Managing your business finances can be challenging, especially as you grow. You need experts for accurate bookkeeping, budgeting, and compliance. Outsourced controller services are a cost-effective solution that can help with all this without the expense of a full-time hire.
To help you find the best outsourced controller services in 2024, we’ve put together 10 services. You’ll learn what each provider offers and how they can support you in achieving your financial goals.
10 Most Trusted Outsourced Controller Services
Find out which outsourced controller services offer the best financial support for your business needs in 2024.
1. Genius
Genius is a standout choice among outsourced controller services because of our specialized approach and efficient service model when sourcing financial experts.
Our on-the-ground sourcing is designed to tap into the top 1% of local talent pools and understand business nuances. We offer free interviews with the shortlisted candidates to streamline the hiring process, saving you valuable time and effort.
Services Offered:
- Bookkeeping Services
- Controller Services
- Tax Preparation
Pricing:
One-time fee of 25% of the candidate’s first-year salary.
2. Pilot
Pilot is the largest startup-focused accounting firm in the US, helping over 1,750 customers. They offer automated bookkeeping and expert financial support. Their team of 250+ US-based employees includes accountants, fractional CFOs, and tax specialists. If you have a startup or a growing business, Pilot is the best choice. Their services help you manage your finances accurately so that you can focus on what matters—growth.
Services Offered:
- Bookkeeping
- Tax Preparation
- CFO Services
Pricing:
- Starter Plan: $499 per month for pre-revenue companies.
- Core Plan: $699 per month for companies with streamlined needs
- Plus Plan: Custom pricing – Includes bookkeeping, CFO services, and additional support for larger businesses.
3. Decimal
Decimal specializes in managing your financial operations, including bookkeeping, taxes, payroll, and more. They focus on streamlining processes and improving efficiency. Their major goal is to help you save time and reduce costs.
Services Offered:
- Bookkeeping
- Tax Services
- Financial Reporting
Pricing:
Custom plans available on demand.
4. AccountingDepartment.com
AccountingDepartment.com offers comprehensive outsourced accounting solutions for small to mid-sized businesses with annual revenues ranging from $2 million to over $100 million. They understand that as an entrepreneur, you often face setbacks when your accounting isn’t in order, so they provide complete accounting services to support your business growth.
Services Offered:
- Bookkeeping
- Financial Reporting
- Strategic Planning
Pricing:
Custom plans available on demand.
5. Acuity Knowledge Partners
Acuity Knowledge Partners provides customized research, analytics, and technology solutions to financial services, including asset managers, investment banks, private equity firms, hedge funds, and consulting firms. With a global network of over 6,000 analysts and experts, Acuity helps more than 600 financial institutions optimize operations and drive revenue growth.
Services Offered:
- Investment Research
- Financial Modeling
- Compliance Support
Pricing:
Custom plans available on demand.
6. Supporting Strategies
Supporting Strategies is an outsourced controller service that has helped 4,000+ businesses with bookkeeping, accounting, and operational support. For over 20 years, they have been offering specialized services to help you manage your financial processes efficiently, saving you time and money.
Services Offered:
- Small Business Operations
- Outsourced Bookkeeping Services
- Controller Services
Pricing:
Custom plans available on demand.
7. Analytix Finance & Accounting
Analytix is one of the top outsourced controller services that will help you scale your business by managing your finances. With over 1,500+ active clients, they have an amazing client retention rate of 98%.
Their experts act as accounting heads, preparing financial statements and monitoring internal controls. They assist with budgeting, analyzing financial data, and picking the right technology for your needs. Their team of 350+ qualified accountants and CPAs ensures you stick to your budget and growth plans.
Services Offered:
- Business Analytics
- Controller Level Services
- Tax Preparations
Pricing
Custom plans available on demand.
8. MBSATA
MBSATA offers dedicated bookkeeping and accounting services for nonprofits, startups, and small businesses. With over 25 years of experience, they provide a comprehensive accounting team without the need for a full-time hire, helping you focus on your business goals.
Services Offered:
- Accounting Advisory & Bookkeeping
- Strategic Financial Management
- Pre-Audit Review Preparation
Pricing:
Custom plans available on demand.
9. inDinero
inDinero combines accounting, tax, and financial services into a single platform, making it easier for you to manage your business finances. For more than 13 years, their comprehensive approach has supported businesses at all stages of growth with clear financial insights and expert guidance. They have a team of over 125 accounting experts and make sure you are set up as a new client in less than 30 days.
Services Offered:
- Online Bookkeeping
- CFO Services
- Business Tax Services
Pricing:
- Essential: Starts at $750 per month. It includes bookkeeping and tax services for businesses with up to $500,000 in annual revenue.
- Growth: Starts at $1250 monthly – Tailored services for growing businesses with more complex needs.
- Executive: Custom pricing – Full CFO support, advanced reporting, and strategic financial management for larger businesses.
10. Merritt Bookkeeping
Merritt Bookkeeping gives you straightforward and affordable bookkeeping services, which are ideal for small businesses. They handle all your bookkeeping using QuickBooks and provide easy-to-understand financial reports.
Services Offered:
- Bookkeeping
- Financial Reporting
Pricing:
- $190 per month – Catch-up work at $140 per month for each past month.
When to Hire Outsourced Controller Services
Knowing when to hire outsourced controller services can save you time and money. Here are key times they can be valuable:
I. During Fast Expansion
Outsourced controllers can help manage the increased financial complexity when your business is growing quickly. This lets you focus on scaling your operations without worrying about financial oversight.
II. To Manage Costs Smartly
If you want to control costs while still getting expert financial guidance, outsourced controllers provide technical skills without the expense of hiring a full-time controller. This is especially useful if you have a small business that needs high-level financial expertise but cannot afford a full-time salary.
III. To Navigate Financial Changes
When experiencing financial changes or restructuring, outsourced controllers provide strategic insights and clear financial analysis to help you make informed decisions. If you have a manufacturing company undergoing a merger, you can use outsourced controllers to navigate the financial difficulties. With this, you will have a smooth transition and integration of financial systems.
IV. To Stay Compliant
With constantly changing regulations, outsourced controllers ensure your financial reporting stays compliant and up-to-date. This saves you the headache of navigating complex regulatory requirements.
V. To Fill Immediate Needs
Whether facing sudden turnover or needing temporary financial leadership, outsourced controllers proffer a quick solution to keep your finances on track. For instance, if you operate a nonprofit organization and need temporary financial leadership during a transition period, outsourced controllers can step in to maintain financial stability and continuity.
What to Look For in Outsourced Controller Services
Finding the right outsourced controller service can make a big difference for your business. Here are key factors to consider:
A. Expertise & Experience
Choose a service with a strong track record and experienced professionals. To do this, check review sites and popular platforms like Reddit and Twitter for unfiltered reviews. The chosen service provider should understand your industry and have a history of helping businesses like yours.
For example, if you run a tech startup, look for a provider with experience in tech finance. This is to be sure that they can handle industry-specific challenges.
B. Service Flexibility
Make sure the service can scale with your business and offers customizable solutions. To check this, ask the provider for examples of how they have supported other businesses through growth. Look for reviews and case studies that show their ability to adapt.
Request a detailed explanation of their service levels and how they adjust support based on changing needs. This will help you verify that they can provide the necessary flexibility as your business evolves.
C. Technology Integration
Check if they use modern accounting software and technology for efficient financial management. Ask which tools they use, like QuickBooks or Xero, to ensure they provide accurate, real-time financial data. Request a demonstration of how their technology works and how it integrates with your current systems.
Look for reviews or testimonials from other clients about their experience with the provider’s technology. This will help you confirm that their tools can streamline your financial processes and provide valuable insights.
D. Transparent Communication
Look for clear and regular communication. Ask how often they provide updates and what types of reports you will receive. Request samples of their reporting to gauge clarity. Check reviews or ask for client testimonials to learn about their communication practices. This will help you confirm if they are who they say they are.
E. Cost Structure
Understand their pricing model. Choose a service that offers good value for your budget. To do this, request a detailed breakdown of costs and any additional charges. If you prefer predictable monthly expenses, consider a flat-rate service.
For more flexibility, explore tiered pricing options. Compare their pricing with your budget to ensure it offers good value. Review feedback or client testimonials to learn about others’ experiences with the provider’s pricing.
F. Client References and Testimonials
Ask for references and read reviews. Positive testimonials and client feedback can provide insight into their reliability and quality of service. A service with many satisfied clients in your industry is more likely to meet your needs.
G. Compliance and Regulatory Knowledge
They should be well-versed in the latest regulations to keep your business compliant. This is critical for avoiding legal issues and fines. For example, a healthcare provider must comply with specific industry regulations, so the service should have experience in that area.
H. Support and Availability
Make sure they offer reliable support and are available when you need them. Timely assistance is essential, especially during financial reporting periods or audits. A service with 24/7 support can be a lifesaver during busy times.
I. Quality of Reporting
Look for detailed and accurate financial reports. These reports should provide valuable insights and help you make informed decisions. Regular cash flow statements and financial projections can guide your business strategy.
J. Cultural Fit
Choose a service that aligns with your company’s values and working style. A good cultural fit ensures smooth collaboration and better results. For example, if your business values transparency and proactive communication, find a service that shares these principles.
You’d know a company that is transparent through the reviews on their website as well as other review sites like Reddit and Yelp, so make sure you check before doing business with them.
How to Get Started Working with Outsourced Controller Services
Follow these 10 steps for a smooth transition and effective collaboration:
Step 1: Assess Your Financial Needs
Identify the specific financial tasks you need help with, like bookkeeping, financial reporting, or tax compliance. Ask yourself questions like, “Do I need help with day-to-day bookkeeping, or do I also need strategic financial planning?” The answer to these questions will help you focus on finding the right services.
Step 2: Pick a Provider from the List
Choose a provider that matches your needs and has a good reputation. Look for reviews and testimonials from similar businesses. If, for instance, you run a small retail shop, find a provider experienced in retail finance.
To do this, have a checklist and write down every feature you want your service provider to have. Score each of them on factors like experience, services offered, and client satisfaction. Compare the scores to select the provider that best meets your needs.
Step 3: Request Service Proposals
Ask for detailed proposals from your shortlisted providers to learn about their offerings. Make sure each proposal outlines the scope of services, timelines, and costs. This will help you compare and choose the best fit for your needs. The proposal should include the following details:
- The service provider’s scope of service.
- Clear timeline for the delivery of service.
- Breakdown of costs and every additional fee.
- How will they tailor their services to meet your needs?
- Client testimonials or references from similar businesses.
Step 4: Evaluate Service Customization
Confirm that the provider can tailor its services to fit your unique business needs. Ask if it can adjust its offerings as your business grows. For instance, if you run a startup and are just getting started, you need basic bookkeeping, but in the long run, your business will require advanced financial planning. Here are some questions to help evaluate their service customization:
- Can you provide examples of how you have customized services for other clients?
- How flexible are your service plans? Can we start with basic services and add more as needed?
- What is the process for adjusting services if our business needs change?
- Do you offer industry-specific solutions, and can you adapt them to our particular requirements?
Step 5: Discuss Data Security Measures
Verify that the provider has strong data protection measures to secure your financial information. Ask about their data encryption practices and how they handle data breaches. Verify they use strict access controls so only authorized staff can access sensitive data.
Make sure they conduct regular security audits to keep protocols up-to-date. Check if they have a clear data breach response plan that includes notification and mitigation steps. Also, confirm they comply with industry standards like GDPR or HIPAA for added assurance.
Step 6: Negotiate Pricing & Payment Terms
During your discovery call, agree on a pricing model and payment terms that fit your budget. Discuss whether they offer flat fees, hourly rates, or tiered pricing. To negotiate better, ask for discounts and see if they offer discounts for long-term contracts or bulk services.
Check if bundling multiple services can reduce the overall cost. Also, confirm that there are no hidden costs and that everything is transparent.
Step 7: Define Key Performance Indicators (KPIs)
Set clear KPIs to measure the success of the outsourced services. Examples include:
- Timely financial reporting: Check if financial reports are delivered on schedule.
- Accuracy in bookkeeping: Ensure financial records are correct and error-free.
- Compliance with tax deadlines: Make sure all tax filings are done on time.
- Cost savings achieved: Track the money saved by outsourcing these services.
- Error rate: Monitor how often mistakes occur in financial statements.
- Client satisfaction score: Measure how happy your team is with the outsourced services.
- Response time: See how quickly the provider answers your questions and resolves issues.
These clear KPIs will help you track the effectiveness of the service.
Step 8: Implement Seamless Integration
Be sure their services integrate smoothly with your existing systems. You’ll likely need to integrate their services with your accounting software, like QuickBooks or Xero, to ensure they can handle your finances effectively.
Also, check if they can connect with your payroll systems, like ADP or Gusto, to manage employee payments seamlessly. Lastly, confirm they can securely connect to your banking systems for transactions and reconciliations. Having these sorted will minimize disruptions and ensure continuity.
Step 9: Establish Communication Channels
Set up regular communication to stay informed and address any issues promptly. Decide how often you’ll meet and which methods to use, like emails, calls, or video conferences. Weekly check-ins can keep everything on track. Discuss current progress, upcoming tasks, and any challenges. Make sure you both understand expectations and timelines for a smooth collaboration.
Step 10: Review & Optimize Continuously
Review service performance regularly and make adjustments as needed to optimize results. Aim for monthly evaluations to keep a close eye on progress. During these reviews, focus on the KPIs you set, like timely financial reporting, accuracy in bookkeeping, and compliance with tax deadlines.
If you notice any shortfalls, discuss them with your provider and develop a plan to address these issues. Continuous evaluation and open communication will help you optimize results and ensure that the service remains effective for your business.
Conclusion
Outsourcing your controller services can improve your financial management and free up your time for growth. Choose a reliable provider, set clear goals, and maintain regular communication for a successful outcome.
You don’t just pick any provider. You have to choose the right partner that can make a huge difference in your business. At Genius, we are experts in providing outsourced controller services that fit your unique business needs. Contact us now to learn how we can help you achieve your financial goals and drive your business forward.
Frequently Asked Questions
What are outsourced CFO services?
Outsourced CFO services involve hiring external financial experts to perform the duties of a Chief Financial Officer. These services include financial strategy, planning, risk management, and advising on financial decisions.
What does an outsourced accountant do?
An outsourced accountant handles a company’s accounting tasks, such as bookkeeping, preparing financial statements, managing accounts payable and receivable, and ensuring compliance with tax regulations. They provide vital financial support without being an in-house employee.
Can outsourced controllers work with my existing accounting software?
Yes, most outsourced controllers can work with your existing accounting software. Discuss software compatibility during the selection process for a seamless integration.
What is the difference between an outsourced controller and an outsourced CFO?
An outsourced controller focuses on managing daily accounting operations, while an outsourced CFO provides strategic financial planning and oversight. The CFO role is more focused on long-term financial strategy and growth.
