Running your own business is the best way to be financially stable, but as we all know already, you can’t do it all by yourself. Being the owner of a successful company, for example, is a task that requires great teamwork and brings a lot of responsibilities.
One of the most important things about running a business is controlling your economy. If you are not sure how to deal with your financial situation, you’ll need to hire someone who can do that for you.
In this article, we are going to talk about the importance of outsourcing a financial controller, so if you are currently thinking of doing something like this, or you just want to have a plan B for the future, feel free to read until the end. Let’s take a look.
If you don’t want to lose momentum
At the start of each career, nobody has an idea about how much they’ll grow in the corporate world, so the goal is to have a few people as possible to cut the costs. Fewer employees mean fewer people to pay, and so on.
However, after some time, when your business starts growing, especially if it happens unexpectedly, you won’t be able to do the basic accounting that you were doing up until now, because you’ll have to take everything to the next level.
This usually happens when a business reaches unbelievable amounts of success with a certain product or a service, something that’s an absolute hit on the market, so the growth starts to build up rapidly.
In a situation like this, if you don’t want to lose the momentum you’ve just gained, you’ll have to hire a professional financial controller who’s going to do all the advanced accounting required for the growth of your business. Having someone with an in-depth knowledge and experience in business finances can shine a light on this new path you’re treading.
Most importantly, payroll is the lifeblood of every workforce, so it’s crucial to keep up with the increasing demands when your staff grows in number. If you want to know how employment expansion impacts the way you administer payroll, click here.
The ability to focus on other things
Being a CEO or an owner means that you have a lot of other things to focus and take care of, rather than spend all your time figuring out how the finance control works. In fact, managing internal finances is not part of your ‘core tasks’, yet it’s extremely tedious and time-consuming. Therefore, it’s best to unburden yourself and hire an expert to do the grunt work for you.
Just like we mentioned earlier, a successful company is a product of teamwork, and in that team, nobody can be a weak link. If your financial controller is not doing their job as they should, you’ll notice that your costs are slowly building up, and you are not getting detailed reports on where all of your money is going.
In many cases, the owner of the business thinks that they can handle the role of this type, just to find out that it isn’t as simple after the damage is already done. Don’t allow yourself to be the weak link, and hire a professional financial controller instead. Focus on other things and don’t think of this is an expense because it’s not, it’s an investment.
Outsourcing is easy
Even if your company or your circle of colleagues and co-workers doesn’t have a person who can fill this role, it’s not the end of the world. Outsourcing CFOS, controllers, and accountants have never been easier thanks to the internet and the increased demand for these types of people in the world of business. If you are currently looking for someone to fill up this position in your company, you can always visit firestonecfo.com
When you’re outsourcing, you can use many modern methods like BrantTel to get in touch with the person, without having to be physically present at their location. Skype, Zoom, or any other software is going to be more than enough to plan weekly or monthly goals with your finance controller. Outsourcing is really easy in 2023.
You reduce risks
We cannot stress this enough, but the person who manages your budget is probably the one who has the most important role in your entire business. This is why you always have to find someone who is trustworthy and who knows their job well. Try to search for experienced financial controllers, or outsource from a company that is reputable and has been operating for a longer time.
Now that we got this out of the way, it’s very important to understand that hiring a professional will reduce your risks of making a mistake when it comes to budget-management, costs and other things from the finance field. In business, financial mistakes are simply unforgivable. Even a small error in audit may lead to pay disputes or inaccurate tax reports. Not only will this displease your employees, you might also face heavy penalties from the government for incorrect filings.
If you already have a larger business
Sometimes you are in a situation in which you should not underestimate how much you’ve grown over the past couple of years. A great owner, or a CEO, is the one who can recognize that the current CFO or accountant is overflowed with work and it might be just the right time to hire someone new who can help speed up the entire process, and ease the work of the current employee on that position.
Managing finances requires precision and a lot of labor hours. The bigger the workforce, the more time and energy are spent on this single task. It’s a smart move to just outsource financial services so you can immediately free up labor hours within your company. Remember, time is money. The more time you save, the bigger your savings become.
You’ll get professional insight
As a business owner, you might think that you know what’s best for the future of your career, but this doesn’t always have to be the case. Sometimes you need a person who specializes in finance and can go very in-detail about things that might be a complete game-changer for your brand.
Controllers are people who know when it’s the right time to switch from one strategy to another, and you’ll find out that they’re able to pull out a sinking ship right on top of the surface in no-time. Moreover, they’re always abreast with regulation changes that will keep your company in strict compliance with the law. According to many professionals and experts, these people are the gems that you should hold on to.
You might already know that a certain marketing campaign or a social media strategy needs to be paid, and you know how much it’s going to cost, but financial controllers know how to use every dime of your budget to create a strategy that’s going to yield the maximum results.
If you have a professional by your side, you will be able to make much better investments, which is very important for the future of your business. You currently might think that saving a few pennies here and there isn’t all that important, but when you combine all of that it adds up to unbelievable sums of money that you could’ve used more efficiently and for better results overall.
Business without the hassle
When you have a reliable financial controller by your side, you can run your business with more ease and peace of mind. As the old adage says, it’s better to work smarter, not harder. That holds true for businesses, too. By outsourcing financial services, you can focus on your core tasks without neglecting an integral part of your business.