Financial Controller

A Financial Controller – is the lead accounting executive in a company, normally reporting to the Finance Director or CFO.

Clients can engage with a FC on a part time, interim or full time basis depending on specific requirements and budget

A controller’s duties can vary depending upon the size of the company, the complexity of accounting and financial operations and the number of people employed in the accounting department.

The controller provides financial leadership and is instrumental in formulating accounting strategies. A controller’s role, especially in smaller companies, can include broad visionary responsibilities as well as hands-on management.

Accounting
A financial controller is responsible for ensuring that all accounting allocations are appropriately made and documented. In smaller companies, the controller may also perform cash management functions and oversee accounts payable, accounts receivable, cash disbursements, payroll and bank reconciliation functions. Every company should maintain a separation of duties with regards to accounting functions to insure that there are checks and balances in the system.

Internal Controls
A financial controller is responsible for establishing and executing internal controls over the company’s accounting and financial procedures. This includes reviewing and approving all invoices to be paid as well as reviewing accounts receivable aging reports.

A financial controller is also responsible for coordinating with external accountants for Corporate tax preparation and auditors who prepare internal audits of the company.

Financial Planning and Reporting
Financial controllers in smaller companies are responsible for all banking and finance activities. This includes negotiating lines of credit and supplier agreements, as well as reviewing all financial contracts, financing agreements and insurance policies. They are also responsible for providing accurate and comprehensive financial information to executive management for long-term financial strategizing. business operations.

Financial reporting duties include preparing financial statements, balance sheets, cash flow reports, budgeting, and financial projections.

Unless a company has a CFO to provide the leadership for long-term financial planning, the controller will be required to fulfil this responsibility as well.

Financial Analysis
In addition to financial reporting, a controller must be skilled at in-depth financial analysis and providing expert financial perspective and opinions.
This means that a financial controller must be proficient in spreadsheet design that is often complex. While a CFO is responsible for finalising financial policy, a controller’s financial analysis skills are instrumental in helping to assess risk, analyse efficiency and inform policy decisions made by executive management.