I have been providing accounting services as a part time controller and part time accountant for over 15 years. Working with small to medium size businesses in Boulder Colorado and Denver Colorado, I have seen so many businesses struggling with this decision for lots of different reasons.
Hiring a part time controller at the right time can mean the difference between clear sailing through a bank review months down the road when you need that line of credit to grow and sending the wrong signals to the bank that makes them question the numbers you are showing them.
When is the right time to take that next step? Here are a few of my experiences.
At the Very Beginning of Setting Up Your Start-up Company
When I first interviewed with Horizon Organic Dairy, I was so impressed! They had plans to grow and eventually go public. They knew the importance hiring a controller who could set up their accounting department the right way from the get-go.
We were going to need a line of credit down the road and we would be looking for investors eventually. I was able to research the right accounting package, set up the chart of accounts, and develop policies, procedures and controls. And then, hire the staff to follow my guidelines.
Our successful I.P.O 5 years later raised over $33 million and the rest is history!
Your Loyal Receptionist Turned Bookkeeper is Burnt Out but Afraid to Tell You
I have seen this repeat scenario so many times. Companies will hire a receptionist who loves her/his job, you and the company. She/he will continue to do it all until they drop. But, unfortunately, what ends up dropping, is your day to day accounting duties.
The Peter Principle is the idea that in business, people are promoted into jobs with duties they cannot fulfill and will often fail at.
How do you tell? They are working nights and weekends and trying to keep up a good front. Too afraid to tell you for fear of losing their jobs, they are not doing any one a service and many times, they are actually detrimental to your company.
Perhaps, it is time to take the next step and hire a qualified, experienced, full charge bookkeeper or controller.
Your Bookkeeper Does Not Have the Proper Skills Needed to Handle the New Requirements as You Grow
I’ve worked with some great bookkeepers who are organized, detailed and accurate with bookkeeping duties. Some can provide monthly financials, but many don’t know what those numbers are telling them.
Budgets, cash management, variance analysis and information needed to help you make critical business decisions, may not be in their wheel-house of skills.
One of my favorite types of client is one who will hire me to work with and train the bookkeeper to learn new skills while I handle the higher level duties. Together, as a team, the bookkeeper makes sure that the very critical details of data entry, record keeping, invoicing and bill paying is done. I work with management to provide them the tools needed and analysis needed to grow.
Remember… “Garbage in – garbage out.” We all know this saying but I cannot stress it enough. Highly skilled and accurate bookkeepers are the pillar of a solid accounting system. And with a qualified, experienced, part time controller on board, you will have the “A-team” on your side and you will be setting up the infra-structures to take you and your company to the next level.
Thinking about hiring a part time controller or part time accountant? Please contact me! I provide a free 30-minute consultation. I would love to hear all about the challenges you are currently facing.
Drop me a line using this online inquiry form or call me at (303) 517-9852. I look forward to speaking with you!