What skills do you need to become a financial controller?įinancial controllers are still number crunchers and managers, but they’re increasingly acting as financial operating officers, tackling tasks like: In fact, it’s not unusual for firms to use the terms “finance director” or “finance manager” when “financial controller” would probably be the more appropriate title. That’s where the FC will spend the majority of their time supervising bookkeepers, credit managers, and accountants, and dealing with compliance.Īt some companies, a financial controller’s responsibilities will be identical to those of the financial director at another. You’ll see the most significant differences among these roles at larger companies with more employees. Handle investor relationship management (like a CFO).Communicate with banks (like financial managers).Collaborate with the CEO (like some financial directors).Do a lot of basic accounting (like an accountant).That’s because a financial controller at a small company may also: Some people will tell you that these roles are so different that it’s laughable to compare them, but the fact is that there can be a lot of overlap. What makes financial controllers different from accountants, directors, and CFOs? Growing commercial business partnershipsĬhances are that when you land an FC position, you’ll be expected not only to handle reporting and regulatory compliance but also to contribute value to your organization by driving productivity and profitability improvements.Due diligence during mergers and acquisitions.Rolling out ERP, reporting, payroll, and other software.Producing public filings with the Securities and Exchange Commission.When you become a financial controller, you may also play a role in: Oversee the creation of monthly, quarterly, and end-of-year financial statements.Create optional strategies for the finance department.Manage the accounting staff and/or finance teams.Prepare monthly sales and use tax returns.Organize and archive financial statements. Oversee the completion of internal control audits.Manage transaction processing and reporting.A more thorough accounting of their potential to-do lists might include: This description of the FC’s role is accurate but perhaps too simple, given the diverse roles and responsibilities FCs take on. They set financial rules, including choosing accounting methods and making sure that generally accepted accounting principles (GAAP) are followed.” In an article identifying the most competitive jobs in finance, Forbes sums up the work of controllers (the number one most-competitive job, by the way) this way: “Controllers keep the company’s financial planning, debt financing, and budget management organized. Should you become a financial controller?.What is the average salary of a financial controller?.How long does it take to become a financial controller?.What is the typical advancement path for financial controllers?.Are there certifications for financial controllers?.What can you do before and after college to maximize your chances of becoming a financial controller?.What experience and qualifications do you need to become a financial controller?.What degree do you need to become a financial controller?.What skills do you need to become a financial controller?.What makes financial controllers different from accountants, directors, and CFOs?.In this article, we’ll answer the following questions: If the prospect of these challenges excites and motivates you, then you might just have what it takes to succeed in the FC’s chair. And you might discover that your career in accounting and finance involves a lot more partnership development, strategic planning, and business development than end-of-year reporting. You may need to study business intelligence or software implementation in your spare time. On your way to the FC’s office, you might spend time as a business analyst or revenue management analyst. In other words, the path from accountant to financial controller isn’t a smooth or simple one. You’ll also need to amass years of work experience. You’ll still need to do all that if your goal is to become a financial controller, but you’ll also likely need to earn an MBA and learn technical skills that traditionally haven’t been part of the FC toolkit. Once upon a time, becoming a financial controller was simply a matter of getting a bachelor’s degree in accounting, sitting for the CPA exam, and slowly climbing the accountancy ladder. From picking up the chief financial officer‘s slack to making major business development calls, financial controllers-sometimes called FCs or comptrollers-do more than just crunch numbers.
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