Owners of small businesses usually go into business in pursuit of their passion; for instance, writing, art, programming, sound and video, Web design, or whichever type of other industries. The business starts to expand through word-of-mouth and then the owner is hiring employees, if not independent contractors, to deal with some of the responsibilities instead of having to do it all alone.
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. But because you have only gotten very big, you cannot work with this system anymore.
You hire someone who knows about financial accounting software and also manage the books of your business on a part-time or full-time schedule. This person can be a full-time employee, otherwise maybe an independent contractor. Perhaps you are among the rising number of sensible business owners who engages some outsourced bookkeeper situated in the U.S who is working virtually and corresponds with you over the telephone or email.
While things are probably going along just fine, you may however feel that the company’s vast financial image is now out of your reach. You can have the reports and also spreadsheets sent to you by your bookkeeper but these may not always be sensible to you. You should have an individual interpreting every one of those numbers for you. What is most important since the business has expanded large enough, you need a credible financial advisor who has the knowledge to assist you in making good decisions for your business that is rapidly growing.
If you understand financial controllership, perhaps you think that some financial controller who works on a full-time basis has a six-digit earning. And you may be right. The company does not have enough budget, and it is not really necessary to hire one anyone.
There must only be someone who can work with you as part time controller to review your books, carry out checks-and-balances for your bookkeeper in the house or an outsourced one, in addition to helping out with your financial planning and also budgeting every quarter or every month.
Do not think that you will not be able to afford the payment of financial controllers. There are outsourced controller services which are less costly that you probably think and it can save money for your business in the long-run through improved financial planning.
You are probably concerned that engaging some outsourced controller would mean giving up your control over the company. The controller gives you all the necessary information so that you can decide what is best for your business; however, you still have to make every decision.