80% of small businesses make it past the 1-year mark. After year 2, that percentage drops to 70%. The more the years go by, the more that percentage of success can continue to drop.
The reasons behind the statistic may vary, and it’s not always negative. However, it is clear that there is at least one commonality: it’s a numbers game.
As your business grows, the tools needed to keep it growing become more complex. The cost of running a successful business can boil down to proper financial management.
Whether that means keeping your financial reporting in check or hiring an outsourced controller to maintain accurate business development, you can be sure your business will benefit from investing in the proper team.
In this article, we’ll explore why your business could benefit from outsourcing a controller and what it is they really do.
So your business is doing well, revenue is increasing, and it’s time to expand your team. How can you move on to the next level? Hiring a financial expert to assist with cash flow and daily operations is one smart option to make.
The average pay scale for a company CFO averages out to around $136,000.00 per year. The average pay scale for an outsourced controller can be a fraction of that cost as they are hired for highly specific work within the company.
With a growing business in mind, your CFO can save time by delegating out tasks to an outsourced controller in order to scale the financial health of your business.
What is an outsourced controller and why is it a smart move to hire someone from an external organization?
An outsourced controller allows for hired expertise in the areas of accurate financial reporting, internal audits, and time management. By hiring an outsourced controller, your company is able to obtain an expert to be brought in depending on the suit of needs your company is aiming for.
This allows you to pick and choose what the controller is to focus on, saving time and money for your company.
A strategic CFO will recognize the benefits of hiring an outsourced controller. The level of attention to detail and expertise is second to none with a controller.
Do you need someone to manage inventory tracking or raise capital? An outsourced controller can accurately provide the detailed services necessary to allow the remaining C-Suite to focus on the business as a whole.
Most of all, outsourcing an employee like a controller can cut long-term commitment and hiring costs. This is crucial when your business is in flux.
In the Black
When scaling a business, hiring an executive that is trained to navigate the foundational aspects can be the difference between making it from year 2 to year 3 and beyond. The professional insight that comes from a controller might be the key toward ongoing business development.
An outsourced controller is a crucial aspect of that journey. They are able to provide their expertise in financial evaluation and guidance at a more cost-effective level.
If you’re ready to take your business to the next level via outsourcing, The AccFin Group has the resources to support you on your business journey.