By Lisa Khayyat
If you want to stay on top of your finances, but do not want to hire a full time controller – why not consider a “Virtual Controller”? A virtual controller performs most, if not all, of their services online. They can provide basic services to more advanced services. Services are negotiated up front depending upon the client organizations specific requirements.
A Virtual Controller can provide management valuable financial oversight, advice and customized financial reports that provide real value to their businesses decision making. Business owners can focus their attention on growing their businesses and achieving their operational objectives.
Here are some of the ways that a Virtual Controller can assist your business:
1. Guide you through the start up process and assist in getting your accounting system set up correctly.
2. Train your bookkeeper or other assistant in the proper accounting procedures for your particular business.
3. Work with your bookkeeper on a monthly basis to ensure that transactions are recorded correctly and records are kept up to date. (The virtual controller Is also available to assist the bookkeeper if problems should arise.)
4. Offer guidance in the budget planning process and provide guidance on budget-to-actual analysis.
5. Discuss project or department profitability on a monthly or quarterly basis.
6. Prepare fixed asset depreciation schedules on all equipment and keep the list current with new purchases.
7. Teleconferences scheduled monthly or quarterly with management to discuss results of operation as well as other business decision making issues as necessary.
8. Provide tax planning strategies to business owners.
9. Individual & Business Income tax preparation.
10. Documentation of Policies & Procedures.
11. Assist with the acquisition of a business. (due diligence)
12. Assist in exit planning or the sale of a business.
The move to virtual services has become more accepted in the business world over the past few years. And for a fraction of the cost of a full time employee, a small business can have the Controller function filled by an experienced professional.
Article Source: http://EzineArticles.com/3309902
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Peter DeSmidt, BA, MBA, PA