Hiring an outsourced controller can be a smart move for a small business that needs the expertise of a senior-level financial professional but does not have the resources to hire a full-time, in-house controller. Here are some signs that a small business may benefit from hiring an outsourced controller:
Rapid growth: If a small business is experiencing rapid growth, it may benefit from hiring an outsourced controller to help manage its finances. A controller can help the business keep up with the demands of growth, ensure that financial systems are in place to support continued growth, and provide financial guidance to help the business make informed decisions.
Lack of financial expertise: Small businesses that lack in-house financial expertise may benefit from hiring an outsourced controller. A controller can provide the financial expertise needed to manage the business's finances, develop financial strategies, and make informed financial decisions.
Inadequate financial reporting: If a small business is struggling to produce accurate and timely financial reports, it may benefit from hiring an outsourced controller. A controller can ensure that financial reports are produced on time and accurately reflect the business's financial performance, which can help the business make informed decisions and secure financing if needed.
Complex financial operations: Small businesses with complex financial operations, such as multiple revenue streams, inventory management, or international operations, may benefit from hiring an outsourced controller. A controller can provide the expertise needed to manage these operations and ensure that the business is compliant with any relevant financial regulations.
Need for financial oversight: If a small business wants to improve its financial oversight, it may benefit from hiring an outsourced controller. A controller can provide oversight of the business's financial operations, ensure that financial systems are working as they should, and identify any potential financial risks.
In summary, small businesses may benefit from hiring an outsourced controller if they are experiencing rapid growth, lack financial expertise, have inadequate financial reporting, have complex financial operations, or need financial oversight. An outsourced controller can provide the financial expertise needed to help the business grow and make informed financial decisions.