In many small businesses, the owner handles bookkeeping, payroll, and other essential tasks. That might work for a while, but as a company grows, those duties can become too much for one person to manage.
As your small business took off, you might have hired one or more additional employees to handle financial matters. They might be struggling to keep up with increasing demands, or you might be concerned that they don’t have the skills and training that are necessary to keep pace with changes and do their jobs effectively.
How a Controller Can Help Your Small Business
A controller’s job description can include a wide range of responsibilities. The combination of tasks that a controller is responsible for depends on the needs of the specific business.
For instance, a controller can handle accounts payable and receivable, generate monthly financial reports, and oversee matters related to payroll, insurance, retirement plans, and other employee benefits. If you have several workers who handle specific financial matters, a controller can oversee them all and make sure that they work together as a team and everyone is on the same page.
A controller has the education and experience necessary to detect problems in their early stages and find solutions. If financial reports contain inconsistent or incorrect information, a controller can realize that something is off, investigate, and correct data so you will be able to make business decisions based on accurate information.
Your controller might spot trends before you do. For example, a controller might notice changes in expenses and profit margins and bring those matters to your attention. Based on that information, you might decide to adjust your budget, look for different suppliers with lower prices, launch a new product or service, or modify your business model to increase revenue.
If your business gets audited, a controller can provide documents that are requested and answer questions. Having one person who oversees and thoroughly understands all financial aspects of your business can make it easier to navigate the process.
Add a Controller to Your Team
Having a controller on your side can help you run your business more effectively and efficiently. A controller can free up time for you to focus on other matters, bring problems to your attention, and help you make strategic decisions.
The financial professionals at DOAAR can generate monthly reports, help you comply with tax laws, provide insights into your company’s financial health, and recommend ways to save money and increase profits. Contact us today to learn more about our services and to discuss how we can help your small business.