There is really no substitute for a Controller, a professional who manages the financial lifeblood of your business. Often, in the early stages, the leaders of start-ups and small companies will manage their finances themselves. However, as their business grows and the finances become increasingly complex, these leaders have neither the time nor the expertise to manage it on their own.
Here are 5 signs it’s time to work with a Controller.
#1 – You spend too much time thinking about your company’s finances (when you could be thinking about your company).
You are a business leader, and your time is valuable. Every minute you spend thinking about your company’s day-to-day finances is a minute you could have spent on a different aspect of your business.
A Controller takes on the complex, time-consuming management of your business’ finances, so you can get back to focusing on your business.
#2 – The mistakes and missed opportunities are adding up.
Mistakes happen… but, when those mistakes are financial – like missed deadlines, miscalculated payroll, forgotten bills, and neglected tax-credit opportunities – they can be costly.
Avoid the fines, penalties, and lower credit rating that come with financial errors by teaming-up with a Controller.
#3 – You are growing out of the “start-up phase.”
As your business expands, your finances become increasingly complex. Everything – from payroll to major investments – requires more time and expertise to manage, and the margin for error becomes smaller and smaller. As you continue to scale, new opportunities will emerge, like lucrative tax credits, and you need someone who will identity those opportunities and act on them.
As your business grows beyond the initial start-up phase, a Controller will handle your increasingly complex finances and help guide you through this growth.
#4 – You are making major purchases/investments.
Small to mid-sized businesses frequently make new acquisitions and major purchases, like upgraded equipment. A Controller will help you navigate these milestone and incorporate them in your cash flow strategy.
#5 – You’re ready to streamline your operations for maximum profitability.
Your bottom line can always be better. For even the most well-organized businesses, there are always opportunities to streamline operations and maximize profitability. However, it often takes a financial professional to identify these opportunities and execute them.
A Controller will work with your CFO and other leaders to optimize your financial operations and work toward a better bottom line.
Interested in working with a Controller? (But not-so-interested in the high cost of hiring an in-house Controller?) At Klein Hall, we created a solution. Our expert Controllers work with your business to perform a full range of Controllership services backed by a trusted organization of financial leaders – without the prohibitive cost of hiring an in-house employee.