What Do You Need- a Bookkeeper or a Controller for Your Business?
There are plenty of positions that are available in every company. Of course, there is the financial side of things where your accountants and bookkeepers reside, but there is also one profession that not a lot of people know about- an accounting controller.
In this article, I will go over their differences so that you can answer the question of which one you should take- a bookkeeper or an accounting controller for your business?
Also, if you are going to get some of these services, I suggest that you look into some bookkeeping services in Malaysia. With that out of the way, let’s get started.
What Does a Controller Do?
Not a lot of people actually know about an accounting controller and what they do. Basically, accounting controllers are the ones that will manage bookkeepers and accountants, while also knowing things about accounting, in general.
Aside from creating your company’s financial records, controllers can also help your business in the sense of creating great accounting solutions that will help improve the areas of cash flow management and the overall control of your company (which is why they are called “controllers”).
They are highly skilled and proficient in what they can do. They also provide bookkeeping services and would take on a more supervisory role than your standard bookkeeper.
They can give advice to company owners as to the best possible route for their businesses based on accounting principles and tangible data that they have gathered by examining your company’s financial records.
The accounting controller not only creates daily financial records, but they can also create one that will consider monthly and weekly transactions as a whole as well.
What Does a Bookkeeper Do?
The services that are provided by a bookkeeper, you could say, is not easy. But, when you look at the bigger picture, their tasks are considered to be basic than what an accounting controller does.
They are tasked to create the company’s financial statements by looking at your company’s transactions- either daily, weekly, or even monthly. The bookkeeper’s job can be summarized to keeping accurate financial records of your company.
Aside from tracking and recording your financial reports, they can also handle your business’ accounts receivables and accounts payables as well.
Typical bookkeepers should have keen attention to detail because any errors in their financial reports could spell doom to your company. This is especially true if they provide inaccurate financial information come tax time where you have to file your company’s taxes.
If the bookkeeper fails to keep up with your company’s accounts payables, then that will result in a lower credit rating and your business may not look favorable in the eyes of potential lenders.
In addition, if they fail to keep up with your accounts receivables, then your company won’t get the assets that it deserves in a timely manner.
So, Which One Should You Choose?
To be honest, if your financials permit it, I suggest that you get both. Bookkeepers will handle all of the basic accounting and bookkeeping tasks while the accounting controllers will be at the helm to oversee company financial operations.