Utilizing Outside Controllership & CFO Advisory Services
Accounting departments in successful businesses are always bursting at the seams with special projects, audit preparations, financial statement preparations for bank financing, cash flowing projections, etc. The top people responsible for financial reporting and the financial management of an organization are typically the controller and/or the CFO. These professionals are responsible for the finance staff, routine finance activities, special projects and the overall direction of the finance department. When a business is growing, the list of responsibilities and projects can become unmanageable. If an organization relies on inaccurate or incomplete financial information to make business decisions, the risks of sub-optimal outcomes and overall inefficiencies increase in likelihood.
Specific project, specialized knowledge
Often, a highly trained and experienced professional accountant is required for a short period of time (year end audit) or a specific project such as performing a detailed cost/benefit analysis. Due to the short-term nature and/or the specialized knowledge requirement of certain tasks, companies are reluctant to add a highly trained professional accountant to the payroll. This is the perfect scenario to seek controllership/CFO services from an outside professional accounting firm.
Cut costs, increase flexibility
By seeking the advice and assistance of an outside professional service rather than hired staff, a business can cut costs, increase flexibility and add to the financial expertise of an existing accounting department. An outsider also often brings new insights and perspectives to an existing team due to the outsider’s exposure to many different industries and companies. An outsider also brings knowledge and expertise from professionals within their own network of bankers, insurance brokers and other finance specialists to the tasks at hand.
Most importantly, by employing the services of a highly trained outsider, an accounting department can provide valuable financial information faster and streamline internal decision making processes more effectively – all without adding to the payroll.