For many small businesses, hiring a full-time accounting expert falls outside the available budget. Business owners either end up hiring a less-experienced bookkeeper or junior accountant to set up financial processes or sometimes decide to handle the books themselves. As a result, many business owners fail to establish proper bookkeeping and accounting systems and utilize the right accounting software for their companies. A collaborative controller provides affordable accounting and financial solutions to small businesses as needed. Using a collaborative controller can improve the financial structure of small businesses in three major ways.
1. Establish Systems
A company’s financial processes are its foundation. One of the toughest challenges small business owners face on their own is establishing core bookkeeping and accounting systems. Deciding what type of accounting method a company must use, cash or accrual, and how to structure basic accounts to keep the books well organized can be a daunting task for someone who is untrained or unexperienced. Every company has a different financial structure and requires different bookkeeping processes.
By working with a collaborative controller a business owner can establish efficient bookkeeping and accounting systems to ensure financial compliance and accuracy. A collaborative controller will examine a company’s existing bookkeeping processes and assess whether or not those systems work to the company’s advantage. Through utilizing a collaborative controller, business owners can obtain sound advice regarding accounting systems and establish a streamlined system, which can save time and the company’s money by avoiding costly errors and oversights.
2. Safeguard Systems
A company which lacks an established bookkeeping and accounting process puts its finances at risk. By collaborating with a controller to establish sound financial processes, business owners can safeguard their company against undetected errors or fraudulent activity. A secure financial process has a transparency which allows for checks and balances between accounts and operations.
Working with am advisory collaborative controller, a business owner can learn how to establish these protective measures and implement them independently in the future. Seeking an expert’s advice early on will save your company in the long run by protecting its financial security.
3. Software Assistance
No small business which has an in-house bookkeeping and accounting department should be without the proper accounting software. Unfamiliar with accounting software or technology, many small business owners and bookkeepers shy away from using software. Good accounting software, however, prevents human mathematical errors and oversights, saves time, can provide useful insights into your company’s finances, and does not cost a fortune.
A collaborative controller can be employed to advise small business owners in selecting the best software for their business activities and can help them learn how to use it. When it comes to accounting software, there are numerous companies, products, and features to choose from. Familiar with the best software and most affordable solutions, a collaborative controller will help you select the right package for your company, ensuring you only put money into features your business can use. A collaborative controller will also advise you in using business intelligence platforms which can provide valuable financial planning, risk, and opportunity assessment.
A financial controller is integral to establishing sound financial systems for your company. Using the services available through collaborative controllers will save business owners both time and valuable resources. If you are interested in learning more about developing accounting and bookkeeping processes for your small business, take a look at this simple guide.