Many large companies have a position called a controller. This person pays the bills of the company and oversees many of the daily financial transactions including cash flow management. This can be very helpful for a large company because they have so many bills coming in and invoices going out that one person, or sometimes an entire department needs to be devoted to this issue.
For most small businesses, hiring one person responsible for just this job would not be cost effective. While it may feel like you are constantly paying bills and doing other day to day financial tasks like invoicing, it may not fill a person's 40 hour work week.
At Tax Pros CPA Advisors we recognize this and have a solution to this problem. With our Virtual Controller service we provide support for day-to-day accounting functions as well as invoicing and bill payment. We see this service as a way to provide full service accounting and controller services to
company so that you, the owner, can focus on running your business.
When you consider outsourcing a service like this it is important to understand which activities in your business produce income. Consider someone who charges by the hour, like a small handyman or contractor. When that business owner spends ten hours going through invoices, paying bills, and reconciling bank accounts he or she has missed out on $500-$1,000 in revenue depending on the fee they charge per hour.
In addition, a bookkeeper who does bill payment and other accounting tasks for a living will likely be more efficient than the business owner when it comes to this process. Whereas it would take a contractor ten hours do these tasks it might take an accountant six hours.
It is important to understand that as a business owner you should be compensated for owning the business. You shouldn't just buy yourself a job. By spending all of your time on day-to-day tasks, it can be hard to grow a business like a true investor would want to. Outsourcing your accounting duties is one more way that business owners can spend more time growing their business versus being a slave to it.
If you are interested in this service, please see the page on our website detailing this here. Or call our office at 701-492-9000.