Many small-to-mid-size businesses, even many with revenues as high as $25 million annually, don’t have a financial controller. But adding controller services to your company’s accounting financial services has many benefits.
What exactly does a controller do? Controller services encompass many important job functions. Here are just a few.
1. Answers questions - You may be an excellent businessperson, but you’re not clear on accounting concepts. With a good financial controller, you don’t have to be. AccountingDepartment.com’s accounting financial services includes a controller who will explain to you as much or as little as you’d like to know about accounting terms, processes and reports.
2. Supervises the bookkeeper - If you hired an in-house bookkeeper, this would mean yet another person for you to manage. Our controller services help ensure your bookkeeping records are timely, accurate and GAAP compliant.
Once a month, your controller works with your bookkeeper to review all the financial records, including profit & loss statements, bank reconciliations, loan reconciliations, accrual basis reporting, and more.
You’ll receive status reports every two or three days leading up to this final closing (and locking) of your books for each month. These financial statements give you a better handle on your business so you can make the best decisions.
Daily Status Reports (DSR) also help your controller manage your bookkeeper.
3. Budgets & forecasting - A financial controller has the knowledge to dig even deeper into your financial records than you or your full-charge bookkeeper. Controller services include annual budgeting and financial forecasts, which help put you in better control of your own business.