What To Look For In A Financial Controller?
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Financial management is at the heart of building a successful
business, whether big or small. Without it, your business is more likely to
succumb to failure. While there are a couple of other critical facets
contributing to creating a successful financial management system, one of the
building blocks needed to be in place is proper financial controls. From
growing businesses to large enterprises, the financial controller is an
increasingly sought-after figure. They are a must-have for any organization
that requires the right level of accounting and finance support to drive the company's
success.
But what exactly is a financial controller, and what
functions do they perform at the company?
What is a financial controller?
By definition, a financial controller is a company's lead
accountant responsible for overseeing its accounting activities. Also known as
a comptroller, they are tasked with applying controls to enhance the
effectiveness of the finance team, ensure accuracy, timeliness, and compliance
in bookkeeping, reporting, and analyses, and provide financial insights and
recommendations to the stakeholders. Controllers are, essentially, responsible
for the financial and regulatory compliance of the firm.
See Also: Leveraging Outsourced Controller Services To Future-Fit Your Small Business
Besides performing a functional role, a controller has a
strategic part to play too. They serve as a liaison between the company's
finance team and the top management. Aligning the company's finance with the
overall business goals and objectives, they help guide CFOs and business owners
to make critical strategic business decisions for growth and success.
Keys to effective
controllership
If you’re looking to hire a controller for your company,or
want to see how well your controller is doing his job, here are some key thoughts
to consider:
Expertise in the books: If a controller cannot quickly spot discrepancies
in the books, he will not be effective in the role. So a degree in business
administration or economics won’t suffice. Exceptional numerical, analytical
and problem-solving skills is the least you can expect from a financial
controller.
Evolving beyond books: Being merely gifted with numbers is not
what makes an excellent financial controller. The role asks for leading through
to become a trusted partner. Their visibility into key financial insights make them
a go-to source for the management to turn to for getting an effective, data-driven,
and measurable holistic view of the business.
Effective Communication Skills: One of the biggest challenges
for the controller is communicating the accounting data as meaningful
information, allowing management to make data-driven decisions. A controller
must have an effective skill to convey and explain complex financial ideas to the
stakeholders who don't have a grip on numbers.
Familiarity with technology: Gone are the days of manual
bookkeeping and accounting.Needless to say, proficiency at computerized
accounting systems and software expertise is a must-to-have skill for a
controller for increased processes functionality, improved accuracy of the
books, faster processing, and better reporting.
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