As a business grows, accounting needs can change. 

 

For example:

  • You may realize that you need to see your data in a more organized way.
  • The complexity of your business could increase so you need visibility on things you didn't need before. 
  • You might realize that you've been recording things incorrectly for awhile and need to get your books corrected. 
  • Your bank could be requesting more detailed financial information for loans or lines of credit

A controller can help with all of these things and more!

Why should you hire a virtual controller?

 

Running a successful business demands more than just delivering top-notch services to your clients. It requires robust financial management to ensure sustainable growth and profitability. However, hiring a full-time controller can be cost-prohibitive for many businesses. That's where a part-time virtual controller comes in. Here's why engaging a part-time virtual controller can be a game-changer for your business:

1. Cost-Efficiency Without Compromise

  • Maximize Value: Get the expertise of a seasoned financial professional without the hefty salary of a full-time hire. Pay only for the time and services you need.
  • Reduce Overhead: Eliminate costs associated with employee benefits, office space, and equipment.

2. Expert Financial Oversight

  • Accurate Financial Reporting: Ensure your financial statements are accurate, timely, and compliant with industry standards.
  • Cash Flow Management: Gain better control over your cash flow to avoid surprises and ensure your business can meet its obligations.

3. Strategic Financial Planning

  • Budgeting and Forecasting: Develop realistic budgets and financial forecasts to guide your business decisions.
  • Growth Strategies: Receive insights and strategies to scale your business effectively and profitably.

4. Enhanced Financial Controls

  • Internal Audits: Regular audits to ensure financial integrity and identify areas for improvement.
  • Risk Management: Implement controls to minimize financial risks and safeguard your business assets.

5. Scalable Support

  • Flexibility: Scale financial support up or down based on your business needs without the hassle of hiring or firing staff.
  • Customized Services: Tailor the level of service to match your specific business requirements and goals.

6. Operational Efficiency

  • Process Improvement: Streamline financial processes to increase efficiency and reduce errors.
  • Technology Integration: Leverage the latest financial software and technology to automate and optimize your financial operations.

7. Peace of Mind

  • Focus on Core Business: With a virtual controller managing your finances, you can focus on what you do best—serving your clients and growing your business.
  • Professional Expertise: Benefit from the expertise of a financial professional who stays up-to-date with industry trends and regulatory changes.

Frequently requested services

  • Revenue recognition assistance - many small businesses start out with very simple bookkeeping needs recognizing sales when payment is received and recognizing expenses when they are paid (this is called cash basis accounting). As a business develops, the need to see revenue based on when the customer is invoiced versus when they pay can require a change in accounting processes and reporting (transition to accrual based accounting).
  • Cost of goods sold analysis - there are a lot of expenses that should be included in calculating your cost of goods sold, but sometimes it's hard to capture them organically on your Income Statement. A good example is if you need to know the total cost per pound for something and you need to include freight and handling charges. This requires further analysis outside of most accounting systems.
  • Financial reporting for loan compliance - banks typically want to see your financial statements on a monthly basis in addition to completing a certificate of compliance document. The calculations for this can be complicated depending on your business model. Streamlining this process through custom built Excel sheets can increase accuracy and save hours per month.
  • Fixed Asset Management - if your business owns furniture, fixtures, equipment, vehicles, land or buildings, then you could benefit from implementing a fixed asset management program to track purchase costs, repairs & improvements, and depreciation. This sounds more complicated than it is and will give you further insight into the total cost to run your business.
  • Property Tax Renditions (Texas only) - if your business owns inventory, furniture, fixtures, equipment, vehicles, land or buildings in the state of Texas, then you are required to file an annual property tax rendition for each county where you have an asset presence. 
  • Sales Tax Reporting (Texas only) - if you provide taxable products and services in Texas, then you are required to file regular sales tax reports and pay sales tax owed. The reporting frequency is based on a letter you receive from the Comptroller's office.

 

Your next steps:

  1. Schedule your Cash Flow Optimization call to discuss your specific needs.
  2. Receive a custom quote for services requested. 
  3. Review and sign our services contract.
  4. Schedule a kick-off meeting.

Schedule a call now!

Need additional services?

Bookkeeping

Services

Learn more

CFO

Services

Learn more

Coaching

& Training

Learn more

Special

Projects

Learn more

Understanding the Financial Roles:

Bookkeeper vs. Controller vs. CFO

 

Navigating the financial landscape of your business can be complex, and understanding the distinct roles of a bookkeeper, controller, and CFO is crucial to leveraging their unique strengths. Here's a breakdown of each role and how they can complement each other to enhance your business's financial health.

Bookkeeper: The Financial Foundation

Primary Functions:

  • Transaction Recording: Bookkeepers are responsible for recording daily financial transactions, including sales, purchases, receipts, and payments.
  • Expense Management: They ensure all expenses are categorized correctly and manage accounts payable and receivable.
  • Reconciliation: Bookkeepers regularly reconcile bank statements to ensure accuracy.
  • Financial Statements: They prepare basic financial statements like balance sheets and income statements.

Key Benefits:

  • Accuracy: Maintain accurate financial records.
  • Timeliness: Ensure financial data is up-to-date.
  • Cost-Efficiency: Provide essential bookkeeping services at a lower cost.

Controller: The Financial Overseer

Primary Functions:

  • Financial Reporting: Controllers oversee the preparation of detailed financial reports and statements.
  • Budgeting: They help in creating and managing budgets, ensuring financial discipline.
  • Internal Controls: Controllers establish and maintain internal controls to safeguard company assets.
  • Compliance: They ensure compliance with financial regulations and standards.

Key Benefits:

  • Oversight: Provide oversight and ensure accuracy in financial reporting.
  • Strategic Budgeting: Assist in developing and maintaining effective budgets.
  • Regulatory Compliance: Ensure the business adheres to all relevant financial regulations.

CFO: The Financial Strategist

Primary Functions:

  • Strategic Planning: CFOs are involved in long-term strategic planning and financial forecasting.
  • Financial Analysis: They analyze financial data to guide decision-making and improve profitability.
  • Capital Management: CFOs manage the company’s capital structure and funding strategies.
  • Risk Management: They identify and mitigate financial risks.

Key Benefits:

  • Strategic Insight: Provide high-level strategic financial guidance.
  • Profit Maximization: Focus on increasing profitability through data-driven decisions.
  • Risk Mitigation: Implement strategies to manage and reduce financial risks.

How They Complement Each Other

  • Seamless Integration: Bookkeepers lay the groundwork with accurate transaction records, which controllers then use to prepare detailed reports and ensure regulatory compliance. CFOs leverage these reports to make strategic decisions and drive business growth.
  • Enhanced Decision-Making: Accurate bookkeeping provides reliable data for controllers to analyze and report, enabling CFOs to make informed strategic decisions.
  • Comprehensive Financial Management: Together, these roles cover all aspects of financial management—from day-to-day transactions to high-level strategic planning.
  • Improved Efficiency: By delegating tasks according to their expertise, businesses can operate more efficiently and focus on growth.

 

Each role—bookkeeper, controller, and CFO—plays a vital part in the financial ecosystem of your business. By understanding their unique functions and how they complement each other, you can optimize your financial management practices and drive your business towards sustained growth.

Schedule a Call Today

Discover how our tailored bookkeeping, controller, and CFO services can support your business needs. Let’s discuss how we can work together to achieve your financial goals!

Schedule a call