At some point, a small business may face the decision of whether to hire a Controller or Financial Controller. The timing of this will vary widely among businesses depending on their size, projected future growth, current staffing, and organization of the firm’s accounting function.
Hiring a Controller will also depend on what the business owner or management expects from this position and what they can afford to pay for that position. Financial Controllers often take on similar responsibilities as Chief Financial Officer.
What Is a Financial Controller?
A full-time Controller can expect to command close to or in excess of a six-figure income, not including benefits and payroll taxes. Obviously, the more duties expected of the Controller, the more a firm will have to pay. Chief Financial Officers are even more expensive.
You can learn more about when your business should hire a controller and the primary functions of this role in a business.
Controller Financial Services
John W. Reddall, CPA, LLC can provide many of the duties of a Controller at a fraction of the cost of hiring one. We do not take on a management role within your company, but we can perform the following duties, tailored to a company’s needs, for a flat monthly fee:
- Setup or evaluate the books and accounting procedures of the company including a tailored chart of accounts
- Clean up books that have fallen behind or are in disarray due to poor accounting procedures
- Make recommendations regarding and implement accordingly, with the approval of company management, any improvements to the accounting system and system of internal controls
- Accounting manuals
- Provide a tailored list of bookkeeping and accounting functions ranging from day to day transaction processing to monthly financial reporting including:
- Accounts receivable
- Accounts payable
- Job or process costing
- Identification and design of internal management reports that will help in management’s decision making including:
- Profitability by service, product, location, etc.
- Cost control and analysis
- Financial modeling
- Business planning
- Budgeting and variance analysis
- Cash flow management
- Strategic planning
- Asset acquisition planning
- Inventory management
- Financial analysis
- Technology planning
- Income tax planning (legally minimizing taxes)
- Income tax preparation
- Representation before state and federal tax agencies
- Coordination with outside auditors