What is a Controller, and Do I Need One?

Have you heard the term Controller tossed around in business circles but aren't sure what it means? You’re not alone. We often talk to owners of growing businesses who need controllership services but don’t realize it because they don’t understand what the job entails. Let’s begin by defining the terminology. 

A controller is a position in a company that is responsible for managing all of the accounting, compliance, and reporting functions. Generally speaking, this is a tactical role. The controller is responsible for executing all of the financial and accounting decisions made by company leadership. In contrast, the role of the CFO is to act as the strategic leader for a company's financials. The CFO sets the rules and the controller ensures that the rules are followed.

Most small businesses don’t need, and many can't afford, an in-house Controller. Before you run out and hire a Controller for your company, be sure that you are prepared for that longtime financial investment. Hiring any full-time employees is a big commitment, as you well know. That’s why Fix-It Accounting is committed to offering service plans that enable you to have the services you need for a monthly fee. You get a team of accounting experts in your corner without the expense of salary and benefits.

But let’s get down to the heart of the matter. Do you need a controller? It depends on the revenue and complexity of your company. If your business is bringing in more than $500,000, it could be time for controllership services. Your in-house bookkeeper may be brilliant and talented, but that level of income requires an advanced level of experience and expertise. 

Your business may not yet be in the position to need controllership services today, and that’s ok. It's not wise to invest in services you're not prepared to afford. What’s most important is that you’re prepared to leap when the time comes. At Fix-It Accounting, we specialize in a range of services that help small businesses transition up, one step at a time, from simple accounting services to controllership services in the timing that works best for you. If you’re not feeling confident about making the next big transition in your company, you may not be getting the support and guidance you need from an experienced accounting firm.

For more information about our controllership services, or to learn more about how we serve companies in transition, contact our office today.