Is your business taking over your evenings and weekends? In a digital world, the idea of outsourcing business financial activities becomes
more and more plausible to small and medium-sized businesses. Technology has made it easy to share information quickly and efficiently. The need to drop off envelopes full of bills and statements is no longer necessary.
Many of my clients are skeptical at first and the idea of letting go of this critical function is sometimes a hard hill to climb. Often the desire to get their evenings and weekends back is what finally drives them to take the plunge.
Why outsource instead of hiring for the comptroller position? Most often, it is a more efficient, affordable option and it eliminates the other obligations and expenses that come from an employee.
If you are considering this option here are so
me things to consider:
Invest is a good quality scanner. You’ll want to be able to quickly send receipts, bills, etc. Many models can handle multiple sizes of paper in the same stack.
The comptroller will probably be using an app for receipt capture. Put the app on your phone and take a photo right away to avoid a pile of receipts that need to be uploaded.
Look for a comptroller that offers a secure system for paying bills. I use Bill.com. There is a built in, secure approval process. Nothing gets paid until the business owner approves.
Give the comptroller view only access to your bank account. This will allow them to get statements for reconciliations and allow them to see transactions and hopefully avoid them contacting you with a list of transactions to identify. I like the security the view only access provides, most banks can do this.
If you are a business owner that has been trying to do wear the comptroller hat, maybe it’s time to pass it on.