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Many startups may not need a controller during the early stages of business development. Besides, their budget may not allow for the hiring of one either. For boot-strapped businesses, it is usually the owners who work on finances to save on hiring costs. Eventually, however, only well-managed finances keep a business sustainable.
A controller, even on a part-time basis, is a good place to start for a fast-growing, ambitious business. They handle various responsibilities from preparation of financial statements, budgets and business plan, ensuring compliance and tax obligations to advising on acquisitions and mergers.
Here are five signs that your business needs a controller:
High Volume of Transactions
If your business is dealing with a high number of transactions, it’s a good idea to hire a controller, on a part-time or even consultation basis. This will streamline everyday bookkeeping functions, ensure AR and AP are well-managed, and may shelter the business from losing money.
Business Planning and Budgeting
As your startup grows, it needs a budget to streamline expenditures and investments. A controller can help prepare an effective budget and ensure better adherence, through judicious investment decisions. Controllers are well-equipped to advise businesses on financial trends and best practices. Moreover, they bring expertise in all aspects of business planning, helping startups optimize on existing as well as external resources.
Insurance and Risk Protection
If you’re considering insurance protection for your startup, getting a controller’s help in overseeing the policies can prove to be very useful. A controller helps manage risk protection for the business, since it is their job to protect the assets of the company.
Controllers can help develop strategies that allow startups to keep up with tax obligations. Apart from ensuring deadlines are not missed, controllers can help businesses plan for tax payment in a proactive manner. They help channel funds, evaluate and pursue overdue collections, and manage cash flow to ensure adequate funds are available at all times.
Imminent Business Growth
A controller can help your business establish the best financial practices and educate your staff on creating and maintaining records. As your business grows, a controller can support your business, keep pace with the expansion, and provide access to necessary tools and software.
At Analytix, our Controller and CFO services help your business thrive and grow. Let us help you with flexible, affordable, and strategic advice to ensure your business reaches its full potential.
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