It’s hard to make good decisions with bad information.
Cleaner Books + Better Reporting = Empowered Executives!
Too often entrepreneurs think of accounting as an afterthought. That’s a huge mistake.
Not having a clear picture of your business, and whether you are on solid financial ground, is THE # 1 cause of sleepless nights! It’s like scuba diving in murky water and hoping you’re not surrounded by sharks. Wouldn’t you rather have a clear picture of where you are and what’s ahead. The only solution is solid accounting, starting with a real bookkeeper, and, ultimately, someone to serve as a controller.
Accurate, high-quality financial data doesn’t just help you make better business decisions, it is also essential to getting a loan or attracting investors or buyers. When your financials are a mess then the bankers and investors lose confidence and that leads to either a “no thanks” answer, a much smaller loan or a lower price for your business.
Outsourcing Accounting SAVES $ and improves the accounting function
If your business is between $2mm to $15mm you may not need a full-time person to do your bookkeeping or serve as your controller. The money you save can be spent on marketing, tradeshows, or salespeople to grow the business.
What is the difference between a Bookkeeper and a Controller? Do I need both?
A controller can do both bookkeeping and the controller functions, but a bookkeeper can’t do the controller’s job. A bookkeeper is the first step in building a solid accounting function. Bookkeepers do the day-to-day transactional work of accounting including invoicing customers, processing vendor invoices, posting collections & payments, processing payroll and frequently reconciling bank accounts. A Controller is a higher-level responsibility that maintains the integrity and control of the entire accounting function. They produce GAAP financials that your bank wants, prepare all the reporting for the management teamwork, taxing authorities, auditors and bankers. They also have the skills to make sure all accounts in the financials are supported by correct details and explain all unusual activity to you!
Review frequently asked questions about what fractional CFOs do.
What Outsourced Services does New Life CFO provide?
At New Life CFO, our Controller Services fit into two main categories:
- Bookkeeping / Transactional Services
- Outsourced Controller Services – monthly close and reporting
Either of these services can be performed for a fraction of the costs of hiring a full time bookkeeper.