A financial controller is a person who looks after your accounts and analyses your finances. It is important to have a proper record of all your finances including your payroll and invoices. A financial controller is helpful when your business is growing rapidly and it becomes difficult for you or a single accountant to handle the books of accounts. However, a financial controller is not just for a business which is expanding, you can hire a part time financial controller who will help you in your accounting as well as provide professional advice. Here are a few tips why you should hire a financial controller
Your Business is Growing
Your business may suddenly boom or may be growing at a very fast pace. Business growth is always a good thing, however with business expansion, there are more factors you need to take care of. These include managing the additional revenue, growing your business team, increasing productivity, and handling more customers.
A financial controller provides you with detailed reports on financial management which is essential for decision making. With this information, you can make critical decisions on building the right team, procuring more machines and more. The expertise of a financial controller will help you focus on your company’s goals.
Supplements to your Accountant
A financial controller offers additional support to your accountant. Together, the operations of the accounting department will be smoother and more efficient. A financial controller can also provide assistance in helping build your own accounting team.
Saves your Time
It is important to know when is it time to hire a financial controller during your business expansion. While previously you managed your own accounts, when your business expands, you may have little time to do so and managing the accounts can become a burden. This is a sign that you should hire a part time financial controller who will manage your books of accounts as well as give financial advice.
Hiring a part-time financial controller who has experience and a great reputation will give your business more credibility. A financial controller will represent you in a professional manner and will help you maintain strong external connections with banks, lawyers, auditors and investors.
Forecasting for the future can be forgotten if you get engrossed in managing the day to day expenses of your business. A financial controller will help point out your company’s areas of weakness and what its growth potential is. Data analysis helps you to plan for the future. However, if your business hits a low point, you should have a contingency plan in place.
As your business grows, you will have to recruit and hire new employees. This means you will have more people to pay salaries to more people. A part-time financial controller will remove the burden from your shoulders of who needs to get how much salary and hence, you can focus on organizational targets.
You can hire part time financial controllers, full time or outsourcing. A trusted business advisor can provide insight into the best options for your business. Bringing a financial controller in your business at the right time can help propel your business forward and help free you up for more important business operations.