Traditional controller is completely different from what outsourced controller services can provide to your business. Well either way, true controller is degreed accountant who is managing bookkeepers and accountants on their team. For smaller company where full charge bookkeeper is the main member of accounting team, account reconciliation, managing data entry as well as providing reports to their CEO or CFO, there’s material weakness in internal controls too.
Outsourced Controller Services in NY lets the company to select and decide services that the controller would provide. It is very important that you distinguish between Controller and CFO function. The latter is looking forward while the controller is the opposite. However, a good team is working together to use history in predicting the future.
At times, the business has several needs which require someone to be in-house who is well aware of everything from start up. Then after, you must find flexible outsourced provided in complementing your in-house staff. You do not need to outsource everything. On the other hand, outsourcing enables increased accounting expertise in areas similar to month-end accruals, job costing, revenue recognition and a lot more.
There are many reasons why a company has to transfer to outsourced controller services and some of these are confidentiality, turnover rate, single point of failure and so forth. Below, you can learn more how each is beneficial for the company.
Number 1. Confidentiality – a number of small businesses are lacking of separation between their departments. When employees are working close to accounting department, sometimes it compromise confidential information. When such thing happens, information may be shared that’s detrimental to the employee or to the business as a whole.
This potential liability and risk of data sharing could be prevented through outsourcing controller services.
Number 2. Control turnover rate – there are numerous companies that have regular turnover in bookkeeping, controller positions or accounting. It isn’t core competency of management team. The money and time that goes to training and finding someone to fill in a position adds up if you’re filling position every couple of years. With outsourcing, you can eliminate the hassle of posting job, conducting interview, training new employees and so on.
Number 3. Stops single point of failure – this is basically when a person is responsible for a process or function and when they are not there, the duties are not accomplished. When bookkeeping is not done, the billing is affected, which is followed by cash flow. Check out this website at https://www.britannica.com/topic/certified-public-accountant for more info about accountant.
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