Financial Controller: Benefits of Outsourcing Controller Services

financial controler

Wondering what a financial controller is and whether you need one for your business? Financial control is fundamental for any company. You may have developed a good strategy and optimal planning, but without financial control, it would be impossible to understand whether you are going in the right direction. Financial control allows you to verify whether the current situation of your company adheres to your original objectives.

Whether you are a startup or an established business, you need appropriate financial leadership. A financial controller can help get all of your finances in order and avoid lots of problems. And outsourcing controller services can be even a smarter move for your business.

What Does a Financial Controller Do?

In simple words, your financial controller is the financial leader of your business. Their first mission is to make sure that your business’ finances and accounts are doing well. This person will be in charge of creating financial reports and analyzing all data that helps guide your business through critical changes.

Controllers have skills and knowledge to produce reliable financial information with insightful commentary to support business decisions.

Their key responsibilities typically include:

  • High-level management and control over accounting;
  • Managing internal controls;
  • Predictive economic analysis and advice;
  • Coordinating and directing the preparation of the budget;
  • Compliance audits, as required;
  • Coordinating tax compliance;
  • Duties relating to payroll;
  • Managing financial department staff.

As you see, the main roles of a controller are maintaining efficient finance operations and managing risks. But you should keep in mind that a controller’s functions may vary based on the size and complexity of the business and the industry. In smaller teams, a financial controller can also act as a Chief Financial Officer (CFO) and perform more strategic functions.

As your business grows and becomes more complex, you may also consider hiring other professionals that will help you properly manage your finances and make better business decisions.

Cost Controller

Cost control involves identifying business expenses and reducing them to increase profit. A cost controller oversees cost management for a company to identify critical areas that may need change to maintain and grow profitability.

Cost controllers are responsible for providing a clear and insightful analysis of financial aspects across a company. It all starts with a critical assessment of all budgets and cost projections. Cost controllers also assess all the incoming resources and products to ensure the best price and develop effective solutions and cost-cutting measures.

Credit Controller

Whether your business will succeed or fail primarily depends on the demand for your products or services. That’s why many companies extend credit to customers to make it easier for them to purchase their products.

Effective credit control policies allow companies to increase sales, which leads to increased profits. The most important aspect of this strategy is to determine who to extend credit to. That’s actually what a credit controller does.

Credit controllers evaluate new credit requests, set up terms and conditions of the credit, monitor client accounts, and remind them to pay outstanding invoices. They ensure timely collection of all receivables.

Why Should You Outsource Controller Services?

Running a growing business is both exciting and overwhelming. If you see that you are outgrowing your current accounting and bookkeeping services and require better information for decision making, it’s time to hire a controller.

You need a professional who will provide you with accurate information about your business's overall financial standing.

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Financial controllers can be in-house or outsourced. Outsourcing is a more cost-effective and practical option, so many companies are choosing this model or switching to it. Today, outsourced financial controllers have become a popular alternative with small and medium businesses. This way, they can have a better control over their cost and also choose what functions they want to outsource or keep in-house.

Hiring an outsourced financial controller makes sense for a number of reasons. Here are some of them.

  • It can be the best solution when your business does not have enough work to justify a full-time employee.
  • You can hire an outsourced controller on a project-basis to augment an existing financial team.
  • It is less expensive than hiring a full-time employee because you pay only for the completed work. There are no added expenses for benefits packages, bonuses, or raises, and office space.
  • Outsourced controller services provide you with a variety of expertise options, and you can always expect to get unbiased and objective business advice.
  • Experienced professionals can provide you with strategic guidance in special circumstances, for example, dramatic industry changes or pending legislation.
  • Your financial records will not be accessible to your staff members, so you will minimise the risk of fraud and security breaches.

Need a financial controller?

Get in touch to discuss the outsourcing options. It’s the most cost-effective approach to gaining full control of your finance function.

How to Hire an Outsourced Financial Controller for Your Business

When choosing an outsourced controller, you are looking to pick one that will work best with your company. You may have concerns about whether the outsourced company will understand your business and whether they will be as dedicated as in-house employees.

That's why you need to choose an established outsourced financial services provider with many years of experience.

You should also make sure that the provider will adjust to the level of controller service that is appropriate for your particular company. Besides, they should be up-to-date with technology.

Beaufort Associates was established in 2000 and offers a range of outsourced financial consulting services to suit your business needs. We are ready to help you with your financial data management and reporting. Our company is well equipped to serve as your outsourced controller service department. 

Our team of outsourced financial controllers has the necessary expertise and experience with the financial processes. They are aware of the best practices used by industry-leading operations and will apply these principles to your business. They will help you run your business and stay in control of your expenses and growth.

We offer a comprehensive, strategic, and customized approach to outsourced controller services. With us, you will have everything you need to make informed financial decisions for your business. We will provide insights, timely reporting, and strategy management to guide you towards stable and scalable financial success. Contact us now to discuss your business needs.

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