Owners of small businesses usually go into business in pursuit of their passion; for instance, writing, art, programming, sound and video, Web design, or whichever type of other industries. Your business makes headway via word-of-mouth, and you will soon be hiring employees or freelance contractors to delegate part of the responsibilities you have and not do everything yourself.
At some particular moment, your business becomes adequately large to hire someone to do the small business bookkeeping for you. You did all your books yourself before now using a certain bookkeeping software or even some system you have designed yourself. But because you have only gotten very big, you cannot work with this system anymore.
You hire someone who knows about financial accounting software and also manage the books of your business on a part-time or full-time schedule. This person can be a full-time employee, otherwise maybe an independent contractor. Perhaps you are among the rising number of sensible business owners who engages some outsourced bookkeeper situated in the U.S who is working virtually and corresponds with you over the telephone or email.
Things proceed smoothly, however now that you are no longer doing the books yourself, you feel that the expansive financial picture of your company has somewhat become inaccessible. You can have the reports and also spreadsheets sent to you by your bookkeeper but these may not always be sensible to you. You need a person to explain all those boxed numbers for you. Most importantly, as the business has grown abundantly you must have a financial advisor that you can trust and can help you implement the right decisions for your speedily expanding business.
In case financial controllership makes sense to you, you would think that financial controllers who work full-time come with a 6-figure pay. And you may be right. The company does not have enough budget, and it is not really necessary to hire one anyone.
There must only be someone who can work with you as part time controller to review your books, carry out checks-and-balances for your bookkeeper in the house or an outsourced one, in addition to helping out with your financial planning and also budgeting every quarter or every month.
If you believe that financial controllers come with a high salary, think again. With outsourced controller services, you will be able to save money for your company in the future with an improved financial plan because these services are actually less expensive.
You are perhaps bothered because you think that you will be surrendering control of the company if you take on an outsourced controller. While the controller delivers all the information that you require to formulated the right decisions for the business, but all decisions continue to be yours.