Some US companies do not hire a CFO until they generate at least $50 million in revenue. It is a...
According to Entrepreneur Media, 20% of small businesses fail within the first year, and this goes up to 70% within a decade.
Running a successful business can be challenging, especially when you're trying to grow that business. Making use of outsourced CFO services can prove beneficial, allowing you to keep your business more stable as it expands. One particularly effective approach that many companies are turning to is outsourced controller services.
In this guide, we'll take a look at how these financial management services can help your business grow and succeed. Keep reading for more.
What Are Outsourced Controller Services?
Outsourced controller services allow companies to delegate any financial management tasks to a third party. A controller for hire can provide expert accounting solutions so you don't need to handle them in-house. Some of the tasks they can take on include:
- Bookkeeping
- Budgeting and forecasting
- Financial statement preparation
- Tax compliance
- Auditing assistance
- Financial analysis
Benefits of Outsourced Controller Services
More companies are outsourcing their financial management, as well as other business processes. There are several benefits to doing this.
Strategic Growth
While growth is a key goal for almost every business, it comes with several challenges. With outsourced bookkeeping, tax compliance, and more, you can spend more time focusing on the core competencies of your brand. You can use your resources more efficiently to ensure your company grows effectively.
Expertise and Guidance
Outsourced controller service providers are experts in business financial strategies. They can offer reliable financial efficiency tips and guide your business to help you make the best decision based on your goals. This can be especially beneficial in times of uncertainty.
Cost Savings
While you may want to avoid outsourcing business processes due to the associated costs, it can actually make your business more profitable. You won't need to hire a full-time in-house controller which is often more costly. Small and medium-sized businesses with lower budgets can typically benefit more from this as hiring an in-house controller would be more of a challenge.
Access to a Team of Professionals
Companies that provide outsourced controller services maintain highly skilled teams of professionals. They typically have extensive experience, giving them the expertise and capabilities to manage a wide range of financial duties. When outsourcing to such a company, you'll gain access to these professionals and can benefit from everything they have to offer.
Flexibility and Scalability
When your business is growing, you need to be able to scale all business processes in line with your rate of growth. This can be very difficult, but you can eliminate the issue by outsourcing.
A controller services provider can easily scale your services as your needs grow. They can also help you make quick adjustments due to sudden changes in your business's financial needs.
Working With an Outsourced Controller Services Provider
If you need any assistance with your business finances, outsourced controller services could be the solution. It's a cost-effective way to ensure your financial management is handled properly and is very suitable for smaller companies experiencing growth.
Adventum is an experienced CFO Leadership and Accounting firm that can offer exceptional outsourced controller services. Our experience in the C-suite allows us to work effectively with businesses in a multitude of industries. Contact us today to find out more about how we can help your business.
