What To Look For In A Financial Controller?

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.

Leading all the way: Being the head of the accounting and finance department, controllers are expected to exhibit leadership skills. High levels of assertiveness would be required to spearhead new initiatives for implementing policies, to guide the team’s performance, and to streamline department processes.