Having a strong controller in place is crucial to the success of your business. They handle many important duties that are many times overlooked. Below is a list of duties your controller should be fulfilling.
At Quantify, we provide our clients with out-sourced controller solutions. What does this mean? Instead of hiring someone in-house to take care of the below duties, we handle them all for our clients, usually at a fraction of the price. Regardless of who handles this for you, it is imperative to have this role in good hands.
Processes and procedure = the lifeblood of any business. A good controller can help set these up and maintain them so you are running as efficiently as possible. A huge part of your processes and procedures is your people. The controller will help to oversee all internal employees related to the accounting function. They will also be the key point person for all external parties such as banks, vendors, and auditors.
The controller is typically not in charge of the physical recording of transactions, paying bills or invoicing clients; however they will help to ensure all of this is done timely and properly. In addition, as the name suggests, a controller will help to make sure proper controls are in place. This will help to hold people accountable and reduce the risk of fraud. Regardless of whether you have a “controller” or not, make sure you have strong controls in place to protect you and your business. Fraud is more common than you think.
Earlier we talked about the importance of monthly financial reporting – your controller will be in charge of this process. As a business owner, having the proper reports when you need them in crucial. Make sure to discuss with your controller any other reports you may need to make decisions. If you have a solid controller, they should be able to create any report you request.
If you could see into the future, that would make decisions pretty easy huh? While it is impossible to predict the future, a controller can help develop a budget and a forecast to help you control the present and also get a better picture of what the future holds. I assure you, it won’t be perfect, but it will make decision making a whole lot easier.
Financial requests from outside parties can become overwhelming at times, whether that be the IRS, your bank, or your vendors. People are constantly asking for information, usually with a short turnaround time. If you have someone in place to oversee all of this, it will make your life so much easier.
Is your controller lacking in some of the areas above? Or maybe you don’t even have a controller in place yet. Either way we would love to speak with you. Outsourced controller solutions is an easy way to get the expertise you need without paying a full time employee. If you have questions or comments, feel free to call me anytime.