A Day in the Life of a Financial Controller
The Financial Controller is the lynchpin of a company’s financial operations. They develop and oversee financial strategy, ensuring that the company is taking steps to mitigate risk and capitalize on opportunities. Financial Controllers also own the close process, ensuring that all financial transactions are accounted for in a timely manner. Finally, they produce accurate and informative financial statements and reports which help guide business decisions. In many organizations, the Financial Controller is also responsible for advising stakeholders on important business decisions. This role can be incredibly demanding, but it also offers significant opportunities to impact a company’s future success.
What Is A Financial Controller?
Financial controllers are responsible for the management and oversight of a company’s financial operations. This includes developing financial strategy, owning the close process, producing accurate financial statements and reports, and advising stakeholders on important business decisions. Financial controllers play a vital role in ensuring that a company is taking steps to mitigate risk and capitalize on opportunities.
The Financial Controller is a key member of a company’s executive team. They usually report directly to the Chief Financial Officer (CFO) and work closely with other senior managers to ensure that the company’s financial operations are running smoothly. Financial controllers typically have a deep understanding of accounting and finance, and they use this knowledge to help guide decision-making within an organization.
How Do They Add Value?
Financial controllers add value to an organization by ensuring that its financial operations are running smoothly and efficiently. They develop and oversee financial strategy, ensuring that the company is taking steps to mitigate risk and capitalize on opportunities. Financial controllers also own the close process, ensuring that all financial transactions are accounted for in a timely manner. Finally, they produce accurate and informative financial statements and reports which help guide business decisions.
In many organizations, the Financial Controller is also responsible for advising stakeholders on important business decisions. This role can be incredibly demanding, but it also offers significant opportunities to impact a company’s future success.
What Skills Do You Need?
Financial controllers typically have both a bachelors degree and an advanced degree in accounting. The majority of controllers will have a CPA license. They will typically have 10 (or more) years of experience in the field since this is not a critical leadership position. In addition to having the right experience and educational background, financial controllers need to have the following:
- Leadership skills: Be able to lead, coach, and develop their team
- Influence: Drive change and maintain a strong controls environment by influencing all levels of the company
- Attention to detail: be precise and accurate in maintaining accounting records and controls
- Communication skills: be able to communicate effectively at all levels of the company in order to provide insights and recommendations and maintain internal controls
- Financial/Operational literacy: understand key concepts related to finance and operations to accurately manage the company’s records
- Bonus: Digital Finance is becoming increasingly important for all accounting professionals
If you possess the skills mentioned above, then you are well on your way to finding yourself in one of these roles.
A Day In The Life Of A Financial Controller
A financial controller’s day is never the same. Every day brings new challenges and opportunities to help the company and its systems run effectively. That can include tasks such as:
- Reviewing and approving journal entries
- Overseeing the month-end close process
- Preparing financial statements
- Analyzing variances and investigating discrepancies
- Developing internal controls
- Developing financial strategy and advising on business decisions
- Working with auditors to ensure compliance with regulations
- Lead, coach, and develop accounting team members across the company
Let’s Recap
A financial controller’s job is a vital one for any company. They are responsible for ensuring that the company’s financial operations are running smoothly and efficiently. Financial controllers develop and oversee financial strategy, making sure that the company is taking steps to mitigate risk and capitalize on opportunities. They also own the close process, ensuring that all financial transactions are accounted for in a timely manner. Finally, they produce accurate and informative financial statements and reports which help guide business decisions.
Financial controllers often advise stakeholders on important business decisions, making them a key part of the executive team. Financial controllers typically have a deep understanding of accounting and finance, and use this knowledge to help guide decision-making within an organization. If you have the skills necessary for this role, then you are well on your way to finding a career as a Financial Controller.
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