Monily Debuts Controller Services For SMBs

Monily, a provider of outsourced finance operations to small- to medium-sized businesses (SMBs), is expanding its offerings to include duties usually assigned to in-house controllers, the Texas-based company announced in a press release.

“This new range of services, with its state-of-the-art and proactive account management approach, aims to help businesses plan ahead with accurate, timely insights and financial advice,” Monily said in the release.

“Under the Controller Services, we will review our partner’s balance sheet statements, P&L statements and general ledger,” the release stated. “We will further ensure that they are benefiting from vendor payment terms to boost cash flow, advise them on how to obtain advantageous settlements on long-overdue payables, and analyze suppliers on a regular basis to ensure that the company is paying reasonable rates for products and services.”

Monily said on its website that it interacts with clients via platforms including Intuit Quickbooks, Stripe, Square, Gusto, Oracle, Shopify, Brex and Expensify. Monily already offered provided outsourced bookkeeping, tax preparation, chief financial officer and payroll services.

Describing the difference between a controller and other finance officers within a company, Monily stated on its website: “The Controller differs from a CFO in a number of places. Whereas the CFO is responsible for planning the overall strategy of your company, a controller focuses more on activities concerning financial planning, tax compliances and managing deferrals, accruals, receivables. They help acquire funding, ensure compliance with government regulations, control and project cash flow, and predict financial success.”

In stating its value proposition on its website, Monily said many of its clients aren’t large enough to justify hiring a full-time controller.