Does Your Business Need an Interim Controller?

Beaver's dam to show how interim controller controls the financial department of a business
An interim controller oversees the financial department until you can find a permanent replacement.

It takes many high-quality professionals to build a successful financial department for companies large and small. One such role and individual is a company’s financial controller. In some cases, you may need to hire an interim controller to provide critical support and services to your financial function during a time of transition or rapid growth for your company. In this article, we’ll discuss when your business may benefit from an interim controller.

If you need an experienced interim controller, get in touch with our team at Sabre Financial Group for a free consultation.

What is an Interim Controller?

An interim controller is a professional who steps in on a temporary, contract basis as the financial controller for your company for a limited period of time until you identify a permanent replacement or until your controller returns to work. This person covers all the roles and responsibilities that a permanent controller handles for your business, maintaining the core functions of the department and introducing best practices and improvements at the same time.

Controllers are responsible for overseeing the financial department and generally report to the CFO. Controllers are a key part of the financial management team and are responsible for the financial department and related staff – accountants, payroll employees, tax managers, etc. They also are responsible for managing functions like budgets, cash flow, and financial reporting. They may generate the financial reports necessary for both internal management and for external compliance as well.

An interim controller works on a temporary basis for your company and takes on all the normal responsibilities of a controller. Generally, they are hired for a period of two to four months.

Signs Your Business Needs a Financial Controller

So when might you need an interim controller for your business? Not every company needs a financial controller, especially if you’re a start up or are a very small company. However, as you grow and scale, and as your company begins to have reporting obligations to third parties like banks, investors, or regulatory authorities, it becomes increasingly necessary to have a controller on your team.

It’s common to bring on a controller when the bookkeeping tasks for your business become complex and when your financial department grows to the point where you need someone to act as their manager. If your current team is having a hard time keeping up with their responsibilities, you lack policies necessary to keep your financials in order or find yourself with major compliance responsibilities for financial reporting, it may be time for a controller. And if your controller becomes unavailable for some reason – if they quit or retire, if they are terminated, or if they require extended parental or medical leave – then you can hire an interim controller to step in until your current controller returns or until you can find their replacement.

Controller Services, M&A Advisory, and Other Financial Consulting Services from Sabre Financial Group

When you need financial advisory for your business, consider Sabre Financial Group. Our seasoned professionals offer decades of experience in business, accounting, and finance, and they can help you to bring visibility to your numbers, to answer critical business questions, and to provide you with the processes and capital that you need for success. Our team can assist with everything from interim controller services and M&A advisory to start up business consulting, capital advisory, and more. We work with small and medium sized businesses throughout the U.S. and Canada in all industries to help them achieve and maintain financial success. Contact us now to schedule a consultation with our experts.

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