Why Your Business Should Outsource Controller Services
The four primary reasons companies are choosing to switch to outsourced controller services are confidentiality, turnover rate, single-point-of-failure, and cost. Outsourcing controller services can help consolidate tasks, increase efficiency and produce more accurate results for your business.
Employing a controller is expensive. Small to medium businesses will pay $75,000-$100,000 for a controller. A corporate company can pay upwards of $150,000 a year for their controller. If you have an in-house controller providing the desired results for your company, then you might not need to make any changes by outsourcing their duties. Just make sure it makes financial sense, and you have the right person in that seat.
Also, make sure you aren’t paying your full-time controller for part time controller work. You don’t want to pay a controller salary to do the bookkeeping, accounting, and controller duties. You will end up paying too much for the routine jobs they are performing.
If your company doesn’t have enough work for a full-time controller, outsourcing can be a solution. Outsourcing allows for as much or little work to get accomplished per your company needs.
Outsourcing controller services fees typically start at $2,000-$3,500 per month. The oversight provided and the improved reporting package delivered will usually be well worth the price. Fees are dependent on the needs and size of your business. At the end of the day, outsourcing will be cheaper than a full charge in-house controller for most businesses.