Getting your business up and running won’t require you to implement complex accounting. As long as you’re recording debit and credit transactions correctly, you’ll likely get by for a while. However, as your company grows, you may discover that you need a financial controller. Wondering what they do and how they can benefit your business? We take a look at their responsibilities to help you decide.
What Does a Financial Controller Do?
A financial controller manages accounting and record-keeping while focusing on both detail and the broader financial goals of your business. They handle financial management reporting, insurance, as well as internal accounting procedures and policies. As your business expands, your controller might also take on more complex tasks, such as managing 401(k) transactions.
Optimize your financial operations with the following specialized expertise controller services.
1. Daily accounting and cash flow management
A financial controller ensures your accounts payable and receivable transactions are accurate, and that your cash flow meets specific parameters. This allows you to focus on other areas of your business while ensuring your finances are handled correctly.
2. Regular financial reporting and data insights
Having oversight of your finances is key to sustainability, but managing data effectively be time-consuming. A financial controller provides accurate and compliant reports, spotting potential issues before they escalate. This distinction is important when comparing a financial controller to a CFO, as their roles differ.
3. Creating accounting policies
While you might not need formal accounting policies at the start, they become essential as your business grows. A financial controller implements these policies in line with regulatory standards. It is their goal to ensure streamlined accounting processes, so you can focus on growth.
4. Accounting software implementation
Choosing and implementing the right accounting software is vital for your business. A financial controller can help you upgrade or integrate your systems to ensure data efficiency and reliability.
5. Tax preparation
A controller ensures accurate recordkeeping for tax and audit submissions. They also ensure timeous submissions, helping you optimize deductions and avoid penalties.
From policymaking to financial reporting, at Fusion CPA, we handle essential accounting tasks to help keep your business in financial alignment while you implement your growth strategy.
We increase the efficiency of your accounting processes and our expert oversight can significantly benefit your bottom line. Contact us to learn more about our services.
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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability regarding 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.