Frequently Asked Questions
If you have any questions that are not listed below please contact us with any inquiries.
What is a Controller?
A Controller is a high level position that is responsible for a company’s accounting functions. In small businesses they also function as the CFO (Chief Financial Officer). This person is responsible for knowing the status and health of the company’s cash, assets, expenses, financial reporting and analysis, lending, budgeting and forecasting.
How “big” must my business be for Controller onDemand?
No company is too small to work with us! Business owners and entrepreneurs have many different hats to wear. They are often filling the role of director of marketing and sales, performing far too many administrative tasks and trying to stay on top of all the financial aspects of the business. Unfortunately, it usual takes tax error or cash flow crisis to make them realize they don’t know what they don’t know. Controller OnDemand helps them to manage all of the financial areas of their business, and plan for each phase of growth.
How much does a full-time Controller cost?
An average full-time Controller salary starts at $150K annually and, depending on their experience level , can be well over $200K. This is why a part-time Controller is a great option for a small business. You can get the expertise, services and advice without the full-time price!
Source: Controller Salary
If I already have an Accountant and/or a Bookkeeper – why do I need Controller onDemand?
YES! Typically a bookkeeper records the revenue and does the data entry, nothing more. Your CPA prepares a yearly summary showing the total revenue and expenses that have been recorded and calculates your tax bill. There is something missing between a bookkeeper and a CPA, a Controller onDemand professional to plan, review and analyze on a regular monthly basis.
Research has shown that 50 percent of businesses will fail without a proper financial plan (budget) and that most businesses fail due to lack of internal expertise (they don’t control their cash or analyze their numbers). Or worse yet, they don’t even look at their numbers on a regular monthly basis. Numbers don’t lie!
Does Controller onDemand offer bookkeeping services?
No, not any longer. But we do offer courses for bookkeepers so that they can support their clients and keep the CPA’s happy! We also offer courses for entrepreneurs to help them understand the financials behind the business and the basics of Quickbooks Online. 1 on 1 coaching is available for entrepreneurs and their staff as well to support them in QuickBooks.
As an additional service, we can help you find the right bookkeeper for your business and monitor your books for error or fraud.
Does Controller onDemand do tax returns?
No, we do not do tax returns. We leave that to the CPAs. This way we can provide constant, regular accounting support to your business without being interruption during tax season. We also review your books before you send them to your CPA to save you money in any errors they may have to correct. We have relationships with several area firms and can assist you in identifying the CPA that is the right fit your business.
Is Controller onDemand a temporary staffing agency?
No, we are not a temporary staffing agency.
What is EBITDA?
It means Earnings Before Interest, Taxes, Depreciation and Amortization. It is what companies use to put a value on their business when they are selling. Average business sale price is 2 to 5 times EBITDA but this varies by industry. It is also a great measure of what your company is worth today and great information to have as an owner. If Controller onDemand is on your team, you will know what your EBITDA number is.
Source: Small Business Chron
What accounting software do you support?
We work with QuickBooks Online mostly so we are able to be an expert in one software to get the best result for our clients. We can also help you integrate industry-specific software to work well with QuickBooks or even suggest one for your specific needs. We can also convert your current software to QuickBooks Online seamlessly.