Determining the precise accounting needs of your business is easier said than done, especially when you are unclear as to what would benefit your company. Do you need a bookkeeper, an accountant, a Controller, a CFO? Should you hire full-time, part-time, or on an as-needed basis? Sorting through what each position offers may help you better understand what would benefit your business would benefit.
A bookkeeper performs the internal, day-to-day accounting functions such as paying bills, making deposits, monitoring receivables and payables, performing bank reconciliations, and ensuring that accounting transactions are completely and accurately entered into the accounting software. This is a vital position in every business that should not be left to the unorganized and inexperienced individual.
An accountant is capable of performing bookkeeping duties, yet has the additional knowledge and experience to take the daily transactional data and verify and analyze this data into meaningful financial reports that small business owners can use to make sound business decisions as well as communicate business operations to key stakeholders. Accountants will have, at a minimum, a 4-year degree in accounting.
A controller essentially is an accountant responsible for supervising the quality of the accounting and financial information of a company, monitoring internal controls, assisting in preparation of operational budgets, performing essential duties of payroll, monitoring future legislation that impacts taxation and operations, recruiting, selecting, and training staff, and more. Controllers should preferably hold a 4-year degree in accounting and have a CPA license and managerial experience, even though a CPA license is not required.
A controller typically reports to the chief financial officer (CFO), although these two positions may be combined in smaller businesses. The CFO gets involved with financial planning, financial data analysis, and establishment of internal policies, procedures, and controls.
Keep in mind that cost is directly correlative to the increase in experience, qualifications, and responsibilities required of each position. Many small to medium sized businesses simply cannot afford to hire a full-time accountant and/or bookkeeper leaving them wondering what options do they have. Fortunately, the option to hire an outside bookkeeper, accountant, controller, and/or CFO is directly at your fingertips and can be found all in one place, namely CFO Your Way.
At CFO Your Way, we are a group of experienced professionals who can offer you a cost-effective solution that will meet the specific needs of your business. CFO Your Way enables your business to have a financial professional on your management team, at your fingertips without having them in your office.
Schedule a Complimentary Consultation to discuss your needs.