Why should your company use an outsourced controller from Paro?
Maybe you’re not big enough yet to need a full-time controller where you may only need a part-time financial controller or maybe you haven’t found the right fit in your local talent pool. Perhaps you’ve begun to recognize the value of the gig economy and the potential benefits of employing top-quality, off-site professionals.
Still, you hesitate. You know you’ve grown to the point where you need a controller, but you’re reluctant to delegate, especially to someone you can’t supervise in the office every single day. And besides, won’t it be cumbersome and time-consuming to try to ramp up a new financial overseer who is hundreds or thousands of miles away?
It’s quick and painless
Relax! Ramping up a finance Paro professional— who, thanks to our thorough vetting process, will be among the top 2 percent in the industry— should be quick and painless, and mostly automated. As long as you deliver all the information requested in a timely fashion, the ease with which your outsourced controller comes onboard will make you wonder what exactly you were afraid of.
Yes, you need a controller—here’s why
Increase productivity and efficiency
Your controller will be tasked with overseeing your company’s day-to-day accounting and financial processes, and making sure everything you’re doing, from a money standpoint, as productive and cost-efficient as possible. He or she will be responsible for keeping accurate records of all financial activity, monitoring cash flow (including payables and receivables), and preparing regular financial management reports, among other things.
Make sound financial decisions
If you are doing most of this work yourself, or handing it off to one or more in-house employees who lack the experience to keep your various financial processes in sync and provide you with regular, accurate reports, then you are probably hurting your business in two ways. First, you’re hampering your ability to make sound financial decisions because the numbers you are using are suspect. Second, you’re spending too much time trying to sort out the financials, and not enough time doing the things you love—and that you’re best at.
Let’s get it started
What your controller needs from you
When you come on board as a client of Paro, you will be asked to provide some basic information about your company and its operations for the controller to review before scheduling an introductory call with you to go over the information in more detail.
Your Paro professional will need to know specifics about your financial processes, including your accounting and invoicing systems, payroll, payables and receivables, whether you use enterprise resource planning (ERP) software and anything that may be unusual or particular to your business or industry.
Once the controller has all of this information, you can discuss it in more detail during the introductory call. Your Paro professional can now ask you more specific questions on your operations based on the general outline you have provided. You should also discuss a timeline for completing each step of the ramp-up process and address any items you would like the controller to prioritize. Also, depending on the client and the complexity of the operation, if an on-site visit seems beneficial, your Paro controller can fly out to work with you and your team for a few days.
What are possible roadblocks?
At this point, the ramp-up process should proceed quickly and painlessly, as long as the client hands over access to the requested information in a timely manner. Also, once the Paro controller begins to assemble and streamline your financial information, and deliver statements, cash flow analyses, payable and receivable reports, and so on, it is important to give feedback to make sure the controller is providing all of the deliverables you are looking for. Depending on what you want, this will be an ongoing process; however, the rewards are worth it.
Leave the number crunching to us
On-boarding a Paro controller is designed to be a smooth and efficient process—so much so that you’ll soon forget you ever had any reservations about pulling the trigger. And two months in, you will no longer need to perform the many duties that the outsourced controller will have taken over. The impact on your day-to-day business life will be substantial. You’ll have more time to plan for growth and improvement, engage and energize your staff, and to tackle the projects you’re truly interested in. And whenever you need it, you’ll have thorough and reliable financial information right at your fingertips.