The role of outsourced controllers in modern business
In the constantly evolving modern business landscape, the role of outsourced controllers has become increasingly pivotal, offering a strategic advantage to companies aiming for growth and efficiency.
Outsourced controllers provide a comprehensive suite of services that address the core financial needs of a business, ensuring high-quality management without the overhead costs associated with full-time staff.
Here are the key aspects of their role:
1. Comprehensive financial management
Outsourced controllers are adept at handling a variety of financial tasks, from accounting documentation, budgeting and forecasting to compliance and preparation of financial statements. Their role extends to coordinating financial statement audits with external auditors and evaluating internal controls, helping ensure that businesses remain compliant and financially sound.
2. Cost-effectiveness and flexibility
The financial benefits of outsourcing controller services are significant. Companies spend thousands of dollars a year recruiting and onboarding controllers, and even more trying to find solutions when team productivity drops.
Unlike in-house teams, outsourced accounting costs can be customized according to the unique needs of each business, offering flexibility and scalability.
3. Expertise and experience
Outsourced accounting firms employ seasoned professionals, including CPAs, CAs and finance experts, helping ensure that work is performed accurately and in compliance with the latest regulations. These professionals, often with five to 10 years of experience as an accounting manager or controller, bring a wealth of knowledge and expertise in leadership, helping facilitate effective collaboration and strategic decision-making.
4. Benchmarking and best practices
Next-gen outsourced controllers conduct benchmarking analysis to compare an organization’s performance against industry standards and competitors, identifying areas for improvement. Their focus allows them to develop strategies with industry best practices, improving overall financial health by offering reliable financial data, insights and risk management.
5. Risk mitigation
Outsourcing controller services can help ensure operational continuity, minimize fraud risk and enhance internal controls.
External accountants can identify problems, flag errors and notify businesses of inconsistencies. And by ensuring tasks are accomplished even in the absence of an accountant or controller, businesses can stop single-point-of-failure risks and enhance internal controls.
6. Technical expertise
Modern businesses are improving their financial health by using technology for task automation and information standardization. Outsourced controllers help you streamline operations by deploying the most up-to-date and secure technology for automating tasks, organizing receipts, sending payment reminders and improving other critical processes.
How Wipfli can help
Wipfli’s outsourced CFO, controller and accounting services help you take a strategic approach to your financial management. We provide the necessary oversight and experience, helping you generate higher margins by working less and avoiding the hassle associated with hiring and training new employees. Contact us today to learn more about how our cost-effective support can help you focus on the core of your business.
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