![Controller Services: Is Your Business Ready to Recruit One? ](https://forteinnovations.com/images/blog_images/Controller-Services-1-full-blog.jpg) # Controller Services: Is Your Business Ready to Recruit One? Ronny Ko [Finance & Funding](https://forteinnovations.com/blog/finance-funding.html) 19 December 2022 Hits: 4236 - [ ](https://www.linkedin.com/shareArticle?mini=true&url=https://forteinnovations.com/blog/finance-funding/controller-services-is-your-business-ready-to-recruit-one.html "LinkedIn") - [ ](https://twitter.com/share?url=https://forteinnovations.com/blog/finance-funding/controller-services-is-your-business-ready-to-recruit-one.html&text=Controller%20Services:%20Is%20Your%20Business%20Ready%20to%20Recruit%20One?%20 "X (formerly Twitter)") Controller services, the accounting department is the eyes and ears of the company. You are asking "What does a controller do?". In this article, you will learn the key functions of this role. Why you shouldn't confuse it with a CFO or a bookkeeper. The saying goes “I’m feeling like I’m flying blind”. Personnel with less qualification and experience could lead to: - tax oversights - compliance, and - poor financial outcomes Having a fractional controller to extend and to enhance the work done by bookkeepers. Many small and mid-sized businesses don’t have the budget to hire a full-time controller. Yet, you [need a controller](https://www.driveninsights.com/small-business-finance-blog/controller-vs-cfo-which-does-my-business-need)! It is possible to get the higher-level skills and experience – on demand and when you need them. That’s by hiring a [fractional controllerfractional controller](https://forteinnovations.com/index.php?Itemid=161) (also known as a part-time controller) on a part-time basis. ## What does a fractional (part-time) controller services do? As your business grows and scales, the complexity of the [bookkeeping](https://forteinnovations.com/index.php?Itemid=112) also grows. Having a part-time (fractional) controller can find insights in your financial information. A part-time controller is a very cost-effective way to manage your growing business. When you're larger, you can hire a full staff controller. The fractional controller can work with you on a • single project, • an on-going contract, or • as a single or part of an outsourced accounting package. ## Fractional Controller vs. Bookkeeper vs. Fractional CFO ### Fractional Controller vs. Bookkeeper There are differences between a bookkeeper and an accountant. A bookkeeper's strength is in processing information and keeping them organized. Handling the computerized accounting system. They also do monthly reconciliations. A fractional controller is different from a bookkeeper. A controller focus on business accounting functions. Tying them to match financial to operational performance. A controller helps and supports business leaders with forward thinking ideas. Ideas backed up by financial proofs along with pros and cons. ### Fractional Controller vs. Fractional CFO A CFO (Chief Financial Officer) and a Controller are different roles. CFOs play a key role in accounting by being more focused on business strategy, being tactical. CFOs bring a wealth of experience and contacts to projects. If your business has a strong fractional controller, you often won’t need a fractional CFO. ## Is your business ready for outsourced controller services? Businesses with annual revenues between $500K to $1M should consider hiring a fractional controller. The fractional controller assist complex bookkeeping transactions to preparing and interpreting financial reports. If the company gets to $10M in revenues, having controller services is a must-have. That's to ensure internal controls, maintaining, overseeing of the monthly books closing process. Besides, a fractional controller can help in targeting growth opportunities. It's true in growth companies where there are mountains of opportunities. A controller can help assess: - The financial viability of the market or growth opportunity - The ROI (return on investment) - Estimate the timeframe on ROI - Project if there’s enough cashflows to start the project A controller can help you take a confident step forward back by numbers. It can also instill confidence to banks and debtors and investors. ### **Sources:** - [Is Your Business Ready For A Fractional CFO?](https://www.forbes.com/sites/melissahouston/2021/09/21/is-your-business-ready-for-a-fractional-cfo/) - [What Does a Controller Do and Should You Hire One?](https://signatureanalytics.com/blog/what-does-a-controller-do-and-should-you-hire-one/) - [Controller vs. CFO: Which does your business need?](https://www.driveninsights.com/small-business-finance-blog/controller-vs-cfo-which-does-my-business-need) ### The benefits of working with a fractional controller These includes: - Ensure that your statutory remittances to the - CRA - WCB/Worksafe/OSHA - Provincial, state and city are current and up-to-date - Communicating on your behalf in the event of an inquiry Controller also help by - **Quarterbacking year-end and to ensure that it’s a breeze** - A fractional controller will be valuable resource for year-end accountants and in-house bookkeepers. - **Meet debt covenants** - Early warning system. Anticipating and communicating in advance when things don’t go according to plan. - **Leverage experience in decision making** - Ensure the financials are accurate. It allows the fractional controller to provide better insights. Enable even better decision making. - **Effective cashflow planning** - Cashflows is the lifeblood of any business. A fractional controller can expect “dry and wet seasons” of cash. The number one reason [many businesses fail](https://www.investopedia.com/articles/personal-finance/120815/4-most-common-reasons-small-business-fails.asp) is because they run out of cash. Next, is failure to find product-market-fit. With the help of a fractional controller, you will understand your financial data -- in good times and bad. [Contact us today](https://forteinnovations.com/index.php?Itemid=115) to find out how you can take advantage of Forte Innovations’ flexible fractional controller services. We can help navigate your growth challenges! ![Ronny Ko](https://www.gravatar.com/avatar/05e43b294d47405eb6fbb5267f3f145e?s=64&d=identicon&r=PG) ##### Ronny Ko ### Related Articles [ ![CFO vs Controller: What's the Difference?](https://forteinnovations.com/images/blog_images/cfo-1-full.jpg) ](https://forteinnovations.com/blog/finance-funding/controller-vs-cfo-what-makes-them-different.html)#### [ Controller vs. CFO: What Makes them Different? ](https://forteinnovations.com/blog/finance-funding/controller-vs-cfo-what-makes-them-different.html) Ronny Ko 19 December 2022 [ ![Four of the Most Basic Financial Statements (and Why They are Important)](https://forteinnovations.com/images/blog_images/financial-statements-full-1_large-2.jpg) ](https://forteinnovations.com/blog/finance-funding/four-of-the-most-basic-financial-statements-and-why-they-are-important.html)#### [ Four of the Most Basic Financial Statements (and Why They are Important) ](https://forteinnovations.com/blog/finance-funding/four-of-the-most-basic-financial-statements-and-why-they-are-important.html) Ronny Ko 19 December 2022 [ ![What's the difference between bookkeeper and accountant?](https://forteinnovations.com/images/blog_images/bookkeeing-vs-accounting-differences-1-full.jpg) ](https://forteinnovations.com/blog/finance-funding/whats-the-difference-between-bookkeeper-and-accountant.html)#### [ What's the Difference Between Bookkeeper and Accountant? ](https://forteinnovations.com/blog/finance-funding/whats-the-difference-between-bookkeeper-and-accountant.html) Ronny Ko 19 December 2022