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When do you need a Controller for your business? That’s an epic question most business owners ask themselves as their business grows. As a business owner, managing finances is critical to the success of your business. When your business gets bigger, it becomes increasingly challenging to manage finances and make informed financial decisions. This is where a financial controller comes in.
If you’re wondering what this role is, please visit our guide that answers the question in detail on what is a financial controller. In the meantime, let’s talk about the perfect timing for hiring a financial controller for your business and the benefits of doing so.
When to Hire a Financial Controller
A financial controller is a senior-level executive responsible for managing a company’s financial affairs. Here are some signs that indicate it’s time to hire a financial controller:
You Have a Fast Growing Business
As mentioned, the more your business grows, the more complex it is to manage your finances. A financial controller can help you manage the growing complexity and ensure that your financial systems are in place to support continued growth.
You Need to Improve Financial Reporting
If you’re struggling to prepare accurate and timely financial statements, it’s time to hire a financial controller. A financial controller will ensure that your financial reporting is up-to-date, accurate, and compliant with accounting standards.
You’re Spending Too Much Time on Financial Management
As a business owner, your time is precious. If you’re spending too much time managing finances, it’s time to delegate these responsibilities to a financial controller. This will free up your time to focus on other aspects of your business.
You Need to Improve Cash Flow Management
Cash flow is critical to the success of any business. A financial controller can help you manage cash flow by forecasting cash needs, identifying opportunities to improve cash flow, and managing debt.
Benefits of Hiring a Financial Controller
Now that we’ve sorted out whether or not the time is right to hire a financial controller let’s take a look at exactly what kind of good these executives can do for your business.
Improved Financial Management
A financial controller will help you manage your finances more effectively. They will ensure that your financial reporting is accurate, compliant, and up-to-date. This will help you make informed financial decisions that are critical to the success of your business.
Increased Efficiency
A financial controller will streamline your financial processes and eliminate inefficiencies. This will save you time and money in the long run.
Reduced Risk
A financial controller will ensure that your financial processes are compliant with accounting standards and regulations. This will reduce the risk of errors, fraud, and non-compliance.
Strategic Financial Planning
A financial controller will also provide strategic financial planning that will help you achieve your business goals. They will help you identify opportunities for growth, manage cash flow, and make informed investment decisions.
How to Hire a Financial Controller
Now that we’ve covered the question “When do you need a Controller for your business?” we can move on to how to hire a Financial Controller. Hiring a Financial Controller starts with identifying what your business needs, such as managing cash flow, creating budgets, or improving financial reporting.
Look for candidates with experience in your industry and strong skills in accounting, leadership, and problem-solving. Posting on job boards, reaching out to recruiters, or asking for referrals can help you find qualified applicants.
During interviews, ask about their experience with tasks like financial forecasting, audits, and internal controls. It’s also important to assess whether their working style aligns with your company culture. Verify credentials and check references to ensure the candidate has a proven track record. If a full-time hire isn’t necessary, consider a part-time or outsourced Controller to meet your needs without adding overhead.
The right controller will help your business stay organized, compliant, and prepared for future growth.
Financial Controller Checklist
- Review the company’s financial statements to understand current performance.
- Establish month-end and year-end closing processes.
- Create or update budgets and financial forecasts.
- Develop cash flow management strategies to avoid shortages.
- Implement internal controls to prevent errors and fraud.
- Ensure compliance with tax laws and financial regulations.
- Coordinate with external auditors and prepare for audits.
- Improve financial reporting with clear, actionable insights for leadership.
- Monitor key metrics like profit margins, expenses, and cash flow.
- Build strong relationships with department heads to align financial goals.
Key Takeaways: When Do You Need a Controller for Your Business?
- A financial controller becomes essential when your business grows quickly, finances become more complex, or reporting needs improvement.
- Controllers help streamline financial processes, reduce risks, and ensure compliance with accounting regulations.
- They free up the owner’s time by managing daily financial tasks like cash flow, budgeting, and audits.
- Even small businesses benefit from hiring part-time controllers to improve financial management without high overhead costs.
- The right financial controller ensures your business stays organized, efficient, and prepared for long-term growth.
Frequently Asked Questions About When Do You Need a Controller for Your Business?
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Janine Smith is a Consulting CFO with TGG. She has a wealth of experience in accounting process development and management, supervising both TGG staff and client’s internal staff (banking, AR, AP, inventory management, payroll), and working with many different types of accounting software. She has worked with clients to develop KPIs that fit their current needs and coached them to support the goals of the business. One of her favorite tasks is budget development and using that as a tool to help organizations meet their goals.
