Small business owners usually put up their business to go after their passion, whether such passion has to do with programming, writing, art, Web design, audio & video, etc. Once the business starts to grow through idle talk, you will soon be hiring employees or else independent contractors to assign a part of your work rather than taking care of it all on your own.
At some point in time, the business grows large enough that you will need to employ a small company bookkeeper. You have managed the books without any help using some bookkeeping software or your very own system until now. Now, you have simply become too large for the system to deal with anymore.
You bring a bookkeeper on board who is familiar with accounting software as well as able to manage the books permanently, if not part-time. This person can be a full-time employee, otherwise maybe an independent contractor. Or probably you want to join the increasing number of savvy businessmen who takes on some outsourced bookkeeper who works online and talks to you through email and phone.
Everything goes along well, although since you are not the one preparing your books anymore, you feel quite removed from your company’s vast financial picture. Your bookkeeper will be able to deliver the reports along with the spreadsheets to you, but it does not make sense all the time. You should have an individual interpreting every one of those numbers for you. Most importantly, as the business has grown abundantly you must have a financial advisor that you can trust and can help you implement the right decisions for your speedily expanding business.
In case financial controllership makes sense to you, you would think that financial controllers who work full-time come with a 6-figure pay. You might actually be right. The company does not have enough budget, and it is not really necessary to hire one anyone.
You only need somebody to check the books with you every month, perform checks-and balances for your bookkeeper, whether on-staff or outsourced, and assist you on financial planning along with budgeting every month or every quarter.
If you believe that financial controllers come with a high salary, think again. With outsourced controller services, you will be able to save money for your company in the future with an improved financial plan because these services are actually less expensive.
You are perhaps bothered because you think that you will be surrendering control of the company if you take on an outsourced controller. Financial controllers provide business owners with the data they need so they can make excellent decisions for their company; but business owners still make all of the decisions.