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Why Should You Outsource CFO or Controller Services for Your Business?

Do you truly understand your financial position? Are you on a path to success? What additional information and services would put your company on a path to growth? To answer these questions, you must first know why you should outsource CFO or controller services and how your company could benefit from using these services.

Chief Financial Officer (CFO)

CFO or chief financial officer is a big picture person. Someone who reviews your company’s financial situation as a who pie and sees where the improvements could be made to your bottom line. This person oversees all financial operations within a company and reviews all the possibilities, and provides the necessary feedback for financial decisions.

  • Do you have financing inside your company?
  • What interest rates are you paying?
  • Are there better options?
  • What kind of relationship do you maintain with your bank(er)?
  • What is your revenue (income) cycle?
  • Are there times of the year when you are busier or slower?
  • What needs to be done to ensure the revenue stream is more consistent and constant?
  • How can you decrease expenses during the downtime to maintain your business’s financial position?
  • Do you have a budget?
  • Is there financial planning in place for taxes?
  • What other planning can be implemented to ensure steadier cash flows?
  • Are you reviewing your cash flows regularly?
  • Are the accounts receivable turning over in a reasonable amount of time?
  • Do we need to involve a collection agency on aging receivables?
  • Are we competitive with prices and other factors within our industry?
  • What are other businesses like yours doing to maintain and grow steady income?
  • What are your options for growth?
  • What are the financial risks involved in implementing a new growth strategy?
  • What are the opportunities in the market for your business?

Controller

A controller, on the other hand, is responsible for making sure all the records are accurate and being recorded timely and efficiently. The controller makes sure the financial statements are prepared following the accounting standards for your company and industry. This person will make certain the financial information is timely and gets to the hands of the decision-makers for your business.

  • Is your financial recording process documented?
  • Do you have accounting procedures manual to maintain the accuracy of your records over time?
  • What would happen if your bookkeeper were to be unavailable for some reason?
  • Would anyone know how to process payroll? Sales tax? Bank transactions?
  • Is your bookkeeper well-versed in your business, and how do the financial transactions need to be recorded appropriately?
  • Does your bookkeeper understand the financial platform you are using?
  • Is your bank account being reconciled regularly?
  • Are there other reconciliations being processed to review the accounting transactions and their consistency with other records?
  • What are your key financial indicators?
  • Are you in compliance with all government licensing and tax agencies?
  • What are your liabilities?
  • Are you able to maintain all your payments on your liabilities?

How ATS Helps

In large companies, a separate person usually fills both these roles. They are usually highly paid with company benefit plans. In smaller companies, the roles may be combined. In other companies, the roles are non-existent. In some companies, financial records are submitted to a CPA to complete financial records, but is there anyone in the company who understands and can interpret those financial statements, so the company's decision-makers can make well-informed decisions about company growth, investments, etc.

This is where Accounting Technology Solutions can help your business. By providing outsourced services, you can eliminate salaries for a six-figure executive as well as benefits. You can structure your services and ensure it is affordable to your business. If you only need someone to review the cash flows weekly or your company is in a position to require full-time services, you can still have and use expert-level resources.

Set up your free initial consultation today by calling 762-583-6160.