Are you searching for the answer to the query “When do You Need a Financial Controller for Your Business”? If Yes, then you are landed on the correct page. Here you will get to know the best time to hire a financial controller for your business.
Running a successful business is a challenging task. At every step, experts are required for operating a business. The same thing happens in accounting and bookkeeping for a firm. For such experts, you can hire Outsourced Controller Services.
A Financial Controller is a person who manages accounting, bookkeeping, etc for a company. Now, the question arises Which is the best time to Hire a Financial Controller? But Before that, we need to know everything about Financial Controller. Let’s Start.
What Does a Financial Controller Do in a Business?
A Financial Controller in a business is the head of the company’s accounting and bookkeeping department. He/She is responsible for bookkeeping and accounting processes, procedures, tax audits, and financial reporting, and supporting the CFO with the financial strategy. However, in small businesses, Financial controllers may fill additional roles such as both Financial Controller and CFO.
Some of the Core Responsibilities of a Financial Controller are listed below:
- Developing Financial Processes and Policies
- Creating & Analyzing Financial Reports
- Managing Financial Staff
- Monitor, Prepare and update various budgets
- Developing Tax Strategies
- Advising market trends and best practices
- Selecting and Administer Accounting Software
- Educate Staff on Financial Operations
3 Signs Your Business Needs a Financial Controller
If your business experiencing any of the following issues, then it will be best to hire a Financial Controller:
1. Your Accountant is Exhausted
Mostly small businesses makes mistake by assuming that their accountant is enough to manage the whole accounting and bookkeeping department. But it is not true. If you are relying too heavily on Your Accountant to provide you advice on financial procedures, and setting up the accounting and bookkeeping department, then you are asking them to work as Financial Controller. At that time you can hire a Financial Controller.
2. CFO is Spending Too Much Time On Operations
Sometimes, CFO spends too much time in managing bookkeepers, dealing with accountants, and watching the company accounting system. But CFO’s primary responsibility is to focus on the big picture. Long-Term Finacial Strategy, and Making Decisions In Company Investments, are tasks of a CFO. If this is happening in your organization, then you need to hire a Financial Controller.
3. Business is Growing
The larger the business, the more responsibilities the accounting department has. When your business is growing, it is hard to manage the accounting department. At that time, a Financial Controller is required.
This is all about “When do You Need a Financial Controller for Your Business?”. Mainly there are 3 signs When Your Accountant is Exhausted or CFO is Spending too much time on Operations or Your Business is growing Financial Controller is Required. I hope you got your answers. If you want to add something please leave comments. Thanks & Regards.