The Essential Guide to Hiring an Outsourced Controller

If you’re set on hiring a controller, you probably know that recruiting and retaining a person in this position benefits the company in more ways than one. You can already imagine what it will be like to have a director take on much of the day-to-day accounting and finance tasks - and people management - while you focus on strategy. If you are going to hire an outsourced controller, you definitely want to do it at the right time and with the right candidate. Most importantly, you want a controller who can take your business to the next level, not just fill the chair.

To help you navigate these considerations, we’ve outlined why you should hire an outsourced controller, what to look for when hiring a controller (including the key qualities), and how partnering with an outsourcing provider can make the process simple.

Why (& When) You Should Hire a Controller

There are a few indicators that you need to hire an outsourced controller. First, your company has scaled so rapidly that you need adept financial leadership and oversight. Second, you need more time as a CFO. As a CFO or finance leader, you likely wear many hats, ranging from financial planner and advisor to the executive team to the liaison for external vendors and partners. As your organization grows, so do your responsibilities, which can make balancing a myriad of tasks even more challenging. Here are a few more signs that you need to hire an outsourced controller:

• Your company is growing. Expanding a business is no easy feat. In fact, operational issues are bound to arise when your focus is elsewhere. By adding a controller, you alleviate the would-be problems that happen from a lack of day-to-day management.

• You need financial and people oversight. There are many functions in the accounting department. However, an accountant’s role is vastly different from a controller’s role; a controller can aid in supervising the team (including hiring new team members) and overseeing the daily accounting processes.

• You and your team are bogged down by tasks. If you don’t have a controller, you’ve probably felt the effects of that vacant position. A controller can ease the workload that you - a CFO or finance leader - have been struggling with, especially if you’re torn between juggling your role as a strategic key contributor to the CEO and being the accounting supervisor.

Read More: When Should A Company Outsource? How To Decide What Time Is The Right Time

Before Hiring One, What Does a Controller Do?

We talked about the need for a controller, but what exactly is the role of a controller in the accounting department? A controller is like the general manager of a store (or, in this case, a department). They manage the accounting teams’ daily operations, including payroll, bookkeeping, accounts payable and receivable, and taxes.

Furthermore, a controller’s job is to ensure that everything is accurately reported and running smoothly. They continuously monitor each financial transaction for errors. Based on the size and nature of your company, your controller’s responsibilities could include:

• Keeping organized financial records

• Creating budgets

• Managing accounting staff

• Managing accounting operations

• Developing policies and procedures to streamline operations

• Supporting the CFO

• Setting financial KPIs

… and more.

Explore how the modern controller's responsibilities are expanding: The Evolving Role of the Controller.

What to Look for When Hiring a Financial Controller

When hiring an outsourced financial controller, it’s important to find a candidate who not only has the necessary technical skills and experience but also demonstrates the ability to lead a department successfully. In fact, hiring the right controller takes time. After all, it’s vital that you select a candidate with the right skills and qualities to lead your organization.

Key Qualities of an Outsourced Financial Controller

Accounting Experience

A controller’s job is seasoned. They should be able to delegate tasks and make sure the department is running smoothly across all functions. That being said, most candidates should have at least 10-plus years’ worth of experience accrued in some sort of finance and accounting management role. However, this requirement might fluctuate depending on the size and nature of the business. Moreover, most controllers have graduate degrees in accounting or business administration, and many have become CPAs.

Technical Skills

Not only do controllers need to have longevity in an accounting leadership position, but they also need the skills to back up their experience. A controller should have a firm understanding of the ins and outs of each role in the accounting department, including accounts payable and receivable, payroll, bookkeeping, and more. A large part of a controller’s job is to ensure the accuracy of each financial transaction, including relaying the data to internal and external stakeholders.

Management and Soft Skills

A controller leads teams of financial and accounting professionals. Leadership skills are not a nice-to-have; they’re a necessity. A controller should be able to instill respect amongst the team and make sure that their actions reflect the company’s mission and values. Along those lines, find a controller that can:

• Communicate effectively

• Stand firm under pressure

• Think critically

• Offer cutting-edge solutions

• Put out fires (solve conflicts)

• Stay organized

Learn how a high-caliber controller leverages data for strategic decision-making, download our free eBook: Building Strategic Controller Dashboards & Essential KPIs.

How to Hire an Outsourced Controller

Hiring an outsourced controller is a crucial step towards pushing your business forward. However, it’s not a decision to take lightly. After all, a controller oversees the daily operations of the accounting department. That’s why it’s imperative to find a candidate who checks off your wish list. You need someone who not only has the experience and leadership skills but also the technical skills to back them up. That said, it’s not easy to find a leader that meets the above criteria - at least not on your own. Fortunately, that’s why we’re here to help.

Here at Personiv, we know that finding and hiring the right talent can be painful. We get that growing a business takes time and manpower, and sometimes that manpower can be hard to find. No matter where you’re at in the process, we can help you hire an outsourced controller that fits your perfect bill. So, if you’re placing ads on job boards or relying on word-of-mouth recruiting and coming up short, it’s time to let someone else take the reins. Get in touch with one of our experts to explore how hiring an outsourced controller can be effortless.