Is your business growing? Could you use
help managing the money, planning for the future, and ensuring that the company
meets its legal and ethical obligations? Then you might need to hire a
controller for the business. What is a controller in the accounting world, and
what can they do for you? Discover a few answers.
What Is a Controller?
In the accounting industry, the position of
controller is a managerial accounting role. The controller oversees accounting
staff - including data entry clerks, mid-level technicians handling day-to-day
accounts receivable or payable, and payroll practitioners - and reports to
management. They take what the accounting staff does and roll it upward into
usable information that leadership can use to steer the ship.
How Does a Controller Differ From
Others?
Controllers do a variety of work, but they
generally don't do a lot of data entry and lower-level analysis. Instead, they
would design the processes others use and then delegate and direct the work
that gets done. They do, though, oversee things so as to ensure quality
standards are being met at all levels.
That doesn't mean that a controller is the
same as an accounting manager or a CFO (Chief Financial Officer) either.
Accounting managers are less likely to have the deep accounting background or
advanced degrees (such as a CPA license) as a controller. And the CFO is a
managerial position that has much less dayto-day interaction with staff and
transactions.
How would a controller fit, then? Consider
the preparation of financial statements. Clerks or technicians do data entry
and are trained to perform auditing procedures to verify the accuracy of the
data. The controller would answer specific questions from the clerks about the
data and analyze the completeness of the resulting financial statements. They
then meet with a CFO or management about the statements.
What Can a Controller Help You Do?
Because the hiring of a controller is
another expense for any small business, you should understand what you get in
return. First, the controller is a skilled accountant who knows how bookkeeping
and accounting work should be done in line with ethics, IRS standards, and
industry norms. Their job is to give you confidence that things are done the
right way.
The controller also manages staff. As your
accounting needs grow, staffing needs also grow. If you've managed people
directly, you will likely need to start hiring others to run departments for
you. A controller has experience working with teams and managing individuals as
well as understanding accounting issues, so they are the ideal person to
oversee this vital and unique department.
Finally, the controller helps plan for the
future. A bookkeeper's job is to deal with what has already happened and what
is happening right now. They enter transactions that have already occurred and
make reports about the immediate future. A controller, though, helps draft
plans for the next month, quarter, year, and even decade. They then work with
management to implement plans and boost growth.
Can You Get a Part-Time Controller?
If you think the company could use this
type of manager over your accounting work, you may still be held back by the
cost of hiring such a skilled manager. The good news is that you can still have
the benefits by hiring an accounting service that offers part-time controller
services.
At
Quality
Bookkeeping Services Inc.
, we offer bespoke business consulting that
includes outsourced controller services. We can design a program for your
business that meets its long-term planning needs, ensures accurate procedures,
and builds a team atmosphere. Call today to make an appointment and learn more.
