What is an Outsourced or Fractional Controller
An outsourced controller is a third-party professional or firm responsible for managing financial operations, accounting, and reporting for a business. They handle tasks such as budgeting, financial analysis, tax compliance, payroll, bookkeeping, bill pay and overseeing accounting processes. Outsourcing this role allows businesses to access expert services without hiring a full-time employee.
The Difference Between an Outsourced Controller and Fractional CFO
A fractional CFO and a fractional controller both offer financial leadership, but they have distinct roles. A fractional CFO focuses on strategic planning and high-level decision-making. They help guide the company’s financial direction, forecasting, and fundraising. They also work closely with the CEO and other executives to shape business growth.
On the other hand, a fractional controller manages day-to-day financial operations. They ensure the accuracy of financial reporting, oversee accounting functions, and ensure compliance with regulations. A controller’s work is more focused on maintaining financial records and ensuring operational efficiency.
The Fractional CFO
A fractional CFO is often seen as a business partner. They analyze financial data to offer strategic insights. They help the company with long-term financial planning and risk management. A fractional CFO also plays a key role in preparing for audits and external financial reviews.
The Fractional Controller
In contrast, a fractional controller’s role is more hands-on. They are responsible for creating financial statements, managing cash flow, and ensuring that all financial transactions are properly recorded. They also manage the accounting team and ensure that internal controls are in place to prevent errors or fraud.
The Big Picture Vs. The Small Details
While both roles are vital, their focuses are different. A fractional CFO looks at the bigger picture, while a fractional controller focuses on the details of financial operations. The CFO guides growth and strategic planning, while the controller ensures financial accuracy and integrity.
In smaller companies, these roles might overlap. A fractional CFO may take on some controller tasks, and a controller might offer strategic input. However, in larger companies, these positions are clearly defined to ensure a balance between strategy and execution.
Schultz & Associates Outsourced Controller Services
Outsourced Controller services provide businesses with comprehensive financial management solutions, tailored to meet their specific needs while improving efficiency and reducing overhead costs. These services typically include bill payment, bookkeeping, monthly accounting, financial statement preparation, payroll processing, and budgeting.
Our Fractional Controller Services
Bill Pay: Our outsourced Controller service ensures timely payment of vendor invoices, maintaining positive vendor relationships and preventing late fees. With proper tracking and organization, we manage your payables and ensure no payments are missed.
Bookkeeping: Accurate and up-to-date bookkeeping is vital for understanding your financial position. Our service includes managing daily transactions, categorizing expenses and income, and ensuring proper records for future reference or audits. This leads to a clean and organized general ledger. We like to use QuickBooks Online. That way, you have real-time access to your accounting
Tax Preparation: Because our firm also has a tax department, we can prepare your annual business tax return. We can file multi state returns as well.
Monthly Accounting: Monthly accounting ensures that your financial records are up-to-date and accurate at all times. We perform reconciliations for bank accounts, credit cards, and other financial records, guaranteeing that your books are always in order. Our accounting services also help identify potential issues early, providing insight for better decision-making.
Monthly Financial Statements: Understanding the financial health of your business is essential. Our team prepares monthly financial statements, such as balance sheets, profit & loss statements, and cash flow reports, offering a clear snapshot of your business’s performance. These statements assist in tracking progress, making strategic decisions, and providing transparency to stakeholders.
Budgets: We work with you to create realistic budgets based on historical data and future projections. Our budgeting services provide a roadmap for your business’s financial goals, helping you manage cash flow, reduce unnecessary expenses, and prioritize spending.
By outsourcing these critical functions, you can focus on growing your business while we manage your financial health efficiently and accurately.
Payroll Processing: Payroll is a complex and critical function, and our outsourced Controller service streamlines the process. We ensure that your employees are paid accurately and on time, while also handling payroll taxes and compliance with regulations. This eliminates the risk of costly errors and fines.
Fees for Controller Services
While hiring a full time may run upwards of $100,000 per year, our outsourced Controller services are billed monthly basis at a rate of $1,250 without payroll, and $1,400 with real-time payroll processing.
Jill Kehn, CPA is Ready to Help with Your Business Accounting & Tax Needs
Jill Kehn, CPA is ready to assist you with your business accounting and tax needs. Please click
here to see her bio.
You can reach Jill either by phone (734) 354-2380 ext. 103 or by email at jkehn@schultz-cpa.com.