Virtual Controller Vs. In-House Controller: Main Differences

Congratulations! Your business is growing, and you’re reaching your goals! 

Uh-oh, we know that face. 

It’s the look of overwhelmed and stress that every business owner gets when their financials and accounting become too much to handle on their own. 

Guess what? THAT’S OKAY! No one ever said owning and running a business meant you had to do EVERYTHING by yourself. 

Now that your business has grown, you’ve most likely hired a bookkeeper to help you manage your daily accounting task and keep everything organized. 

But now, you need more. Your business is bigger. The stakes are larger, and you need to understand how your business is doing now, what to expect over the next few months, and how that translates over the next year. 

This is where a controller comes in. A controller can help you understand and get a grip on your business’s finances and future! 

What Is A Controller?

When you started a business, you probably didn’t know everything that went into the accounting and financial process. You also may not have known that there were several types of accounting professionals and not just one “general accountant” for everything. Bookkeepers, payroll/benefits specialists, CFOs, controllers, tax professionals, and more exist in the realm of accounting and all play crucial roles in helping you succeed. 

So let’s dive deeper into what a controller is and, most importantly, does. 

A controller is an accountant that oversees the rest of the accounting staff and specializes in helping businesses make critical financial decisions. 

They oversee more complex financial tasks than a typical accountant would and analyze the bigger picture of your accounting and finances. 

It is important to remember that your bookkeeper shouldn’t be tasked with making these types of decisions for your company. They are there to help you stay organized so that your accountant or controller can get a better picture of what is happening in your business. 

Here are a few accounting processes that a controller is typically tasked with:

• Financial analysis
• Budgeting
• Cash flow management
• Forecasting
• Monthly, quarterly, and yearly financial reports
• Ensure accurate reporting (understanding and resolving red flags, finding and fixing errors) 

These tasks are highly beneficial and crucial to your business because you’ll know exactly what is happening and what you can do to improve, where to cut costs, and run your business more efficiently!

Once you’re at the point of hiring a controller, how do you choose between a virtual controller vs. in-house controller? 

Virtual Controller Vs. In-House Controller

When hiring a virtual controller vs. an in-house controller, it all comes down to necessity and affordability. 

If you’re looking for someone to advise you daily, you have or desire an in-house accounting team, and you can afford to hire another financial professional, an in-house controller might be the way to go. 

However, if you’re looking for someone to provide you with sound financial advice and communicate with your bookkeeper and other accounting professionals regularly without adding a new employee, a virtual controller is for you. 

A virtual controller doesn’t need benefits (since they typically work for an accounting firm), and they don’t need anything that an in-house controller would need (i.e., computer, accounting technology, office space, supplies, etc). This means that a virtual controller often saves you money while providing the same quality service as an in-house controller. 

Interested In Learning More About Hiring A Virtual Controller? See Redmond Accounting

If your business is growing and you want to take a better look at your finances and accounting as a whole, it’s time to hire a virtual controller. 

Here at Redmond Accounting, we are a completely virtual accounting agency that provides a variety of services and accounting solutions for your business. 

We have payroll specialists, bookkeepers, CPAs, CFOs, and controllers ready to help you run your business, reduce accounting errors, prevent fraud, and reach your goals. 

We invite you to schedule a consultation to get more insight into how we can help your business with our virtual accounting services. 

For more information on virtual services, read our latest article on how outsourced accounting can benefit your business!