According to the Economist Intelligence Unit, 45 percent of executives feel that not having enough time is their biggest workplace issue. So if you haven't considered outsourcing your controller services, it might be time to start.
More and more businesses are outsourcing their controller duties, and we at MGA can help with that. Read on to understand why many companies are trusting this vital accounting task with outside providers like MGA.
What is a Controller?
If you're not a financial executive, you may not know exactly what accounting controllers do.
A company controller handles the accounting-related activities of a given company. Some of the services controllers provide may include payroll duties, preparing company budgets, and preparing financial reports.
Controllers may also perform internal audits. Internal audits ensure that your accounting activities are being performed accurately.
Why Outsource Controller Services?
A controller plays a vital role in your company. So why outsource?
- Your CFO is Overwhelmed
Your CFO is responsible for the financial well-being of your company and should be focused on your company's financial goals. If your CFO is getting bogged down in day-to-day accounting tasks, it might be time to outsource.
Your company may benefit from outsourcing these services if your company is in growth mode. If you're adding new products, your CFO may need to focus on new challenges.
If your company isn't experiencing the financial growth you expect, an outside perspective can benefit your CFO.
- Continuation of Services
If you've assigned controller duties to one employee, what happens when she is sick? Or on vacation?
If there's frequent employee changeover, it takes time to constantly train new employees. Most companies can't afford lost time.
Outsourcing your controller duties creates stability. The company you outsource to is responsible for having your financials done on time, every time. They take care of training new employees, and you get the reports and their recommendations.
- Outsourcing Saves Money
The average salary of a controller is $86,568 per year. This doesn't include other expenses associated with hiring an employee, such as health insurance, employee taxes, and paying into a retirement fund. You also don't need to spend time and money on a lengthy job search or training.
Outsourcing costs significantly less than hiring a full-time controller. You get experienced employees without paying full price for that expertise.
When you outsource to an accounting company, that company is focused on finances. They aren't distracted or swayed by company politics. They look at the numbers and give an honest, unbiased opinion. If you need a report or a recommendation quickly, an accounting firm can provide what you need. They won't be distracted by other tasks or competing priorities.
This is especially true if your company doesn't have enough work for a full-time controller. If an employee has other duties, it can be difficult to focus on your accounting needs. Proper accounting is critical to running a successful business.
Meet our F.A.S.T. team
If you're thinking about outsourcing your controller services, we're ready to help. Our Finance Accounting Support Team (F.A.S.T.) provides a full range of accounting, controller, and financial management services. If you are seeking a reputable provider, MGA is your answer. By outsourcing your accounting functions, you can truly focus on growing your business.
Let us know how we can help you with our outsourced services. We are here to make sure you are in control of your business.