Sat Nov 28, 2020 | Alan Lefkowitz | Business, Financial Controller Services

Financial Controller Services

Name: CFO Strategies LLC
Telephone: (855) 732-7861

Could your Chief Financial Officer (CFO) use a helping hand?

For CFOs in growing companies, finding time to oversee strategic planning and manage the day-to-day financials can be a significant challenge. And as transactions increase in volume and complexity, handling the daily duties of accounting services and finance while maximizing growth and performance can get overwhelming in a hurry, even for the best of us.

That’s where outsourced financial controller services can come in handy. With the help of an experienced controller in finance on a contractual basis, you will free up your CFO and leadership team to focus on higher-level strategic decisions and make intelligent, data-driven decisions that will maximize efficiency and achieve the long-term results you desire.

Read on to learn about the role of a financial controller and why outsourcing controller services may be the right move for your company.

The duties of a CFO are far-reaching and varied, though they are naturally heavily focused on financial matters. They should have an in-depth knowledge of financial terms, financial forecasting, implementing budgets, and controlling cost containment.

As such, CFOs are expected to know about investments, taxes, accounting principles, financing principles, auditing practices, various capital markets instruments, banking relationships, and more.

What is a Controller in Finance?

The role of a financial controller — sometimes referred to as a comptroller — is to provide invaluable support to a company’s chief financial officer, including anything from performing the financial reporting to daily bookkeeping and accounting oversight that ensures financial health and compliance. The financial controller typically will report to the CEO for companies that do not have a CFO.

While job descriptions may vary slightly, a seasoned controller will be well-versed in bookkeeping, accounting systems, account management, cash management, and executive management.

They are an indispensable resource to your CFO and accounting department by focusing on keeping costs under control and completing critical financial tasks by established deadlines.

In short, a reliable controller takes on many day-to-day responsibilities and functions essential to organizational efficiency. With a suitable controller at your side, your leadership team will be able to pursue long-term objectives and opportunities for your operations from a foundation of stability, accuracy, and confidence.

What’s the Difference between a Controller and a CFO?

Traditionally, a financial controller oversees an organization’s accounting division — managing financial reporting, recordkeeping, auditing, and other vital functions for a company’s compliance and financial health. CFOs, in comparison, typically provide high-level oversight of your company’s financials, focusing more on the analysis and strategic planning that drives growth and competitive advantage.

In most cases, CFOs rely heavily on financial reporting and data from the financial controller to analyze past performance and make decisions that will further business goals.

In this sense, the controller function is critical to determining where and how your company moves forward, providing accurate, actionable information your leaders need to maximize your full business potential.

But while controllers have historically focused on accounting and financial statements, the role itself is rapidly changing. Many controllers today are taking on more tasks and responsibilities than ever before in a company’s operations.

What Are Controller Services?

Financial controller services include any accounting, bookkeeping, or management task within the controller’s expertise, scope, and skillset.

These may consist of anything from financial reporting and regulations compliance to internal controls, reconciliations, long-term financial planning, and more, depending on the size and needs of your company, as well as the responsibility assigned to your controller.

Financial statement preparation

Controllers oversee and prepare the financial reports needed to keep companies running smoothly. This includes:

Preparing and monitoring the balance sheet and income statement (P&L statement)
Tracking and monitoring expenses (direct and general and administrative (G&A)
Preparing cash flow statements
Managing regulatory and management reporting

Finance and accounting services

In addition to reporting, controllers are responsible for various other accounting and finance-related duties, including, but not limited to:

Accounts payable
Accounts receivable
Analyzing ledger accounts
Preparing company tax returns (sales & payroll)
Bank reconciliations
Internal controls development
Regulations compliance
Managing insurance schedules
Working with outside tax accountants
Cash flow management and collections

High-level services

These days, financial controllers are gaining experience tackling many of the high-level responsibilities generally within the CFO’s wheelhouse, including, but not limited to:

Financial analysis
Financial planning
Global finance oversight
Management of complex mergers and acquisitions
Strategic planning
Investor relations

Having an experienced controller on your staff will ensure financial accuracy and regulatory compliance, as well as the support and insight needed to unlock opportunities and achieve long-term success.

Whether used as-needed or on a full-time basis, professional financial controller services will help ensure accountability while positioning your company for that crucial next step.

Why Should I Hire a Virtual Financial Controller?

Outsourcing controller services for your growing business provides a cost-effective support resource at a critical time in your business lifecycle.

Some of the benefits of having an experienced remote financial controller working hand-in-hand with your accounting team include:

Lower staffing costs. Working with a part-time controller helps avoid the payroll, salary, and training costs of hiring a full-time employee — a potential savings of thousands of dollars every month.
Customized expertise. Most CEOs customize outsourced controller services to fit the distinctive needs of their business, allowing the CFO and accounting staff to access expert support as often as needed.
Extensive resources. Small companies often spend a lot of time and energy on training to ensure employees keep up with current trends and policies. But by hiring a proven remote controller service, you would have ongoing access to extensive bookkeeping tools, technology, and resources from one convenient location.
Increased efficiency. Because virtual controller services are performed offsite, virtual controllers avoid the internal distractions that often hinder objectivity and productivity, ensuring better work outputs that ultimately benefit your company and your clients.
Improved confidentiality. Without effective separation of confidential information between areas of your company, information is at an increased risk of falling into the wrong hands. Outsourced solutions help eliminate this risk while protecting sensitive info crucial to your operation.
Continuous production. Vacations and turnover among internal staff can create significant disruptions and cause numerous issues for your company. Outsourced controller services will guarantee crucial oversight, and accounting functions will continue uninterrupted so that you will get the results you need, no matter what.
Reduced fraud risks. The objectivity and outside perspective gained by outsourcing controller services can help reduce the potential for collusion, cover-ups, and potential security breaches within and throughout your organization.
Strategic guidance. Whether you’re nearing a transition or simply preparing for the future, an experienced outsourced controller team can provide the strategic financial advice your business needs to maximize revenue streams and be ready for what’s ahead.

Virtual Controller and Accounting Services You Can Trust

Whether you need full-time virtual controller services, complete onsite services, or a blend of both, CFO Strategies will tailor each outsourced accounting and bookkeeping solution around your specific company’s budget and needs.

We provide businesses with the cost-effective tools and expertise necessary to achieve their budgeting, accounting, and financial goals. Please call us, CFO Strategies, at (855) 732-7861 today to speak with a controller solutions professional.

Frequently Asked Questions

How does a Financial Controller differ from a CFO?

While both a financial controller and a CFO play crucial roles in managing a company’s finances, their responsibilities differ. A financial controller focuses on day-to-day financial operations, including accounting oversight and reporting. In contrast, a CFO is responsible for broader financial strategy and long-term financial planning.

The controller in finance provides detailed financial management that supports the CFO’s strategic initiatives.

When should I consider utilizing financial controller services?

Utilizing financial controller services is beneficial when a company needs expert management of its financial operations, particularly if it lacks an internal finance team or needs additional support.

These services are ideal for ensuring accurate financial reporting, managing accounting systems, and maintaining compliance with financial regulations, especially during periods of growth or transition.

What is the cost of Financial Controller Services?

The cost of financial controller services can vary based on the complexity of the financial operations and the level of expertise required.

Factors such as the size of the company, the scope of services, and the controller’s experience all influence the pricing. Generally, these services are offered on a contract or full-time basis, and a detailed discussion with the provider will help determine the most cost-effective solution for your needs.

How do I select the right Financial Controller for my business?

Selecting the right financial controller involves evaluating their experience, qualifications, and fit with your company’s needs.

Look for a candidate with expertise in accounting services, proficiency in managing financial systems, and a track record of effectively handling financial reporting and compliance. Ensure they align with your company’s goals and can provide the controller in finance support necessary for your organizational success.

What’s the difference between a Financial Controller and an Accounting Manager?

A financial controller and an accounting manager have distinct roles within an organization. While both handle financial tasks, a financial controller is typically responsible for overseeing all accounting services, ensuring accurate financial reporting, and providing strategic financial insights.

An accounting manager focuses more on managing the day-to-day accounting functions and supervising accounting staff. The controller in finance has a broader scope, including financial strategy and compliance.