadvantages include the cyclical nature of the tasks and the ebb and flow of the company’s reporting
schedule that can leave your in-house Controller completely overwhelmed during certain periods of the month and year, and underutilized at other times.
BENEFITS OF OUTSOURCING THE CONTROLLER POSITION TO AN ACCOUNTANT
By outsourcing the duties of a Controller, rather than performing them in-house, the company enjoys the best of both worlds. Working with an accountant provides opportunities for more personalized guidance and individualized attention into your company that virtual controllerships cannot offer. Additionally, by outsourcing the post of Controller, in-house personnel in the Finance Department do not become overburdened with compiling reports and are able to focus on strategy and other business initiatives.
As companies begin to grow, accounting software often has difficulty keeping up. If your firm is experiencing the limitations of this approach, it is time to determine a better alternative for both now and well into the future. A personalized accountant that is a specialist in your market niche can both lighten the load of in-house staff and help to keep your company moving in the right direction.
If you are considering a change in how your firm handles its financial reporting and other Controller-level duties, outsourcing the work to an accountant has many advantages and deserves serious consideration.
For more information on how you can implement virtual controller services, contact us today!
