Are you deliberating on outsourcing financial controller services or recruiting an in-house controller? Financial controllers help companies produce month-end close reports, supervise bookkeeping and accounting, and guide managers in decision making. While you could employ an in-house financial controller, outsourcing allows you to acquire expert help at a lower cost. Read on for six benefits of outsourced financial controller services.
Hiring an in-house controller can be pretty costly as you have to cater for expenses such as salaries, payroll taxes, recruitment costs and provide healthcare benefits, paid holidays, and sick leave. By outsourcing financial controller services, you cut the overhead costs, allowing you to only pay for work needed. This helps you maximize the return on your investment and deploy the extra resources on services and products you could quickly maximize their leverage.
2. Enhanced cybersecurity
Thanks to the advancements in technology, cybercriminals find new and sophisticated ways to access private files and data, increasing the risk of fraud. While you may have put measures to improve cybersecurity, your business could still be vulnerable to fraud due to errors missed by employees. Getting financial help from a part-time controller introduces fresh eyes that can easily identify risks or errors that may not have caught your eye. It also reduces the chances of deception by treacherous in-house employees.
3. Access to advanced financial tools
To stay on top of your company’s key metric benchmarking, audit preparation, reporting, bookkeeping management, job costing, inventory tracking, and cash flow management, you need to use quality financial tools and software such as Xero, FreshBooks, and PlanGuru. However, these tools may not be readily available in your organization, and you may not have enough funds to purchase or personnel to handle them. Outsourcing financial controller help does not only allow you to access these tools and software. You also get help from people who already know how to use them!
4. Expert advice
Outsourcing financial controller services allows you to access experts with different experience levels who can offer helpful insight into how the company handles finances. For instance, an outsourced controller can pinpoint poor spending habits. By listening to your controller’s point of view, you could save a significant amount of money that could be reinvested in the company to generate more revenue.
Hiring an in-house financial controller can help you meet your current organizational needs, but as your company grows, the employee may not have the relevant knowledge and experience to handle the future demands. Outsourced financial controller services have experts in various financial levels so they can scale with your business. Whether you need help in mergers and acquisitions, the fundraising process, or buying out a competitor, outsourced controllers can offer the necessary guidance and expertise.
6. Better financial control
Outsourced financial controllers help your business create budget control systems that show you how your business is achieving its goals and where it is failing. This gives you greater control of your finances to ascertain that your business expenditure and revenue align with your financial plan.
Outsourcing financial controller services can help your business achieve maximum productivity and growth by streamlining financial functions. Seek outsourced financial controller services today to enjoy the above benefits.