November 2017 - Page 2 of 2 - AccountingX

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Virtual Controllership vs In-House Controllership

Virtual Controllership vs In-House Controllership

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!

Virtual Controller: Saving Time, Saving Money!

When Does a Growing Company Need to Hire a Controller?

A Controller becomes necessary when accurate and comprehensive financial reporting becomes vital for the continued operation of the company. The main reason that a CEO will want to hire a Virtual Controller is to ensure that all of the firm’s financial reporting is accurate and timely. The need for a Controller is not tied to company size or revenue growth but to the need for regular financial statements.

 

Typically, the company’s investors or board members will begin requiring monthly or quarterly statements and the current staff will begin to have difficulty delivering. A Virtual Controller is another way to ensure that the job is done correctly and by the right person, often times when you have shareholders involved or multiple partners it’s best to seek an outside controller that all the partners or shareholders agree on. This provides a completely unbias look at the financials and accurate reporting everyone can be satisfied with.

 

What is the Specific Role of a Virtual Controller?

Unlike the CFO, whose primary focus is on strategy, the Controller is usually looking back at the company’s performance rather than forward at its growth. Los Angeles controller services will perform the reporting needs and allow the company’s leadership to focus on the future direction of the firm. A Virtual Controller is in charge of all budgeting, cash flow forecasting, trend analysis and providing all necessary analytics for enterprise-level decision making.

 

Is it Time for Your Business to Hire a Virtual Controller?

With a virtual controller, you can have the best of both worlds without the expense of having this role in-house. Controller services provide the peace of mind that comes with knowing your financial reporting is in competent hands while freeing up the time of other financial department staff members. The CFO and their team will be able to focus on long-term strategy and guiding the company’s continued growth while all analytics and reporting needs are covered by an outside service.

 

If your firm is steadily growing and the current structure does not provide a dedicated Controller, it may be time to consider hiring a Virtual Controller from AccountingX. Click here to contact us today!

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