4 Convincing Reasons to Try 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. Whether you believe it or not, the average salary for a controller is at around $94k and it could go higher to $146 which can go higher as per location and expertise. Outsourced controller services are averaging at $2,500/month or $30,000 a year which is 1/3 or less of the initial cost of hiring 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. Yes it is true that a controller for your company gives you a staff member who is specifically qualified for that area. However, when you opt to outsource accounting service, you will have access to several talented individuals who have the knowledge and experience you need.
It will cause you no additional expense on benefit package, salaries and office space due to the extra staff. If you’re searching for specialized service, then you simply ask for it and you’ll get the expertise that 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 are requiring oversight but with regards to the financial status of your company, it demands strict supervision towards fraudulent activities. While it seems like hiring people who could decrease the probabilities of fraud, outsourcing has the ability to catch more errors.
While outsourced controller cares about your business, there’s less opportunity for breaches, cover-ups and collusions by deceitful employees. The team conducting outsourced controlling uses proper control and develops method on how to use it in the most accurate way.