Outsourced Controller Services: Scale Your Financial Operations

A controller is another term for a lead accountant. The main role of a controller is to oversee all the accounting and bookkeeping processes and activities and ensure the accuracy of money that’s moved both in and out of a company. Controllers also play a role in decision-making and financial forecasting and can guide budgeting.

Outsourced controller services represent more than just a cost-saving measure, but a strategic financial solution that can help serve as the foundation for your startup’s financial stability, business growth, and future success.

What Are Outsourced Controller Services?

As the name implies, outsourced controller services are when a startup works with an external partner for accounting tasks. When you outsource controller services with a trusted partner, the same tasks and internal controls that a professional would perform in-house are now being carried out by an external provider. Though these professionals operate outside of your startup, they perform the same high-quality work and can scale up or down as your startup requires.

How Do Outsourced Controller Services Work?

Think of a good outsourced financial controller as an extension of your business. It’s important to find the right fit and the right partner to meet your firm’s needs now and in the future. A good outsourced controller will support any external staff members and work with these teams regularly. Some of what you can expect from a controller services partnership include:

• Frequent communication with your startup. Most professionals have weekly or bi-weekly meetings to stay connected and coordinate tasks.
• When you work with Graphite Financial for your controller services, we’ll quickly integrate with your startup thanks to a robust onboarding process. We assign all of our partners with an onboarding manager to streamline the transition.
• Graphite’s services are flexible, and depending on your startup’s needs, they can scale up or down to different service tiers.

Responsibilities of an Outsourced Financial Controller

Outsourced controllers essentially perform the same duties as in-house controllers, like analyzing financial data and providing strategic planning, except they work as strategic partners. Here’s an overview of what you can expect when you partner with a financial controller:

• High-level, accurate financial reporting
• Financial statement preparation and reconciliation
• Strategic advisory roles, such as forecasting, budgeting, and strategic financial planning
• Compliance with all financial regulations
• Financial analysis to support your startup’s financial strategy and strategic decision-making
• Proactive financial oversight and cash flow forecasting to prevent and resolve problems

Benefits of Outsourced Controller Services

One of the biggest benefits of working with an outsourced controller is having a direct line to high-level expertise and support at a fraction of the cost of hiring a professional in-house. This can be especially impactful for growing startups that have limited resources and can’t justify the expense of bringing on a professional in-house. Graphite’s monthly pricing starts at $1,250, and the service can scale up as your startup’s financial needs grow.

Other benefits of working with an outsourced controller include:

• Improved financial reporting and a greater focus on core activities
• Improved risk management and compliance with financial regulations
• Better financial accuracy and reduced errors
• Better financial insight and improved decision-making for leadership
• Ability to adapt and scale as your startup’s needs change
• Insight on how to tell your startup’s story through financial data

Cost Comparison: In-House vs. Outsourced Controllers

One of the biggest benefits of working with an outsourced controller versus hiring one in-house is the cost savings associated with the move. Outsourced controllers still provide the high-level service you’d get from a good full-time employee, but they can represent significant overhead savings.

For example, the average controller salary ranges from $110,000 to $180,000 per year. Aside from this, your startup is also likely to provide benefits for this in-house employee, which also adds to your overhead. There are also onboarding and training costs that you need to consider.

Conversely, Graphite’s service packages start at $1,250 per month, which represents a small fraction of the cost of hiring someone in-house. Additionally, your startup won’t have to pay out benefits for an outsourced partner. This type of partnership can significantly save on full-time employment costs and ensure that your startup receives the same level of financial services that it would get from an internal employee.

When to Consider Outsourcing Controller Services

When should you consider working with an outsourced controller? Here’s a look at some of the common scenarios that indicate a need:

• When your startup is experiencing rapid growth
• When your startup needs to streamline or upgrade its financial processes
• When your startup’s finances become more complicated for your startup’s leadership to handle
• When there’s a desire to strengthen internal controls and compliance in your startup
• When you need assistance with cash flow forecasts

Industry-Specific Outsourced Controller Expertise

Another key benefit of outsourcing financial management is that your startup can often be paired with a professional with specific experience in your industry. Different industries have different business models and financial requirements, and controllers bring unique expertise to support startups and add value.

When you work with Graphite, we’ll ensure that we pair your startup with a controller with experience in your industry so our services can be as targeted and valuable as possible. Having specific industry knowledge helps improve the level of service we’re able to provide and can also improve financial leadership and management. Graphite controllers have experience in SaaS, eComm, healthcare, food and beverage, and agencies.

How Outsourced Controllers Improve Financial Management

Outsourced controllers provide financial expertise, cost savings and operational efficiency — all of which help enhance your startup’s overall financial management. This specialized knowledge can help support cash flow management, budgeting, compliance and process improvement.

Other ways outsourced controllers help improve financial management include:

• Providing real-time financial reporting
• Helping identify and resolve financial issues
• Streamlining financial processes
• Maintaining compliance and avoiding costly mistakes

Modern Technology & Compliance in Outsourced Controller Services

Graphite uses the best and latest technology with our controller services to ensure proper financial management and compliance for our partners. The right technology can help improve reporting accuracy and timeliness while integrating with existing programs.

How to Choose the Right Firm for Your Outsourced Controller Service Needs

So how do you select the right firm as your outsourced controller? Go through many of the same steps that you’d take to select any partner. Consider things like:

• Years of experience and level of expertise
• Experience in your particular market or industry
• Tools and technologies implemented to keep financial data safe and secure
• Communication preferences and regularity
• Types of financial software used
• Cultural fit and comfortability

Overcoming Challenges with Outsourced Controllers

Selecting the right controller can avoid many of the challenges that startups may face when working with an outsourced partner. Some of the challenges that many startups look to overcome with such partners include:

• Communication difficulties
• Inability to maintain confidentiality or avoid conflicts of interest
• Data security challenges

Aside from doing your due diligence in selecting the right partner, Graphite makes the transition to working with our firm seamless and easy by assigning an onboarding manager to every new partner. This helps with more than just integration; it also helps establish working parameters for the partnership to abide by.

Transform Your Financial Management with Graphite Financial

Outsourcing controller services can make sense in many situations, and there are plenty of benefits to doing so.

If you’re looking for an experienced, expert controller, consider working with Graphite for your financial needs. With tailored solutions designed to fit any startup and a commitment to the success and prosperity of our clients, Graphite can meet any of your service needs and help take your financial management to new heights. Contact us today for more information and to schedule a consultation.

FAQs

How secure is my financial data with an outsourced controller?

This is one of the questions you should ask prospective controllers when you’re searching for an external partner, as the security of your financial data will depend specifically on the measures that are implemented. At Graphite, we pride ourselves on keeping our partners’ financial data safe and secure through the use of industry-leading tools and technologies.

What’s the difference between an outsourced controller and a bookkeeper?

Outsourced controllers are mainly responsible for financial management and offering strategic guidance through budgeting and forecasting. Bookkeepers focus more on maintaining accurate financial records and work on more of the day-to-day financials.

How long does it take to transition to an outsourced controller?

When you work with Graphite, the transition is fast and seamless. We pair all of our partner clients with an onboarding manager to help streamline the transition so we can begin serving you faster.

Can an outsourced controller work with our existing accounting software?

In many cases, yes. While Graphite’s controllers will bring their own tools and programs to the table as part of our partnership, we’ll also work with any existing software to integrate it or transfer the data to our systems.

What if my startup has unique or complex financial needs?

That’s one of the biggest benefits of working with an outsourced controller. A professional partner can handle the unique financial needs facing your startup and ensure that even the most complicated matters are managed properly. When you work with Graphite, we’ll pair one of our controllers with your startup with experience in your industry of operation to add even more value to the partnership.

How often will we communicate with our outsourced controller?

You’ll communicate with your outsourced controller similar to how you’d communicate with any full-time, in-house professional. When hiring a full time outsourced controller through Graphite, you can rest assured that we schedule weekly or bi-weekly touchbases to ensure that our respective teams stay coordinated and all of your company’s financial needs are met. We’re also standing by at any time there’s a need and can meet more regularly as necessary.

What happens if our company grows substantially?

One of the best things about working with an outsourced partner is that services can adapt and evolve as your startup grows. While our service packages start at $1,250 per month, we also offer higher-tiered plans that your startup can flex into when and if needed. This continues to be a more cost-effective option compared to hiring additional in-house staff to meet growing needs.

How do outsourced controllers handle sensitive financial information?

A good outsourced controller strives to serve as an extension of your business’s financial health. A good partner works in a client’s best interests, including ensuring the right measures are in place to protect sensitive information. At Graphite, we adhere to strict security measures and ensure that all protocol is followed to keep sensitive financial information safe and secure.