Outsourced controllers manage your finances with aplomb. They keep everything in order and arrange things in such a way that opportunities for maximising revenue can’t help but come to the fore. 

Then there are the tax advantages.

They know how to prepare submissions that (legally) reduce the burden of payment and optimize tax-deductible expenses. Plus, you’re always audit ready.   

Let’s look at the benefits of an outsourced controller in more detail.

Acting as Your Internal Accounting Team

An outsourced controller (or senior accountant) functions just like an in-house controller. Except you don’t have the expenses of a permanent, specialist employee. You do have someone to record all the important stuff, like cash, credit card, AP, and payroll accurately. 

You have someone to prepare monthly financial statements, and who will then go through the statements with you so you know the state of your finances.

You have someone who translates the state of your finances, pointing out areas of concern and recommending solutions to mitigate or avoid the issues and keep them from recurring. 

Finally, you have someone who manages the daily tasks, ensures financials are always current, and provides advice for short- and long-term financial wellbeing.

Year End and Tax Coordination

Tax season is the thing of nightmares. Your controller, however, can turn it into sweet dreams. This is basically because they manage almost the whole process on your behalf. For instance, they review vendor payments quarterly to identify 1099 requirements. 

Of course, your controller then prepares and processes all 1099s at the end of the financial year. They use this information, as well as all your other financial data to build and send a comprehensive tax package to your tax preparer. 

The great thing is, you don’t have to get involved in any paperwork, you don’t go down any rabbit holes, you avoid bottlenecks, and, best of all, your tax submissions are organized to meet requirements.

Difference Between Bookkeeper, Controller, and CFO

Each role is actually very distinct, so the terms aren’t interchangeable at all. 

Let’s look.

  • Bookkeeper: They are the foundation builders. They carry out the crucial tasks like recording transactions accurately and performing basic reconciliations. 
  • Controller: They use the data provided by bookkeepers to prepare statements and complete complex reconciliations. 
  • CFO (the big kahuna): They manage budgeting, forecasting, and strategizing based on the statements the controller provides. 

Controllers are the sandwich filling between two slices of bread. They connect daily accounting and executive strategy so everyone involved works from the same accurate information or source of truth.

Managing Compliance and Audit Needs

Regulatory compliance is non-negotiable. Failure to comply results in penalties, which can be severe; massive fines or even jail time severe. Just imagine what a prison sentence will do to your business’s reputation. It’s not pretty, is it?

Fret not. Your controller’s got it all under control. They’ll prepare GAAP compliant financial statements, and build schedules and reports for auditors. They’re also available if auditors have any questions. 

The upshot of all this is that your records are always accurate, always completed on time, and always audit-ready no matter what the time of the year.

Industry Specialists by Design

Each industry is different with different rules, regulations, and tools. For example, law accounting relies on IOLTA (Interest on Lawyers’ Trust Accounts) practices, while our SaaS specialists focus on revenue recognition and subscription-based accounting. 

That’s not to mention specialization in staffing and service industry accounting. 

We are very proud of the fact that we have specialists who excel in a range of industries, from equipment rental and medical care to nonprofits and even wine. This enables us to provide each client with the expertise needed to deliver high-quality, highly relevant services.

Industry Knowledge That Scales

So, our controllers specialize in different industries. That’s great. They also create the financial space you need to grow your business. That’s even better. 

How do they do it, you might ask?

They provide the right structure for your accounting needs, which identifies opportunities for growth, which you can optimize. They deliver reports that don’t just look at your current financial status, but which also look to the future. Then, they put it all together to provide advice, guidance, and support while you consider the possibility of growth. 

Outsourced controllers bring the structure, knowledge, and compliance discipline necessary to manage your accounts without adding to your internal overhead. Their expertise ensures accuracy and continuous audit-readiness.

Areas of specialization enable them to adapt to clients’ systems and support every stage of growth.

Why would you say no to all that?