Benefits Of An Outsourced Controller
As a forward-facing construction company, you may be thinking about preparing for business growth. However, you may also be looking to resolve current financial disorganization or other issues within your company before moving forward. To accomplish this, consider hiring an expert to organize financial information, solve financial problems, and support critical financial decisions. Employing an outsourced CFO controller may be the perfect addition to your company team.
If you do not have the budget to take on a full-time controller, an outsourced CFO controller may be an excellent choice. In general, we will perform specialized executive-level tasks related to financial accounts and records. You can hire us for full-time or part-time help on a sliding scale, giving you flexibility and reassurance. On the other hand, a full-time in-house controller requires a full-time salary, benefits, and overhead costs such as office space and equipment.
What an Experienced Outsourced CFO Controller Brings to the Table
It is vital to hire an outsourced CFO controller specializing in organizing and interpreting financial data relevant to the construction industry. The most valuable tasks that they perform are:
- Keeping Up-To-Date Financial Books: An outsourced CFO controller is an expert at accounting and bookkeeping. We will put financial systems into place that keep your ledgers, books, and accounts clear, organized, and up to date. In this way, your financial books will not only be easy to manage, but they will also be easy to access and interpret. In a rapidly changing industry, it is crucial to have financial books ready to go. Significant financial reports are made off of these reports, which turn into game-changing maneuvers.
- Providing Clear Financial Reporting: In addition to keeping organized books, the construction industry CFO prepares reports that provide important financial information to support decision-making. Our consultants have a keen eye for the relevant information needed to make informed financial decisions. Our outsourced CFO controller will pull and organize data required to make decisions involving investments, expenses, debt, losses, and other costs. We can also provide advice on cutting costs and maximizing profit without compromising jobsite safety or building quality.
- Supporting Financial Plans: Your construction industry CFO will interpret collected financial information to assess the status of your company. Further, we’ll take data from the industry and relevant adjacent sectors to evaluate your company’s health. From there, we work with other departments to budget, forecast, and assess long-term financial needs. A fractional controller can also provide key insights suggested by the data. If your company needs to fix its current financial status before moving forward, you can count on us for guidance on business process improvement. Our experienced outsourced CFO controllers can do this with ease, thanks to their extensive experience in the construction industry.
- Overseeing Cash Flow Departments: Many factors are involved in cash flow, including payroll, accounts payable, and accounts receivable. An outsourced CFO controller can organize all these accounts, streamlining your financial channels. The construction industry CFO and CEO can then utilize this information to make strategic financial decisions.
- Ensuring Financial Compliance: Another key task handled by our outsourced CFO controller is making sure your company complies with applicable laws. We can help your team navigate relevant construction industry, state and federal laws, and regulations. We’ll also confirm that your company is following proper tax payments. Further, your fractional CFO controller will verify you’re providing appropriate financial documents to banks, investors, or partners.
Hire an Outsourced Construction Industry CFO Today!
If you are interested in streamlining your accounting, bookkeeping, and financial reporting, consider partnering with a construction industry CFO team such as Daxxit. Hiring an outsourced CFO controller can set your business up for financial success and future financial growth. Contact us to learn more about working with our team today.