Do you have the right books but don’t know if your business is healthy? Financial Controller Services fill that void. A controller converts raw transactions into reports that you can trust. Thereby, you base your decisions on facts, not guesses. Many owners are too late to obtain this assistance. Titan Tax Solutions can assist clients with the addition of this type of control without the guesswork. This guide is designed to provide a simple explanation of what the role entails. You’ll also notice the signals that indicate when it’s right. Read on and then call our team for a booking!

Core Duties of a Controller

The accuracy of financial records is a controller’s responsibility. That’s where business financial management begins. The controller checks your books, corrects any mistakes, and ends each month on time. You are then provided with reports detailing where your money is going.

Core duties include:

• Monthly close and account reconciliations 
• Financial statements and cash flow reports
• Attendance logs and health logs
• To safeguard against errors and fraud:
• Tax filing and audit support is provided. Tax filing and audit services are offered.

Controller vs. Bookkeeper vs. CFO

Each role is designed to respond to a different question. What did you do now? A controller inquires, “Is it right, and what does a financial controller do? A CFO asks, “Where to go next? It’s common for most small businesses to begin with a bookkeeper. As things get more complicated, many then throw in a controller. A CFO arrives later, sometimes in a part-time capacity. This is where our fractional CFO services come in.

Seven Signs Your Business Needs a Controller

Looking for when to hire a controller? Look for these 7 signs:

• Late books and/or lots of mistakes in the books.
• You are unable to answer basic cash flow questions in your reports.
• You should supervise your bookkeeper.
• A bank, investor, or a buyer desires clean financial statements.
• Additional growth points, new locations, or new entities increase complexity.
• Tax season has its surprises.
• You make major decisions based on the experience in your gut.

One or two should be worth consideration! When you see multiple signs, it means it’s time to spend your real money. Of course, revenue is also a factor, and many companies start adding in the controller once sales become mid-six figures. But it’s not just about the size; it’s about the complexity.

What Changes Once You Have a Controller

Financial Controller Services transform raw numbers into clear answers. You finish reading your books quicker. You receive your reports when they are supposed to be received. Identify cash flow issues early on so they don’t get the better of you. Lenders and buyers believe clean and consistent statements. Your group chooses one set of numbers to work with. Tax season is less hectic because your records remain up-to-date throughout the year. You can also detect errors early when there are low costs of fixing them.

A Quick Example

Imagine that you are a small contractor that has 3 crews. Each quarter, sales increase. However, money never seems to be available when needed, and employment expenses always end up late. Each job is reviewed by a controller to compare costs and revenue, and he or she indicates which jobs are profitable. The owner prices bids with real data in a few months.

Full-Time or Outsourced?

Not all businesses require a full-time person in this position. A full-time controller will add the salary, benefits, and payroll taxes. Get the same experience without the monthly price tag by outsourcing! This is a popular option for many small businesses, and it’s a pay-as-you-go solution. A combination of these is also acceptable; a bookkeeper would be on staff.

What to Look for in a Controller Provider

Check for experience, transparent rates, and accessibility throughout the year. Ask them what they do for month-end deadlines and accounting software. When calling, ask who is answering. Select a team that will communicate numbers in simple, everyday language.

How Titan Tax Solutions Helps

Titan Tax Solutions has over 30 years of experience serving every client. Transparent pricing, quick delivery, and a satisfaction guarantee. Our controller services for small businesses provide dependable monitoring and accurate reporting. They are accompanied by complete accounting, tax planning, and tax preparation services.

Where We Serve

We serve clients out of these offices:

• Beverly Hills, California
• Troy, Michigan
• Cincinnati, Ohio
• Indianapolis, Indiana
• St. Petersburg, Florida

Ongoing, we also work with clients across the country. Our certified professionals are familiar with IRS rules and laws that change over time. Local support for local owners. The care received by remote clients is the same as that obtained by clients on site.

Take the Next Step With Confidence

Financial Controller Services provide you with precise books, lucid reports, and peace of mind. Read the seven signs again and tally the number of signs that apply to you. At Titan Tax Solutions, we can advise you on the amount of assistance that is appropriate. Then, we construct a plan that is based on your budget and goals. The information provided in this post is general and not financial advice.

Explore our Facebook for practical tips on financial controller services, accurate reporting, and smarter financial management for small businesses.

Frequently Asked Questions

1. What is the job of a financial controller?

A controller looks at your books, completes a monthly close, and prepares your financials. They also handle budgets, improve internal controls, and aid in tax filing.

2. What’s the difference between a controller and a CFO?

The controller is an individual who reviews and maintains accurate records and reports. A CFO is devoted to strategy, planning, and growth. A lot of small businesses employ a controller as a first hire and hire a part-time CFO after.

3. When is a small business controller required?

Watch out for late books, unclear cash flow, and lender requests for financial statements. The need for added complexity and growth. When you see a combination of a couple of signs, it’s time.

4. Can a controller be a bookkeeper?

No. A bookkeeper keeps track of the daily transactions. A controller oversees that work, records the books, and creates reports. The two roles complement each other.

5. Is it possible to have part-time controller services for a small business?

Yes. A lot of small companies rely on outsourced support and pay a fixed amount of money per month. You are charged for the hours and tasks you use. It can be used much more cheaply than recruiting a full-time employee.

Talk to Our Experts Today

Looking for assistance in determining where your business fits in? Please give Titan Tax Solutions a call at (248) 524-5240 or schedule an appointment today. Let’s determine the correct monetary assistance for your business.