Why Does Your Company Require a Virtual Controller?

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By Shoni Priyanka

If you are also looking towards reducing the costs of maintaining and filing your financial statements for the year 2015, then you need to hire the professional expertise of a virtual controller and other allied service providers. Fully equipped to handle the entire gamut of processes connected with accounting, booking, taxation and other financial obligations, part-time financial controllers and virtual bookkeepers go a long way in efficient handling of cores functions of small and big organizations alike.

Hiring the services of a virtual controller can lead to a reduction of 30-50 percent of in-house bookkeeping costs. The position of in house finance and accounting executives, CFO and bookkeeping personnel can lock in valuable infrastructural and monetary resources-which can be utilized for other strategic areas and processes.

A finance controller helps in providing a bird’s -eye view of the various aspects of his client’s business and aids in financial analysis and forecasting of monetary issues on a monthly, quarterly and annual basis. The greatest advantage of hiring external finance professionals is that the client needs to pay only for services received and can safely avoid the burdens of full time salary, paid holidays, additional perks and bonuses.

Read on for some valuable insights into why virtual controllers prove to be a cheaper option for most business organizations.

• For a defined amount of money, an external virtual bookkeeping firm takes on the responsibility of doing all the hard and generic work for the client’s firm. From running background checks and taking care of invoices and bills to providing ongoing training to existing employees, giving access to their sophisticated computer systems and software infrastructural capabilities-reputed virtual account and bookkeeping controllers meet most needs and requirements of commercial, corporate and individual firms.

• The client need not invest in valuable accounting software or cloud-based bookkeeping software to run accounting applications and programmed software. Most controller firms are fully equipped with online computing programs and are powered by the top of the line technological support. Hiring their experience and expertise leads to considerable reduction in the budgets allocated for up gradation of accounting software, building up infrastructural support and providing training to the in house bookkeeping staff.

• As these professionals may be located in any corner of the world and conduct their operations from their own virtual setup; hiring their expertise does not require allocation of office space or other resources. This helps in cost cutting and proves to be cheaper than hiring the skills of local accountants on a temporary basis. Virtual finance controller firms and online accounting agencies are certainly making their presence felt in the contemporary business scenario-and in more ways than one.

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Peter DeSmidt, BA, MBA, PA

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