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When Should you Hire a Financial Controller for your Business?

An image of a financial controller in Burlington, reviewing some financial documents

Growing a business takes time and money. Knowing where your money is going (and coming from) will help keep the lights on whether you’re just starting or have been established for years.

Your company needs a good team of people who can help you report and analyze your company’s finances. Your team might be in-house or outsourced to your accountant or a combination. As your business finances become more complex, you should explore opportunities to grow your finance team strategically.

Many companies choose to hire a financial controller. A financial controller is someone who handles the finances of a company. They can help you manage costs, optimize revenue, and keep your business on track financially.

If you’re unsure whether your business needs a financial controller, here are some signs that can help you figure out if it is the right move.

7 Signs your business needs a financial controller

You’re not sure if you’re making the right financial decisions.

Good bookkeeping and accounting processes can help create a solid foundation for your business. And when used strategically, they can help you uncover what is going on with your finances.

Whether you’re looking to stay afloat or pursue growth opportunities, an experienced financial controller can be a strategic partner in your business. They can not only ensure that your accounting information is correct. But they can help you make sense of the financial reports to make informed decisions about your business.

You’re consistently over budget.

One of the most significant parts of a controller’s function is to control costs and expenses. If you are constantly over budget and wondering where your money is going and are always over budget, it may be time to hire a controller.

When you work with an experienced financial controller, you will better understand where your money is going. A controller can help you create a budget that makes sense and keep track of your expenses and budget. In addition, a controller can help you manage your budget and find ways to save money to stay within your budget.

You don’t have time to review financial reports.

Keeping on top of your financial statements and reviewing them periodically is the best way to spot any issues affecting your business’s finances.

If you don’t have time to review financial statements, it may be time to hire a controller. The controller can ensure reports are put together in a timely and organized manner, so you have the right tools to make decisions about your business.

You’re finding errors or inaccuracies in your books.

When businesses grow quickly, keeping track of accounting processes is often difficult. Month-end and quarterly financials often become a patchwork of manual processes to get the reports out on time.

If you’re finding errors in your books or are unsure if they are accurate, it may be time to hire a controller. A controller can help you review your financial reports and ensure no errors.

Your staff has too many manual processes.

Like you, your trusted staff may wear many different hats in your business. As your business has matured, your team may not have been able to keep up with automating processes as they stay busy with other tasks.

It might be taking your staff more time to put together financial statements or taking a lot of time to review the reports for accuracy.

If your staff is constantly bogged down with manual processes, it may be time to hire a controller. A controller can help automate processes so that your team can focus on more critical tasks within the business.

You’re concerned about compliance.

The CRA and other regulatory bodies may be top of your mind for many businesses. Staying compliant with taxes and regulations is mandatory for companies. However, if your regulatory and tax obligations keep you up at night, a financial controller can help you.

A controller can help file your taxes and other documents on time and accurately so that you always stay compliant with all financial regulations.

You are worried about the risk of fraud.

The best way to deal with fraud is to stop it before it starts. In addition, having preventative measures in place will reduce the risk of fraud and error.

A financial controller can manage the implementation and oversight of these preventative measures or controls, such as regular bank reconciliations and maintaining proper levels of approvals and access to bank accounts and ledgers.

Financial controllers can help review your business’s financial reports for fraud risks so you can sleep soundly at night.

How to hire a financial controller for your business?

A suitable financial controller can help you stay on top of your business’s financial needs, spot any potential issues, and capitalize on any opportunities your business may have.

If you’re experiencing any of these signs, it may be time to hire a financial controller.

Even if you aren’t looking for a full-time employee, hiring someone as an outsourced or part-time controller may still provide the assistance your company needs.

If you’re not sure how to hire a controller, there are a few things you can do. First, you can reach out to your network of contacts and see if anyone has a recommendation for a controller. You can also search online for controllers in your area. Finally, once you’ve found a few controllers, you can interview them to see if they fit your business well.

Contact ESS CPAs LLP in Burlington for Small Business and Accounting Advice

Our skilled accounting professionals can help you find ways to grow your small business. At ESS CPAs LLP in Burlington, our financial business experts can help you audit your internal controls or help you establish processes to protect your business. In addition, we can provide recommendations on structuring and streamlining your accounting function to work best for your business. To learn more about how ESS CPAs LLP can provide you with the best accounting expertise, contact us online or by telephone at 905-517-2297.