Virtual Controller Services
If you’re like most small business owners, you’re ready to turn the page on 2020. As the common mentality goes, it's never too late to plan for the future. Having a small business takes commitment and thorough financial planning.
According to Prime Global, small businesses that undertake diligent financial planning are likely to grow 30% faster than their competitors. However, with business growth comes a need for more financial control and stability - the inundations of complex and ever changing business regulations and tax legislations can get overwhelming to keep track. Stephanie Parnell, founder of Foresight Accounting, offers helpful insights of when your business should consider a virtual controller and how her company can help provide transparent, vital solutions to take your business to the next level.
Hiring an in-house Controller can get costly when factoring in salaries and benefits that, in turn, cuts into your business’ bottom line and profitability. If your small business is undergoing this transition, perhaps investing in a virtual controller (typically a fraction of the cost of a full-time Controller) can alleviate accounting headaches and help your business continue growing. Here are eight key signs your business is ready for a virtual controller:
Your business has more than 5 employees.
You’re having trouble onboarding and/or retaining an effective Controller.
Your accounting team isn’t able to close books accurately and/or timely.
Your company is audited or preparing for its first audit.
You’re seeking resolutions to help with cash flow management and accounts receivables.
Your company undergoes complex transactions such as “deferred revenue” or there’s a need for accrual basis or GAAP financials.
Startup funding is sufficiently raised along with rapid business growth of $2+ million annual revenue (or burn rate).
Your business investors seek clear and transparent financial reporting.
At Foresight Accounting, personalized virtual controller services complement the services already being performed by your business - you pay only for the services you need. In addition, their virtual controllers:
Help your accounting staff expand their skill sets through timely, relevant, informative data and reports in an easy-to-consume format.
Efficiently close your books each month - ensuring that your financial transactions are accurately and efficiently managed and executed.
Streamline and automate your processes and systems for maximum results.
Analyze and apply current and historical financial data to guide your business to the next level.
Provide sound and transparent financial planning.
These virtual controller services offer a tremendous advantage and value for your business’ success - alleviating time constraints and potential accounting inefficiencies so you can keep your business moving in the right direction. If your business is ready for continued success, connect with Foresight Accounting to help you get there!
