Controller services, the accounting department is the eyes and ears of the company. You are asking "What does a controller do?". In this article, you will learn the key functions of this role. Why you shouldn't confuse it with a CFO or a bookkeeper.
The saying goes “I’m feeling like I’m flying blind”. Personnel with less qualification and experience could lead to:
Having a fractional controller to extend and to enhance the work done by bookkeepers. Many small and mid-sized businesses don’t have the budget to hire a full-time controller. Yet, you need a controller!
It is possible to get the higher-level skills and experience – on demand and when you need them. That’s by hiring a fractional controllerfractional controller (also known as a part-time controller) on a part-time basis.
As your business grows and scales, the complexity of the bookkeeping also grows. Having a part-time (fractional) controller can find insights in your financial information.
A part-time controller is a very cost-effective way to manage your growing business. When you're larger, you can hire a full staff controller.
The fractional controller can work with you on a
• single project,
• an on-going contract, or
• as a single or part of an outsourced accounting package.
There are differences between a bookkeeper and an accountant. A bookkeeper's strength is in processing information and keeping them organized. Handling the computerized accounting system. They also do monthly reconciliations.
A fractional controller is different from a bookkeeper. A controller focus on business accounting functions. Tying them to match financial to operational performance. A controller helps and supports business leaders with forward thinking ideas. Ideas backed up by financial proofs along with pros and cons.
A CFO (Chief Financial Officer) and a Controller are different roles. CFOs play a key role in accounting by being more focused on business strategy, being tactical. CFOs bring a wealth of experience and contacts to projects. If your business has a strong fractional controller, you often won’t need a fractional CFO.
Businesses with annual revenues between $500K to $1M should consider hiring a fractional controller.
The fractional controller assist complex bookkeeping transactions to preparing and interpreting financial reports.
If the company gets to $10M in revenues, having controller services is a must-have. That's to ensure internal controls, maintaining, overseeing of the monthly books closing process.
Besides, a fractional controller can help in targeting growth opportunities. It's true in growth companies where there are mountains of opportunities.
A controller can help assess:
A controller can help you take a confident step forward back by numbers. It can also instill confidence to banks and debtors and investors.
These includes:
Controller also help by
The number one reason many businesses fail is because they run out of cash. Next, is failure to find product-market-fit. With the help of a fractional controller, you will understand your financial data -- in good times and bad.
Contact us today to find out how you can take advantage of Forte Innovations’ flexible fractional controller services. We can help navigate your growth challenges!
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Forte Innovations specialty is in crypto tax accounting, including bookkeeping, controller and CFO services in Canada. We are not a public accounting firm and does not provide services that would require a license to practice public accountancy.
