Why Every Business Should Consider a Fractional Controller
Business finances grow complicated faster than many companies can afford to hire people to manage them. If that’s the position you’re in, partnering with a fractional financial controller could be your solution. Here’s what those are and why most businesses would benefit from bringing one on board.
What Is a Financial Controller?
A financial controller is a senior-level manager who oversees financial reporting and management across your organization. They organize workers, set up internal controls, and create financial policies and procedures for your company to follow.
All of these services are incredibly useful to a growing business. But it’s expensive to add a full-time financial controller to your team. That’s why you may want to consider a fractional controller instead. These are essentially part-time financial controllers that you can employ on an as-needed basis.
Benefits of Fractional Controllers
There are many benefits you can look forward to receiving after hiring a fractional controller. Here are three of the most important.
1. Affordable Access to Expertise
First, it’s important to note that fractional controllers still have the qualifications you would expect from a full-time controller. They have the degrees, certifications, and experience needed to excel in overseeing your company’s finances.
The key difference with a fractional controller is that you only have to pay for that expertise when you need it. You can bring in a senior-level expert during busy seasons, audits, or any other time when you need extra financial support. They’ll assist your business as if they were a full-time employee, then leave when you no longer need their guidance.
2. Savings on Salary
You can also save quite a bit on salary and benefits by using a fractional controller instead of hiring one. Many highly qualified controllers expect to earn well over six figures annually. That doesn’t include the cost of benefits you’d have to offer to attract the best talent.
Fractional controllers don’t require a salary or any benefits. You just pay their firm’s rate for as long as you need to do so. This makes it much easier to fit a financial controller into your company’s budget.
3. Flexibility and Scalability
Fractional controllers are also more flexible and scalable than full-time hires. You can use them as much or as little as your business needs dictate. You won’t have to worry about being locked into long-term contracts and potentially paying for services you no longer need.
This can be very helpful for a growing business. Smaller companies can get the support they need now, and then expand quickly or gradually as growth dictates. It leaves you, the business owner, with significantly more room to pivot as the business landscape changes.
Is a Fractional Controller Right for Your Company?
Most small and mid-sized companies can benefit from hiring a fractional controller. These financial experts can help your company overcome financial obstacles, chart a course toward growth, and teach your employees how to manage finances more effectively on their own in the future.
So why wait? Take the first step and learn what a fractional controller can do for your company. The experts at CFO Hub are ready to get you started.
Contact us for a free consultation today.