Financial Controller

Financial Controllers make strategic decisions to ensure that a company's financial operations run seamlessly and safeguard its financial resources. They collect, analyse and consolidate financial data, ensuring that the business spends wisely, invests profitably and remains financially healthy and successful. In addition to financial reporting, Financial Controllers may also be involved with the functions of treasury, tax, financial planning and the expansion of business partnerships.

What do Financial Controllers do?

A Financial Controller would typically need to:

1. Manage an organisation's financial processes and accounting-related activities, ensuring that all financial operations proceed smoothly towards achieving organisational objectives while abiding by internal controls, external regulations and accounting standards.
2. Conduct financial analysis and share findings and insights with senior management and executives to help them make strategic financial decisions that ensure organisational profitability and financial stability while minimising risk.
3. Report to the Chief Financial Officer (CFO) or the CEO directly; advise the CFO and board of directors on financial matters.
4. Keep an eye on company spending; oversee transactions, such as accounts payable and receivables, payroll and balance sheet; ensure timely book closing; troubleshoot and resolve complex accounting problems.
5. Collaborate with managers to create and implement internal control policies and procedures and monitor their effectiveness.
6. Maintain records, accounting procedures and policy documentation; control financial systems and implement financial software, ensuring data is complete and accurate.
7. Prepare timely and accurate financial reports and statements, such as annual reports, balance sheets, income statements, expense reports and cash flow statements; share them with senior management.
8. Oversee taxation activity, ensuring compliance with financial or tax regulations; understand external reporting requirements, ensure the availability of resources to fulfil them and oversee the final reports to be delivered to external parties.
9. Stay aware of changes to financial reporting practices; supervise the team that directly contributes to the financial statement preparation process; certify the accuracy of financial statements to the best of their knowledge, if needed.
10. Develop and support company-wide budgeting and forecasting processes; monitor business performance against budget and forecasts.
11. Track material budgeting or expenditure variances; investigate, explain and rectify budget deficiencies; report all findings to management.
12. Collaborate with other departments, including marketing & sales, purchase, IT and HR, to ensure the organisation is on track with its finances.
13. Manage cash flow and maintain profitability; forecast cash flow needs and highlight deficiencies, plan for foreign currency requirements and manage bank accounts.
14. Oversee internal and external audits, liaise with auditors, organise paperwork, respond to audit inquiries and ensure compliance with audit requirements.
15. Inform top management or the board of directors of audit findings and accordingly make reporting modifications and other improvements in the company's accounting and financial practices.
16. Hire, train, mentor and supervise the finance department staff; manage a team of specialised finance professionals, establish goals, delegate work and provide feedback.
17. Evaluate the firm's financial performance against internal and external benchmarks; identify business strengths, areas of improvement, opportunities and risks.
18. Collaborate with senior management and executive leadership to assess investment ideas, plan and execute projects and programs, and develop future financial policies.

Financial Controllers primarily work in office settings across various industries, such as healthcare, finance, manufacturing and technology. They may be placed in cubicles or a private office within their company's finance department or with other senior executives. They spend considerable time at their computers, analysing financial data, generating reports or attending online meetings with other departments. However, the type of industry, size of the organisation and particular job function can determine the specific work environment and whether it is more formal and structured or relaxed and collaborative.

Since Financial Controllers handle significant responsibilities and their work is fast-paced, they must perform well under pressure, manage stress, meet deadlines and take action quickly to resolve issues.

Some Financial Controllers may have the choice to work from home or another distant location due to the growth of remote work. However, depending on company requirements, you may still be required to travel for in-person meetings and other work.

Most employers seek Financial Controller candidates with extensive experience of at least five to seven years in accounting and finance. However, it may take even longer to land the role.

The minimum academic qualification for aspiring Financial Controllers is a bachelor's degree in accounting, finance, business or economics from an accredited college or university. You can boost your employment prospects and career progression by earning an MBA (Master of Business Administration) in finance. By covering topics such as financial analysis, taxation, forecasting, and business strategy, an MBA prepares you well for the role of a Financial Controller and its responsibilities, which include providing leadership and financial guidance.

Building experience in leadership roles is critical to becoming Financial Controller, as it is a role that requires you to manage the entire financial team. While there are several pathways to becoming a Financial Controller across the private sector, in government roles or nonprofits, aspirants are frequently backed by several years of experience working as auditors or accountants, followed by adequate time as an assistant controller.

Performance, experience, and the acquisition of professional qualifications drive career progression. Employees with consistently high levels of performance may be eligible for promotion every two to three years.

Financial Controllers must stay current with the most recent economic trends and the best practices and technical developments related to financial management. Attending seminars and training sessions to keep in touch with and understand the impact of frequently changing legislative and compliance requirements on their organisation is also necessary for Financial Controllers.

Acquiring relevant certifications, such as Certified Public Accountant (CPA), Certified Management Accountant (CMA) or Chartered Financial Analyst (CFA), demonstrates your specialised capabilities to current or prospective employers and gives you a competitive edge in the job market.