Outsourcing crucial roles such as controller services is nothing new. But the ongoing COVID-19 pandemic has caused many companies to consider how they can cut costs while increasing revenues. As businesses globally look to compete there are certain areas that take on increasing importance.
Financial reporting, planning, and analysis are necessary to ensure your company can make the most of its resources. But, should you hire an employee or use an external consultant to achieve your goals? Making the wrong choice could actually increase costs while not giving the required results.
Read on to find out why you should outsource your controller services.
Keep Costs Low
One of the most important benefits of using an outsourced controller is the ability to keep your costs to a minimum. An in-house financial controller can command a considerable salary, which could reduce the amount of money you have to spend in other areas.
It’s also important to note that your employee package for such an important position could cost tens of thousands of dollars. This could include holiday pay, private healthcare, and other forms of payment. But, when you hire an external consultant, these costs are not your responsibility.
You can also use an outsourced controller only at times when you need them. For example, this could be for audit preparation. This removes the need to have an employee always on-site.
A controller who works in a single company can be competent and manage the finances adequately. But, a controller who also works in different industries can gain greater knowledge. They can then transfer the information they learn to your sector. This can potentially give you an advantage over your competitors.
This could be in areas such as key metrics benchmarking that can boost your business. An external consultant also has the backing of the team in their office. This allows you to benefit from the knowledge of colleagues when it’s time to make key decisions.
Raise Capital for Business Growth
You may know your finances are in a healthy condition, but if you can not communicate this effectively, it could be difficult to obtain financing. Rather than growing your business, you could end up standing still and missing out on new opportunities. But, an expert controller understands how to gather the relevant information, and present it in the ways that lenders expect.
This can include data such as budgeting and cash flow projections that show your business is viable. This approach can increase your chances of getting the capital you need to move your company forwards.
Accurate Board and Audit Reports
Your board members need to have accurate figures to make the most suitable decisions and they may need to seek advisement from an expert. Even a small mistake could lead to leaders making the wrong decisions leading to loss of revenue.
An outsourced controller has the skills to ensure financial reports include all the required figures. They can also break this information down and explain it in simpler ways.
Contact The AccFin Group Today
Benefitting from the expertise of an outsourced financial controller can transform your business. The Accfin Group can provide best-in-class controller services to review your current situation. We can also help you drive your business to the next level.
To discuss your outsourced controller needs, contact The Accfin Group team today.