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!
