An outsourced construction industry controller is a professional financial expert who supports your current accounting team and company decision-makers. Many contractors find that hiring an external controller reduces costs while allowing your organization to improve accuracy and reporting compliance.
As an independent contractors, external controllers are not salaried or hourly employees and are not eligible for employee benefits, such as paid vacation and medical insurance. Along with lowering costs associated with workers’ compensation and payroll tax burdens, on-demand controllers only work when needed, allowing an organization to allocate financial resources more efficiently.
What Does An Outsourced Construction Controller Do?
While the responsibilities of controllers may vary depending on an organization’s size and structure, there are some common duties associated with this position. Most controllers support a company’s Chief Financial Officer and assume some or all of the following duties.
- Assists internal staff as needed, including providing training and skills updates as needed
- Analyzes accounts to identify ways to reduce operating costs and increase profit margins
- Develops computer applications according to standardized general accounting principles and financial management policies
- Leads the internal and external bookkeeping teams
- Maintains fixed asset records, periodic balance sheet statements, cash flow statements, operating statements, and spreadsheets
- Manages key logistics
- Oversees and/or maintains all accounts, ledgers, and reports, ensuring compliance with GAAP standards, and state and federal requirements
- Performs routine audits of General Ledger, Accounts Receivables, Accounts Payables, and other key metrics according to GAAP standards
- Provides accurate year-end reports promptly to the organization’s CPA, if applicable
- Secures essential resources within budget constraints, including equipment purchases, lease contracts, supplies, and hardware and software solutions
- Supports project managers with project planning, budgeting, fundraising, forecasting, and risk management
- Works with the payroll department to input and process accurate data to generate payroll checks, tax reports and annual W2s
What Are The Key Benefits Of Hiring An External Controller?
One of the most common reasons that a contractor or small-to-medium-sized construction company hires a professional, on-demand controller is that the organization does not need a full-time, year-round person to cover the workload. This could be because the company experiences seasonal demand, or because the company simply cannot afford to expand its current accounting department.
Here are a few other benefits of hiring an outsourced controller:
Outsourced controllers support growth
An on-demand controller can make the transition from a simple bookkeeping system that lets your firm track income and expenses into a financial management system that streamlines operations, improves your financial health, and drives growth.
On-demand controllers help contractors prepare for upcoming transactions
Some contractors have ample staff to cover normal operations but may need temporary help preparing for an upcoming merger or acquisition. An outsourced controller is also a valuable asset when preparing for a business loan, company sale or a new round of fundraising. Expert controllers have the skill and expertise to analyze all aspects of a company’s financial health and turn data into shareable information that informs transaction stakeholders.
Professional external controllers reduce onboarding costs
Maximizing every dollar invested in running a business is a key benefit of using a professional external controller. It is typically less expensive to hire a highly-qualified external controller than it is to recruit, train and retain a full-time, in-house employee with the same skills and experience.
Temporary accounting support team members ensure a perfect fit
Let’s face it, sometimes the best-qualified employee may not be the best one for the job. There are personality challenges, priority conflicts, and other differences that create a less-than-perfect work environment for full-time staff. If a temporary controller turns out to be a poor fit for your organization, you can ask for a replacement – without the expense or downtime associated with starting over from scratch.
How To Hire A Professional, Outsourced Construction Controller Today
Hiring an on-demand controller yourself comes with the same time-consuming, costly processes of posting job advertisements, reviewing piles of resumes, conducting interviews, training, and so on associated with hiring any employee. Organizations typically prefer to hire external team members through a well-established organization.
Daaxit eliminates all the hassles. Specializing in providing financial support team members with decades of experience in the construction field, we offer a proven method of matching our clients with our controllers that ensures growing contractors are well-positioned for growth.