As your company grows, the number and complexity of transactions may also increase. This is typically when most companies need a financial controller. While bookkeepers generally handle the day-to-day processing of transactions, financial controllers are usually brought into growing, more complex companies to oversee the bookkeepers and to provide financial reporting and other key performance indicators (KPIs) of how the business is performing. nnSome of the vital information financial controllers will provide to business owners include:nnThe financial condition (health) of your businessnSources and uses of cashnAccounts ReceivablesnAccounts PayablenThe profitability of the businessnAn analysis of other costs, including but not limited to direct costs and general and administrative expenses (G&A). nnWhat is the Financial Controller?nIn smaller and mid-sized companies, the financial controller is often the senior accountant and financial advisor. It is often prevalent in smaller companies for the controller to perform some of the functions usually performed by a chief financial officer (CFO) in larger companies. In addition to supervising the bookkeeper, one of the most essential functions of the financial controller is to prepare financial reports for management. Once these reports are prepared, a best practice is for the controller to have a meeting with management to provide an analysis of the reports and the implications for their business to help them make more informed decisions. nnResponsibilitiesnPreparation of financial statements, including:nBalance sheetsnIncome statements (profit and loss statements)nStatements of cash flowsnGeneral and administrative expensesnRegulatory reportsnManagement reportsnCash collectionsnVendor paymentsnBank reconciliationsnMaintain the fixed asset sub-ledger and record depreciationnMaintain the prepaid insurance schedule and document the related amortizationnGeneral ledger account analysisnReconciliations of sub-ledgers to the general ledgernPreparation of specific tax returns (Payroll taxes, Sales taxes)nCoordinating and working with outside accountantsnDeveloping and implementing internal controls and related proceduresnCompliance with regulations n nBenefits of Hiring a Financial ControllernIn today’s workplace, most companies work in automated environments that facilitate or enable working remotely. As such, there is a greater demand for professionals that can work remotely or virtually. nnA virtual financial controller provides the same services and benefits you would expect from a controller working on-site. The virtual controller would obtain access to the company’s systems, applications, and files remotely, perform the same tasks and deliver the same reports as when working on-site. nnThe key to success is maintaining regular communication with management, so expectations are understood and met. Ultimately, there is no difference in the benefits that a company will realize from the financial controller, whether the work is performed virtually (remotely) or on-site.