Have you ever wondered whether you were doing everything in your power to take your company to its fullest capabilities and potential or are there factors you are missing to achieve this goal? Sometimes a fresh set of eyes are just what you need. Outsourcing a controller or CFO can provide the reassurance you may just be looking for. Hiring an individual who has years of well-rounded industry experience can help identify the strengths and weaknesses of your business and provide an analytical strategy to take your company in the direction you are looking to go. Some may see hiring a third-party controller as a negative as it may take some time to understand the daily business functions and operation, but instead it will provide assurance of whether the current controls in place are up to date and efficient.
Controllers are individuals who have acquired an accounting degree and receive additional training in their career, therefore they tend to be better informed of the continuously changing standards. An in-house controller may be overwhelmed with the day-to-day operations and not become aware of the new regulations as rapidly, which may lead to outdated controls. It is especially beneficial for small business to outsource a controller as it is not only a great chance to ensure you are up to date with the regulations, but also it can save you money. When you hire an outsourced controller, you avoid having to pay benefits and a salary all year long for the individual. Instead, you can hire the controller for a shorter period to address the areas you specifically need to focus on, leaving your in-house controllers to focus on their day-to-day work.
Small businesses may also benefit from hiring an outsourced CFO rather than to maintain a full-time in-house CFO. At a fraction of the price of a full time CFO, you can contract one for a short period of time to tackle areas of concern. Though it may seem worrisome to share sensitive industry information, a fresh set of non-bias eyes may help identify areas of risk. An outsourced CFO may also have years of experience in different industries and be able to provide feedback and views that you may not have considered.