5 Benefits of Outsourced Financial Controller Services

Are you planning to outsource financial controller services or recruit an in-house controller? Financial controllers are hired by companies to help generate month-end close reports and oversee bookkeeping and accounting. Also, guide managers in making sound decisions. Of course, you could hire an in-house financial controller, however outsourced controller allows you to leverage expert help at a lower cost.

Keep reading about the various benefits of outsourced financial controller services.

Cost-effective

Hiring an in-house controller costs a bomb as you have to keep funds for covering the costs such as salaries, payroll taxes, and recruitment costs. Also, for providing healthcare benefits, paid holidays, and sick leave. By outsourcing financial controller services, you reduce the overhead costs, allowing you to pay for just the work needed. In this way, you can maximize the return on your investment and utilize the extra resources on services and products.

Enhanced cybersecurity

With the advancements in technology, cybercriminals think about new and sophisticated ways to access private files and data, raising the possibility of fraud. While you may have taken different steps to improve cybersecurity, still your business may not be safe from fraud due to errors missed by employees. Getting help from a financial controller introduces fresh eyes that can quickly detect risks or errors that may not have caught your eye. It even minimizes the chances of deception by deceitful in-house employees.

Access to advanced financial tools

To keep abreast of your company’s key metric benchmarking, audit preparation, reporting, bookkeeping management, job costing, inventory tracking, and cash flow management; you must use the latest financial tools and software such as Xero, FreshBooks, and PlanGuru. However, all the tools may not be available in your company. Moreover, you may not have sufficient funds to buy or hire personnel to handle them. Outsourced controller does not only allow you to access these tools and software. You are also able to work with people who already know how to use them!

Expert advice

Outsourcing financial controller services provides you access to experts with different experience levels; who can offer valuable insight into how the company handles finances. A financial controller can point out poor spending habits. By listening to your controller’s opinions and suggestions, you could save a lot of money that could be reinvested in the business to generate more revenue.

Better financial control

Outsourced financial controllers work with you to establish budget control systems that show you how your business is achieving its goals and where it is deficient. In this way you have greater control over your finances, Likewise, you can ascertain that your business expenditure and revenue are in harmony with your financial plan.

Scalability

Hiring an in-house financial controller is good enough to meet your present organizational needs. However, as your company grows, the employee may lack the relevant knowledge and experience to handle future demands. Outsourced financial controller services enroll experts in various financial levels, so they can quickly scale with your business.

Conclusion

Outsourcing financial controller services can allow your business to achieve maximum growth by streamlining financial functions.