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Small businesses ask their accountants to handle many aspects of their growing business. The same person that built a spreadsheet-based accounting system for accurate financials might also be tasked with attending to compliance requirements.
A controller is the leader of an accounting department and is responsible for supervising all recordkeeping and accounting activities. They oversee important business functions such as:
- Cost accounting
- Accounts payable
- Accounts receivable
- Internal controls
- Cash flow management
- Benefits management
- Drafting financial statements
- Updating and double checking the general ledger
- Overseeing audits
- Managing tax compliance
While it’s easy to assign these tasks to a CFO (as many small businesses do), the responsibilities of a controller and a CFO are very different. Think of a CFO as a strategist and a controller as a tactician. The CFO and upper management may, for example, identify AR as a critical focus of improvement for the next few quarters. The controller allocates the resources to make it happen.
Accountants play a vital role in any business, but they tend to be specialists in larger, more established companies where their talents are used for specific purposes. Small businesses don’t have this luxury. All financial functions are handled by a few people regardless of how complex the task is or how the employee’s abilities match up with what needs to be done. This is a dangerous way to operate, and it tends to persist until mistakes pile up and threaten the integrity of a business’s financial reporting. Here are a few signs you need outsourced controller services:
As your business grows, your accounting staff should grow with it. The signs that your accounting staff is spread too thin may be obvious, but here are some of the top reasons businesses turn to outsourced controller services.
Small businesses may not do enough business to justify a full-time employee managing every transaction. Modern accounting software automates processes and verifies the accuracy of financial information, but without the right controls, you may take on unnecessary risks.
Hiring is expensive. The bottom line is frequently the main factor when outsourcing, and this is true for financial services. Through a third party, a business can access professional accounting services that often pay for themselves through accurate information and better insights.
Regulations like HIPAA and PCI DSS only grow more complex as data security becomes a more critical element of modern businesses. Without a full-time controller to handle compliance, the responsibility is spread out among employees who have other responsibilities, which invites risk.
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Accurate financial records are critical to doing business. Call Rubino today for an assessment.
“If it ain’t broke, don’t fix it” is a popular mantra that also applies to growing small businesses. Say you have a payroll person who’s responsive and competent, but because of staffing issues, this person is spread thin with additional job duties. Outsourcing takes this burden off their shoulders and allows them to devote their energy where they’re needed most. We can help with payroll, but we don’t have to, and this distinction is important to understand if you’re contemplating outsourced bookkeeping and controller services.
Businesses want a controller that has years of direct industry experience. That requirement has found its way onto plenty of job listings, but it’s difficult to find that in one person who also has reasonable salary requirements for a small business. Outsourced controller services provide the industry expertise a business needs at a fraction of the cost of hiring a dedicated employee.
Many business owners believe that outsourced services are too expensive to be sustainable. Taking on new partners or hiring management-level employees is a critical decision for small and medium-sized businesses, and many will hire the wrong person or hire too early. Outsourced services solve this by working with each client to identify their needs and customize a response that solves issues while staying within limited budgets.
Rubino helps businesses of all sizes understand their needs, and we have the experience and empathy to address these needs with our outsourced controller services. In addition, we offer tax, financial reporting, and accounting consulting services based on your requirements.
Don’t let your business operate without a controller for another day. Reach out to Rubino to learn more about how an outsourced financial controller is an important upgrade for your organization.
With the Rubino Team, Anything Is Possible
With Rubino, there truly is strength in numbers. We are a nationally recognized leader in public accounting, financial services, tax advisory services, and regulatory consulting.