What A Virtual Controller Can Do For Your Business

Does This Sound Familiar?

Your business is growing.  You’re got a good handle on the economics of your business and a Chief Financial Officer seems like overkill.   Financial transactions are piling up and it’s getting harder to quickly get the financial information you need to run your business.  You’d love a regular financial report delivered each month that goes beyond basic financial statements.  Weekly or even daily reports to show you how the business is doing would really help you make the right decisions to grow the company and provide you visibility on problems before they arise.

You’ve asked around and think hiring a Controller may be the way to go.  It seems like a costly option, however, and it seems like most of that person’s time is going to be spent doing the accounting you are doing now.  The Controller will likely need staff and a system upgrade to prepare the reports you need. To automate this would be a dream… you are finding more errors as transaction volumes grow and would love to get information on your own without having to ask for it.

There is an alternative.  Instead of hiring your own Controller, why not rent one?

A Virtual Controller Can Add Immediate Value

The role of a Virtual Controller, sometimes called an Outsourced Controller, is to report on the financials of the business. He or she is responsible for ensuring the accuracy and timely input of all financial transactions so they can be rolled up into financial statements (Profit & Loss, Balance Sheet and Statement of Cash Flows) and any supporting reports. The most popular supporting reports are detailed sales reports so management can really understand its top line performance.

A good sales report provides top sellers by item and by customer. It compares performance of those sales against a benchmark, such as last month, last year, or the current forecast. Trend analysis is important, so to see a graphical representation of sales over time is a powerful way to quickly understand which products need more support (and which don’t).

A strong Controller ensures that the data behind these reports is accurate and that the reports can be delivered in a timely, impactful way. This requires solid processes and strong general ledger software that also improve the control environment (we don’t want people accessing sensitive financial information they are not entitled to see). Very strong Controllers understand the power of technology and automation. He or she can develop systems that automate the flow of information, reducing errors and providing highly relevant reports on demand and not on request.

Why Do I Need a Virtual or Outsourced Controller?

If you need better financial reporting, accounting processes and controls then a virtual or part-time controller may be the way to go.

A Controller is often the first full-time accounting hire made by an emerging company.  Many times the hire is made out of desperation… an entrepreneur may be overwhelmed with financial tasks and cannot get the information they need to continue to rapidly grow the company.  While many may think a Controller will solve all the problems, the fact is that a Controller is the first investment in a financial system required to sustain high growth.  The Controller will need staff, technology, independent accountants and other resources to do an effective job.  Often the true cost of a strong financial operation is underestimated.

Instead of hiring a full-time employee, how about renting a Virtual Controller?

Virtual Controller Services We Provide

Fintelligent’s Virtual Controller services utilize our technology platform to supervise our staff providing Virtual Bookkeeping to our customers. Some of the tasks of a Virtual Controller include:

  • Closing the books and preparing monthly financial reports
  • Developing processes and controls to adequately prepare financial reports
  • Supervising a team of accountants who process transactions and prepare data used in financial reporting
  • Conducting monthly financial review meetings with company management
  • Automating and integrating systems onto a technology platform that streamlines processing, improves accuracy and expands visibility of information.
  • Researching and resolving any accounting issues that may arise
  • Interfacing with external accountants to prepare tax returns or supervise the company’s response to an annual financial statement audit

Fintelligent offers its services on a monthly subscription basis that includes our technology and services.

Benefits of a Virtual or Part-Time Controller

  • Access to a seasoned accounting professional who understands your business
  • Scales with your business
  • Less costly than a full-time resource
  • Provides critical business information on a timely basis
  • Turnkey professional – seamlessly integrates with your operations