Managing business finances can be a challenging task for business owners, as it requires not only ensuring smooth business operations but also maintaining accurate recordkeeping in compliance with GAAP and IRS regulations. To achieve business growth, it is crucial to have up-to-date business numbers, which enable informed decision-making. Unfortunately, many business owners struggle to juggle these tasks, which can become overwhelming and put their businesses at risk of encountering issues with the IRS. Don’t let these challenges hold back your business growth – prioritize proper financial management to ensure compliance and informed decision-making. This is where NetSuite Controllers come in handy.
Understanding the role of a NetSuite controller
NetSuite is an ERP accounting software designed to help your business operate more efficiently as the software automates core accounting functions and processes to give you real-time insights into the financial position of your business. While the software offers sophisticated business management solutions that alleviate the admin of financial recordkeeping and aids your business to remain complaint, it still requires the oversight of a trained staffer who can interpret data and manage errors to avoid a mess in the accounting records of your business. The problem is that hiring a full-time NetSuite controller may seem too costly for your business, depending on the phase of growth you are in. This is where outsourced NetSuite controllers may bring great benefits to your business.
How a NetSuite controller fits into your team
A financial controller is typically responsible for the holistic accounting functions within a business. They handle accounting, bookkeeping, and financial reporting functions on your behalf. They can act as the go-between your finance division and senior management as they work to ensure the numerical picture of your business is accurate and compliant. You can tailor the services you require from a controller to suit the needs of your business.
Some of the key services performed by an outsourced NetSuite controller include:
Closing entries
Reviewing financial statements
Aiding with top-down budgeting
- Preparing financial reports
Ensuring accurate and timeous tax filing
Overseeing accruals and prepaid transactions
The benefits of an outsourced NetSuite controller
The services of a controller will help alleviate some of the financial challenges that may arise in your business as they are able to create smooth processes to ensure that your business remains compliant with local regulations and where necessary, multistate tax obligations.
We take a look at some of the benefits of partnering with an outsourced controller:
1. Get highly skilled expertise cost-effectively
An outsourced NetSuite controller stays abreast of industry regulations and can manage your finances effectively to take into account any regulatory changes, as they happen. While their expert skills may intimidate you into thinking they are expensive, partnering with an outsourced NetSuite controller may cost a lot less than having an in-house CPA as you only need to pay for the services you need as you need it, and you do not need to cover overheads and benefits that come with having a fulltime staffer in this capacity. Controllers could also save you money on a secondary level as they identify and implement cost-saving strategies to increase your profitability.
2. Get time to focus on operations
Trying to manage your business finances yourself is not only a time-consuming and stressful task, but it can also take you away from your core business operations. An outsourced Netsuite controller can alleviate you from getting stuck in the nitty gritty of the numbers and simply provide you with up-to-date holistic information to aid you to make informed decisions.
3. Use their skills to scale your business
As your business grows, your financial management needs will change, and one of the greatest benefits of an outsourced controller is their ability to be impartial when it comes to the numbers and what they might mean for your business. While they form part of your team, they are removed enough to make recommendations, that you as a business owner, may be too close to the business to be able to make on your own.
At Fusion CPA, we offer a host of outsourced accounting services. Whether it be accounting, bookkeeping, or controller services you need, we can help you decide which accounting roles and functions your business needs most. You can also outsource a combination of these functions to our accounting experts, who have years of experience and expertise across different industries.
Our NetSuite Outsourced Controllers are skilled at software integration and can offer your business the peace of mind it needs to run its accounting accurately and independently.
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This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.