Financial Controller Job Description, Skills, and Salary
Are you searching for a financial controller job description? Get to know about the duties, responsibilities, qualifications, and skills requirements of a financial controller. Feel free to use our financial controller job description template to produce your own financial controller job description. We also provide you with information about the salary you can earn as a financial controller.
Who is a Financial Controller?
Financial controllers are senior managers who oversee a company’s day-to-day financial operations. Financial controllers manage the accounting department and are in charge of the business’s accounts and records, which are also referred to as the “company historian.”
Depending on the size of the company, the financial controller’s function changes. Small business controllers internal or contracted are typically involved in intricate accounting procedures that are beyond the scope of the bookkeepers’ expertise.
Financial controller responsibilities are likely to involve project management, technology, insurance, and compliance tasks in medium businesses, where responsibilities are the broadest. To oversee the finance and administrative functions I n, financial controllers collaborate with chief financial officers (CFOs), chief accounting officers (CAOs), finance managers, and treasurers in major businesses.
Financial controllers are senior managers tasked with creating proper books and records for a business, to put it simply. To achieve this, they need to comprehend how the business runs as well as the fundamental connections between inputs, outputs, and supporting processes. The responsibilities of a financial controller go beyond simply being “the numbers guy” to include producing reports and analyses that aid in the formulation of strategic business decisions.
The priorities of a financial controller include accuracy, stewardship, policy, and ethics. It may be a thankless profession at times. More frequently than not, controllers, while feeling constrained by a lack of resources, have immense joy from creating the data that informs strategic decision-making. Financial controllers believe they spend too much time on stewardship at the expense of strategy, according to a new Institute of Management Accountants (IMA) report, which points to a related gap.
A financial controller must be both a specialist in all aspects of accounting and compliance and a personable leader who can inspire the entire firm to adhere to rules and regulations. Financial controllers are essential to firms because they possess both hard and soft abilities.
Successful controllers must have four-star ethics and a strong sense of responsibility for the correctness and timeliness of the company’s records. In other words, because senior executives must trust the financial data produced by effective controllers, they will do everything it takes to ensure that it is accurate. It will be the foundation for important business choices.
Financial controllers, also known as financial controllers or chief accounting officers, are in charge of managing daily accounting operations, integrating finance operations, forecasting and budgeting, handling tax issues, preparing financial reports, and ensuring the stability of the organization’s finances.
Typically, financial controllers start in public accounting as Certified Public Accountants (CPAs). The majority have an MBA, at least one or more professional certificates (such as the CPA or CMA), and a few years of experience working in a corporate environment.
Financial controllers may be a great asset to your company’s other departments, including corporate governance and strategic planning.
Financial Controller Job Description
What is a financial controller job description? A financial controller job description is simply a list of duties and responsibilities of a financial controller in an organization. Below are the financial controller job description examples you can use to develop your resume or write a financial controller job description for your employee. Employers can also use it to sieve out job seekers when choosing candidates for interviews.
Financial controllers are responsible for the following duties and responsibilities:
- Control and oversee all aspects of the company’s accounting activities, including billing, cost accounting, inventory records, and others.
- Prepare month-end financial statements, consolidation, and publication (cash flow, income statement, and balance sheet.)
- Confirm transaction correctness and compliance with applicable accounting rules, such as GAAP or IFRS.
- Ensure adherence to the applicable jurisdiction’s corporate and tax rules.
- Oversee and direct the creation of performance reports containing pertinent performance data, such as deviations for the previous accounting period, and financial planning and budgeting for prospective accounting periods.
- Keep a record of and make contributions to the company’s internal control policies.
- Maintain and offer suggestions for the accounting system of the business.
- Keep an eye on the cash flow and the maturity of the accounts due and receivable.
- Communicate with the business’s outside auditors throughout the auditing procedure.
- Give the finance team advice and collaborate with other executives to develop the company’s financial plan.
- Giving the CFO pertinent information and aid in the presentation of the financial reports to internal and external stakeholders may make decision-making easier.
- Put together financial reports.
- Examine financial information
- Keep an eye on internal controls.
- Direct the creation of revenue statements.
- Take part in budgeting procedures.
- Manage monetary exchanges.
- Streamline the procedures and tasks of accounting.
- Make preparations for financial expansion.
- Assess and control risk.
- Organize auditing procedures
- Ensure that a business complies with all tax, permit, and licensing obligations
- Implement improved procedures and controls in conjunction with an executive team to protect the accuracy of a company’s ledger
- Monitor all financial control processes, including reviewing and analyzing quarterly and monthly financial information and disclosures
- Provide accurate and thorough financial data to senior management to aid in successful policy decision-making and financial planning
- Analyze inadequacies, analyze budget trends, and report budget variations to executives
- Provide the appropriate records and assistance to external auditors
- Perform tax preparation tasks or coordinate with outside tax accountants to prepare taxes
- Accounting master’s degree or a comparable degree.
- A history of financial management success.
- A good ability to communicate.
- Powerful leadership skills.
- Outstanding interpersonal abilities.
- Solid foundation in accounting principles.
- Experience in auditing.
- Expertise in accounting software.
- Abilities in analysis.
- Expertise in the area: Due to its importance in the success of enterprises and society, accounting is a particularly sensitive area. Therefore, it is an area where dealing with correctness and openness is anticipated. The accounting industry frequently achieves this. Financial controllers must have a thorough understanding of what the accounting industry includes and understand whether they possess the necessary skills to thrive in it. If any areas require adjustment, you must work toward making those changes as quickly as feasible. Your main focus should be on improving your accuracy and competence while working with numbers. You should be striving each day to improve your level of competence and productivity at work.
- IT expertise: Your job as the financial controller of your firm should get off to a solid start with your familiarity with computers and other IT tools. It ought to be accessible to you, and you ought to be knowledgeable enough to use it to streamline and improve your work. Due to its significance in the contemporary corporate environment, IT skills are a talent for everyone. To improve your everyday efficacy and efficiency, you must hone this talent. The usage of the Microsoft Suite, which includes word processing, Excel, PowerPoint, Access, Publisher, etc., is now brought up. You should be able to utilize several of these software programs regularly in your role as a financial controller.
- Efficiency: Your capacity to carry out the responsibilities assigned to you at work defines efficiency. You cannot be rewarded for being unable to do the task that your employer has given you; it is both impossible and inconceivable. To fulfill your job description, you must thus devise ways. Efficiency also plays a significant role in your capacity to complete tasks ahead of schedule. Whatever is done both inside and outside the business, time is always at the forefront. So if you want to increase your productivity at work, you should focus on this. Efficiency in your work is a result of your ability to manage your time effectively and adhere to your job description.
Some workers struggle to operate within the parameters of their job descriptions, while others have trouble managing their time. However, if you want to excel in this position, you must balance the two well.
- Accounting expertise: Financial controllers are supposed to be knowledgeable about accounting-related matters. This is not to indicate that this is your main responsibility or part of your job description, but it is a talent you must have if you want to be successful in your career overall. To make transactions clear, financial accounting abilities require an understanding of credit and debit recording. Although the organization’s chief accountant is primarily responsible for this, it is OK if you familiarize yourself with this expertise.
Additionally, it is expected that before taking on the function of financial controller, you served as an accountant for a business. Therefore, you will require certain skills and information.
- Ability to manage: This is with the assumption that people are working under you or with you in the department or the organization as a whole. As their boss or leader, it is your responsibility to teach them the proper behavior within the company to preserve the organization’s financial openness.
As a result, you are an administrator who is responsible for planning and organizing the organization’s financial activities. You have a lot of responsibility for ensuring that business with clients continues to go smoothly. You must acquire certain administrative abilities that will enable you to excel at work. You must possess the appropriate abilities, and you must make any necessary improvements. Remind yourself once more that this work necessitates being clinical in all you do.
- Plan strategically: One thing as a financial controller should always be at the back of your mind: the organization’s financial responsibility. This will demonstrate your expertise and ability to oversee the organization’s financial concerns. Your employers could rely on your recommendations or counsel when making financial decisions because they will have an impact on the company. It implies that you should consider your options carefully and conduct your research before offering any suggestions or counsel.
Strategic planning becomes the focus of this discussion at this time. Your financial planning should be strategic to enable your firm to reduce expenses while increasing profit both in the short and long term.
- Skills in written and spoken communication: You shouldn’t be shocked or dread this in any way. To succeed as a financial controller, you must possess a variety of skills, including effective communication. To thrive in your role as a financial controller in your company, you must have strong communication skills. Communication is necessary for idea dissemination. Effective communication is necessary to develop an enduring and strong team spirit, and a lot depends on it.
Most essential, communicating your thoughts to your employer should require communication skills to influence them to share your viewpoint. You should practice your oral and writing communication as a result of this.
How to Become a Financial Controller
- Get a degree: Most employers who seek financial controllers demand individuals to hold a bachelor’s degree or above. A suitable choice would be a degree in accounting, finance, business, economics, or a similar discipline. The average bachelor’s degree is earned in four years. Many companies are looking for applicants with master’s degrees in accounting, business administration, or a comparable discipline. You may become a more attractive candidate and be eligible for various leadership roles in accounting and finance if you obtain a master’s degree. Most master’s programs in business and finance last two years or less.
- Obtain qualifications for your career: Obtaining a certification in finance or accounting is a fantastic approach to demonstrating your in-depth understanding of the subject. Additionally, a lot of businesses need accreditation for financial controllers. Consider the following major certifications:
- A CPA license certifies that you have satisfied stringent requirements for education, work experience, and examination success. The criteria to become a CPA are set by the accounting board in each state.
- A controller’s job description may include doing internal audits, therefore becoming certified as an internal auditor verifies your suitability for the position. Before taking the test, you typically require a combination of education and professional experience in internal auditing.
- The Chartered Financial Analyst designation is a sign of your proficiency in accounting, portfolio management, and economics. A bachelor’s degree or four years of work experience are requirements, as well as passing several tests.
- Get experience working: Candidates with five to seven years of finance and accounting expertise are often sought after by businesses. Before attempting to obtain a leadership role, you should plan on beginning your career as an auditor, accountant, or financial analyst. Because they frequently expect you to supervise the finance team as a controller, businesses frequently prefer candidates with two or more years of leadership experience. Before applying for a position as a financial controller, you can have the chance to serve as an assistant controller to develop leadership experience.
- Apply for the position: After gaining the necessary qualifications, you can consider where you want to work as a financial controller.
Where to Work as a Financial Controller
- Colleges and Universities
- Investment groups
- Technology companies
- Private Companies
Financial Controller Salary Scale
In the USA, the average compensation for a financial controller is $105,000 a year, or $53.85 an hour. Most experienced professionals earn up to $137,500 per year, while entry-level roles start at $85,000.
In the UK, a financial controller makes an average pay of £55,000 a year, or £28.21 an hour. Most experienced professionals earn up to £74,644 per year, while entry-level roles start at £45,000.