As the owner of a small business, you've probably been getting by with piece-parting your financial and accounting tasks to various members of your organization. You may even be outsourcing some of the work. However it's being done, odds are that it's not being handled in a centralized way. In the early stages of getting a business off the ground, this approach makes perfect sense. As your company gains more solid footing and starts growing and expanding, however, this strategy will probably start to backfire. You're likely to be in a state of perpetual confusion about the financial status of your business, and that's a precarious position. Sound familiar? If so, it may be time to hire a controller.
To understand what controller services are, it's helpful to understand what a controller is. According to Investopedia, a controller is "[an] individual who has responsibility for all accounting-related activities within a firm." In larger organizations, a controller may report to the head of the accounting or finance department. In a small business like yours, however, a controller would report directly to the CEO. Think of a controller as the go-to person for all accounting- and finance-related tasks.
With that in mind, then, controller services encompass the tasks that a controller is typically expected to perform. All too often, small business owners assume they can go without a controller. If anything, though, a controller is even more indispensable to a small company. As the owner of a small business, you need to stay abreast of where your company stands financially. When everything is scattered all over the place, getting a clear idea of the big picture is pretty much impossible. Imagine how much easier it would be to be kept up to date by a single person who is responsible for overseeing your company's financial and accounting activities. If that sounds appealing, it's time to sign up for controller services.
What is the difference between a controller and a CFO? And, what factors should determine which of these two roles a.
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