For many small businesses, “accounting” simply means having the business transactions recorded for history in the general ledger. Next, all bank accounts in the general ledger are reconciled to the bank statements and cancelled cheques. Then, other accounts, like receivables, payables and inventory, are reconciled to prove their validity. These steps more-or-less define the basic book-keeping function.
At the next level, controllership functions kick in which require a higher level of expertise. These functions are diverse and can include:
- Preparing the “year-end” for the external accountants
- Developing an annual operating budget
- Developing an annual capital budget
- Monitoring adherence to these budgets
- Analyzing financing options
- Analyzing payroll benefit burden
- Preparing break-even analysis
- Preparing sales and margin analysis
- Developing useful management reports
- Overseeing treasury management
- Supervising book-keeping staff
We recognize the difference between external accounting engagements and internal controllership. Thus, we have staff solely dedicated to controllership issues who can help make your business more successful.