TenKey offers a wide-variety of finance management and bookkeeping services designed to help keep your business in the black and take it to the next level. Sometimes, this involves advanced accounting responsibilities that usually fall on a salaried Controller or CFO.
In other words, hiring TenKey as a part-time Controller or CFO can save a significant amount of time and money, while ensuring your finances are impeccable.
The Outsource Structure
Our economy is more complex than ever before. New businesses are using cutting-edge tactics to grow and succeed. Older industries are adapting to the changing times to ensure they stay afloat. All of this has led to what some financial experts call a “gig economy.”
The gig economy is largely propped up by independent contractors and outsourcing. The latter is often seen as a cost-effective way to improve or grow the bottom line. Many businesses, big and small, have realized how much they can truly save with part-time workers.
When it comes to Controller and CFO positions, our outsource structure is fairly simple. TenKey provides you access to accounting resources and services that fit your schedule and the size of your business.
What Does an Outsourced Controller Do?
Our outsourced Controller services will be tailored to suit the exact needs of your growing business. Often times, it’s leaders of small businesses and nonprofits that benefit most from hiring an outsourced Controller.
The role we take on as a Controller varies from business to business. The rules and responsibilities we set for your business are based on the services you provide. In general, however, we may perform any of the following duties:
Budgeting and forecasting
Projections and cash flow management
Bookkeeping and management of accounting processes
Inventory management and job cost analysis
Proper documentation of accounting (processes, operation manuals, etc.)
Monthly reports and relevant information
Tax preparation and audit-ready financials
Advice on making the proper adjustments
Strategy for potential scaling
An outsourced Controller can also play a supporting role underneath a salaried CFO to address things like cash flow problems, raising capital, and the implementation of new accounting systems and software.
In some instances, a part-time Controller can even handle oversight on all client accounts and carry out proactive account management.
Why Should You Use an Outsourced Controller for Your Business?
There are a number of reasons that leaders of small and medium-sized businesses are switching to outsourced bookkeeping, accounting, and controller services.
First and foremost, outsourcing is a cost-effective solution that is often cheaper than a salaried Controller.
Beyond that, outsourcing helps stressed, and overworked business owners focus on growing the business rather than tedious bookkeeping and accounting functions.
With over 20 years’ experience in corporate finance and accounting, hiring TenKey gives you access to a team with immense expertise. This is particularly important in finance and accounting. One wrong move or miscalculation can cost a business dearly. Working with TenKey can give you peace of mind knowing your business’s bookkeeping is in the hands of experienced professionals.
What Does an Outsourced CFO Do?
An outsourced CFO has similar responsibilities to that of a Controller. The difference between controller and CFO is primarily one of perspective. Controllers tend to deal with current financial compliance and recordkeeping.
A CFO is usually responsible for every financial aspect and how it all works together on an operational level. Most CFOs are concerned with growth strategy and future performance.
For bigger businesses, an outsourced CFO can help identify and manage a bookkeeper and Controller. The aim is to produce reliable data, providing insights on how we can help you achieve your monthly, quarterly, and overall goals.
Up-to-date financial data lets you know exactly where your business stands so you can make adjustments accordingly.
Unfortunately, many business owners may not know how to make the proper adjustments for growth. A CFO can serve as a much-needed coach or sounding board to make sure you take the right steps. That’s why you want a seasoned veteran in the role, someone with decades of experience.
However, seasoned and salaried CFO can prove to be quite expensive. Outsourced or part-time CFOs provide all of the services listed above for a fraction of the price. Hiring an outsourced CFO means your needs will be met with the lowest possible cost and the highest quality.
Until your business expands to a certain level, hiring an additional full-time employee, like a CFO, may not be the best answer to achieve growth.
As your needs fluctuate, our team will work with you to ensure your cash is deployed efficiently, and every opportunity is maximized. When it’s time to hire additional full-time employees, we’ll be the first ones to let you know.
How Much Money Will I Save By Outsourcing My Controller and CFO?
Most accounting firms will create a custom quote based on your specific needs. The spending range for an outsourced Controller or CFO varies, but you can easily save upwards of 60%. Money that would otherwise be spent on salary and employee benefits can now be put towards growth.
For example, a full-time CFO can cost anywhere from $200,000 to $350,000 (salary + benefits), depending on the size of the company. A full-service accounting and finance team can vary depending on experience and expertise. Let’s say they charge as much as $12,000 a month. That’s $144,000 a year, still far less than that of a salaried CFO.
The Importance of Having a Good Accounting Team Behind Your Business
Simply put, sloppy or inaccurate bookkeeping can cause many financial and logistical issues with your business. Even still, many new business owners tackle finances themselves because a W-2 employee seems too expensive.
Many new business owners also think bookkeeping is simply about maintaining records for taxes and staying above board, which couldn’t be further from the truth.
As we touched on earlier, a Controller or CFO can help you combat many potential problems, like interruptions in cash flow or messy books, while freeing up time to focus on more important issues.
An outsourced Controller or CFO can serve as a stepping stone until you grow to a place where hiring a full-time employee is necessary.
Contact TenKey Today!
Perhaps now more than ever, the right (or wrong) financial strategy can make or break your business. If you are frustrated with the current state of your business’s finances, we are here to help! To learn more about our Controller and CFO services, please call 971-220-6416, fill out our contact form, or email Hello@TenKeyLLC.com today!
