The Advantages of Migrating to Outsource Controller Services
As your company starts expanding and growth, it is a big responsibility among CFOs to ensure that all priorities are met. Recruitment of talented folks, improving reports constantly and also adding value to the business are the primary concern of CFO. Knowing financial controller is more like having the basics to enhance efficiency and finishing the job.
In the next paragraphs, you are going to discover the different ways in which outsource controller services can grow your company.
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. National average salary for controllers are ranging from $94k and it could go higher to $146 or sometimes more depending on 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 – aside from saving money on the cost of staffing, such service lets your CFO with wide selection of expertise option. 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.
And the best part, it adds no expense on benefit package, salaries and office space due to the extra staff. In case that you are in search of a specific service or expertise, all you have to do is to ask for it.
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 – all employees are requiring oversight but with regards to the financial status of your company, it demands strict supervision towards fraudulent activities. For some, it looks like odds of fraud can be decreased by hiring such people but with outsourcing, it is more capable of intercepting errors.
While outsourced controller cares about your business, there’s less opportunity for breaches, cover-ups and collusions by deceitful employees. The team conducting outsourced controlling uses proper control and develops method on how to use it in the most accurate way.