As a business owner, you are well-aware of the burden of maintaining your financial records. If your business is young, you may be trying to handle these tasks yourself, or you may be handing them off to other employees.

 

Maybe you have even gone so far as outsourcing your accounting requirements to a virtual bookkeeping service. During the time your business begins to gain a foothold, this makes total sense.

 

But as your business grows, this approach may start to backfire when you find that your accounting and financial reporting needs have become more complex. This is when you should consider hiring a controller or outsourcing for controller services.

 

According to Investopedia, a controller is "[an] individual who has responsibility for all accounting-related activities within a firm."  Controller services essentially handle everything a controller handles without the need to bring on another employee.

 

Here is a checklist detailing what controller services can provide:

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• Day-to-Day Accounting and Cash Management
   

• Basic HR Duties
   

• Financial Management Reporting
   

• Accounting Policies and Procedures
   

• Accounting Software Implementation
   

• Audit Preparation

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These functions can all be customized for your business and can include many other tasks as well. Budgeting, job and project costing and advising on large purchases are all things controller services can help you with.

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As a business owner, your time is your most valuable resource and your stock in trade. A great way to maximize your time, eliminate confusion and keep you in the loop is to consider incorporating controller services into your business plan.  As your business scales, you will be poised for future success.