What is an Outsourced Controller?

outsouced controller

By: Whitney Hodge

Published: November 16, 2020

Don’t Have a full-time CPA? Consider an Outsourced Controller

Finding a full-time in-house CPA that you trust with your business can be timely and expensive. Luckily there is an alternative option: an outsourced controller. These are certified accountants that belong to an external organization and provide all the same accounting functions that a full-time employee would at a fraction of the price. These are outsourced financial controllers, so your business is only paying for the work that needs completing instead of the full-time salary, benefits, and other costs of an in-house employee.

Is an outsourced controller different from an in-house CPA?

The short answer is no, but the longer answer is yes. An outsourced controller’s primary difference is that they offer more flexibility. They perform all the same tasks an in-house controller would, but only when you need them to. Outsourced controllers can do accounting, record-keeping, management of information technologies, payroll, accounts billable & accounts payable, and cash balances.

When to hire an outsourced controller

There are specific scenarios where it saves your company money and time to hire an external CPA. Consider the following:

Your books are a mess

Accounting books can become a mess due to a variety of factors. Maybe business expanded quickly, your in-house controller is on vacation or leave, or your company just never had the proper financial systems set up in the first place. Regardless of the reason, an outsourced controller is the best option to get your books on-track. They offer the right solutions to clean up the messy accounting and get your company back to business.

You’re undertaking a large merger or acquisition

Mergers and acquisitions are no easy task. They require clean books and organized accounting. Hiring an outsourced controller can provide additional help to your full-time controller or by themselves to handle the high work volume.

There’s not enough work for a full-time controller

If there’s not enough work to justify a full-time employee, that’s the best time to hire an outsourced controller. Paying only for the work you need conserves previous time and budgetary resources.

To assist an existing financial team

You may already have a financial team in place for your organization. However, large mergers or rapid growth may have slowed them down. Whenever there is a spike in the volume of work for your established financial team, an outsourced controller is a great option to handle the extra work and get your accounting back on track.

The benefits of an outsourced controller.

There are scenarios where it makes sense for your business to hire an outsourced controller, but there are also plenty of benefits when using them.

Don’t stress over the hiring process

The hiring process can eat up a lot of time for you and your company, and you aren’t always sure of what you are getting when you hire an applicant. Meanwhile, outsourced controllers are pre-vetted by the professional controller organization. These businesses are incredibly selective when it comes to their controllers and only want the best of the best. So, when you work with an outsourced controller organization, you know you are getting the expertise you need without scrolling through job boards, filtering through resumes, and spending weeks or months interviewing candidates.

It is often less expensive

A full-time employee is entitled to benefits, bonuses, salary, and raises. If there isn’t a high volume of accounting work in your firm, your ROI on a full-time employee is almost non-existent. An outsourced controller is a fraction of the cost. You only pay them for the work you need. Consider maximizing your ROI, and ask yourself if your business really needs a full-time CPA.

Stop single-point-of failure

When you hire one person to be in charge of a function or process, you are potentially setting up your cash flow and books to suffer when that person needs time off or unexpectedly quits, and the process stops dead in its tracks. By relying on outsourced financial controllers, there’s no abrupt stops, no unexpected bumps in the road, just consistent results.

Get access to the top industry accounting tools

When you hire an outsourced controller, you and your business also get access to the top tools and software in the industry. If you hire a full-time employee, you’ll pay for the software and tools they need to do their job, as well as the training and downtime that come along with the process.

Consider the possibilities with an outsourced controller

Your business can save money when choosing to invest in an outsourced controller over an in-house CPA. What can your business do with those savings? Buy new equipment? Pay off debt? Expand your operations?

Additionally, outsourced controllers offer the same quality work and are often more reliable and efficient than an in-house CPA. You’ll have peace of mind of knowing you don’t have to worry about vetting and hiring the right employee, and the assuredness that you are getting the consistent financial service your company needs.

Leave the financial work to the professionals. At Lloyd & Hodge, we specialize in CPA and Outsourced Controller services and stay ahead of the changes that affect your business when it comes to bookkeeping, tax management, payroll and budgeting.

Contact us today and learn how we can help save you time and money, and get back to doing what you do best – running your business.

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