How a Virtual Financial Controller can help your Business
A financial controller can help oversee the financial operations of your business and provide deep analysis to assist in strategic planning
There are many roles on a virtual accounting team: Bookkeeper, Controller, and Chief Financial Officer (CFO). As your business scales, your accounting needs will also change.
While a virtual bookkeeper can provide up-to-date accounting records, accurate reporting, and expense management, a financial controller may be what you need if you’re requiring additional insight into the profitability and cash flow of your business.
The financial controller is essentially the lead accountant who has the expertise to streamline processes and provide robust analysis so that you can feel confident about your month-end close and business trajectory.
How a Financial Controller can help
A financial controller’s responsibilities will vary depending on the type of business. Regardless of the industry, the main functions of a controller will be to provide you with customized and meaningful reporting each month so you can make thoughtful and informed decisions about your business.
Some common questions that business owners ask financial controllers are:
- Do I have enough cash to make my payments next month?
- Are the products and/or services I am selling generating enough profit to be successful?
- Am I targeting the right market for my products and/or services?
- Are the projects I am taking on from clients profitable?
- Am I supplying and stocking the right inventory for my customers?
- I’m profitable each month but I never seem to have cash – why is that?
- Can I afford to hire more staff or purchase a large asset?
A financial controller can supply you with in-depth data and analysis to assist you in answering these questions so you can implement more strategic planning for your business.
A Financial Controller’s duties can include:
- Providing oversight on bookkeeper duties to ensure transactions are processed and taxes are filed and remitted correctly and on time.
- Ensuring proper financial policies and procedures are implemented and followed to mitigate risk, and providing correct and meaningful data
- Ensuring accurate month-end closes with proper accruals for revenue and expenses to provide a clear and accurate picture of business performance
- Providing detailed customized reporting specific to the business and goals
- Engaging in business check-up meetings to review and discuss financial results and performance
- Providing cash-flow analysis to ensure there is enough cash for upcoming financial responsibilities, projects or for spending scenarios
- Providing invoicing to customers based on the products and/or services
- Providing inventory management, including analysis of inventory levels, profit margins, and product line or SKU level profitability
- Providing payroll and timekeeping services for employees
The benefits of hiring a virtual financial controller is that they can help oversee the financial operations of your business on a flexible basis – which is a cost advantage if you don’t have the need for a full-time controller on staff.
If you’re ready to understand your business further and be strategic about business decisions, hiring a financial controller could benefit.
At Finatics Accounting Solutions, all of our financial controllers have a Certified Professional Accountant (CPA) designation with varying experience in multiple industries.
Get in touch to find out how we can help support your business.