4 Convincing Reasons to Try Outsource Controller Services
It is vital for CFOs to ensure that all major concerns are constantly met as the company keeps expanding and growing. Recruitment of talented folks, improving reports constantly and also adding value to the business are the primary concern of CFO. In reality, learning about financial controller is synonymous to acquiring the basics on how to enhance efficiency and finishing the job.
As a matter of fact, there are many different ways that outsource controller services can help in growing your company like the ones discussed below:
Number 1. Staffing costs – the recruitment and training of a full time controller can be costly and this has no assurance of efficiency and quality. Whether you believe it or not, the average salary for a controller is at around $94k and it could go higher to $146 which can go higher as per location and expertise. Outsourced controller services on the other hand average at $2,500/month or $30,000 a year which is basically 1/3 or less of initial cost of employing a full time onsite controller.
Number 2. Expertise – in addition to saving money on staffing cost, this service allows your CFO with huge option for expertise. Hiring one controller for the company might give you staff member who is qualified for a particular area. But it’s totally different as you made a decision to use outsource accounting service for this gives you the chance to easily find talented individuals who have the knowledge and experience you need.
There is no added expense on the benefit package, salaries and office space due to the extra staff. If you are looking for specialized service, then you ask for it and you get the expertise you need.
Number 3. Access to tools – instead of taking on the cost of incorporating special software, outsourcing makes it possible to have quick access to different tools that can provide improvement and efficiency of reporting, bookkeeping processes and management of accounting, forecasting and budgeting, projections and cash flow management, inventory tracking and job costing, key metric benchmarking, advisory services as well as audit preparation, strategic guidance and many more.
Number 4. Lower risks of fraud – your employees are going to need oversight yes but when talking about the company’s financial status, then expect that this is something that requires stringent supervision especially in fraud activities. While it seems like hiring people who could decrease the probabilities of fraud, outsourcing has the ability to catch more errors.
The outsourced controller still cares for your business and it is because of this how you have less opportunity for breaches, cover-ups and collusions by deceitful employees. Outsourced controller team will make sure that proper control is implemented and develops method to use them accurately.