The Advantages of Migrating to Outsource Controller Services
It is vital for CFOs to ensure that all major concerns are constantly met as the company keeps expanding and growing. The recruitment of talented individuals, constantly improving reports as well as adding value to business are the main concern of CFOs. Knowing financial controller is more like having the basics to enhance efficiency and finishing the job.
As a matter of fact, there are many different ways that outsource controller services can help in growing your company like the ones discussed below:
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. Not like when you decide to hire outsourced controller services, you can spend around 1/3 of the initial cost of 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. You’ll be able to hire a controller for the company but the thing is, that person is often qualified for that particular area only. However, when you opt to outsource accounting service, you will have access to several 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. If you are looking for specialized service, then you ask for it and you get the expertise you need.
Number 3. Access to tools – rather than taking on costs of integrating special software, outsourcing lets you to have access to various tools that 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 a lot more.
Number 4. Lower risks of fraud – all employees need oversight but when talking about the financial status of the firm as a whole, it is calling for a stricter supervision towards fraudulent activities. It may seem like enlisting people who can decrease the odds of fraud but outsourcing is capable of catching more errors in the process.
Outsourced controller does care about your business but still, this ensures that there are less opportunity for breaches, cover-ups and collusions by deceitful employees. Outsourced controller team will make sure that proper control is implemented and develops method to use them accurately.