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Do your skills add up to be a financial controller?
Financial controllers play a key role in the day-to-day operations of businesses. Elliot Jackson, director at Robert Walters’ London office, breaks down what the role entails and the abilities required
Financial controllers play a pivotal role in any organisation, from smaller start-ups to vast corporations. They are tasked with handling all aspects of financial management, from accounting, budgeting and financial reporting to financial planning, forecasting and analysis.
Considering such extensive responsibilities, it’s essential, if you are considering the role, to understand whether you have what it takes to flourish. Here are the fundamental responsibilities and skillsets required to be a successful financial controller:
Financial management – the primary responsibility of a financial controller is to manage a company’s finances. This can mean anything from managing the day-to-day accounting operations, co-ordinating cash flow, maintaining and implementing strong financial systems and controls across the business to preparing financial reports and budgeting. In addition, it is crucial that controllers ensure the company’s compliance with all financial regulations. This means they must have a robust knowledge of financial laws and regulations, keeping abreast of any changes and having the ability to apply this expertise in a fast-paced business setting.
Skills checklist: accounting skills, financial management, financial reporting, regulatory knowledge, analytical thinking and attention to detail.
Strategic planning – controllers also play a vital role in strategic planning, often being involved in identifying and evaluating potential investments, forecasting and monitoring cash flow requirements to ensure sufficient liquidity and timely payment of debts, determining cost-saving measures and developing financial forecasts.
Skills checklist: strategic planning, business acumen, forecasting, problem-solving and decision-making skills.
Leadership – when part of the senior management team in most organisations – often overseeing a team of financial analysts, accountants and other financial staff – leadership skills are crucial. A controller must be able to motivate and guide their team, delegating tasks effectively and making business-critical decisions, even under pressure. They must also work with the CFO or finance directors to present reports to board members and senior executives.
Skills checklist: leadership, team management, communication, decision-making and conflict resolution.
Risk management – a controller is also responsible for identifying, managing and mitigating financial risks. This can mean establishing and implementing risk management policies and managing financial risks (including market, credit and operational risk), developing contingency plans, analysing accounts during internal audits, evaluating the risks of investments, and ensuring their company has adequate insurance coverage.
Skills checklist: risk management, strategic planning, analytical skills and decision-making.
Technological proficiency – in almost all workplaces, digital skills are a must. This is no different for financial controllers, as they are expected to be comfortable working with various forms of financial software and technologies. Having a good grasp of these tools can significantly aid data analysis, financial reporting and budgeting, as well as numerous other tasks such as streamlining existing processes.
Skills checklist: proficiency in financial software, data analysis and computer literacy.
Professional development – to stay ahead of the curve in finance, controllers must engage in continuous learning. This can mean staying up to date on the latest industry trends, regulatory changes and technological advances, as well as taking on additional courses or upskilling opportunities.
Skills checklist: continuous learning, adaptability and a commitment to professional development.
Where could the role take you?
Controllers play a vital role in a company’s finances and are often seen as a safe pair of hands. They can enjoy earnings of up to and sometimes above £100,000.
Progression usually leads them towards finance director, chief financial officer or even chief executive officer positions if they can also demonstrate good commercial knowledge.
Do you have what it takes?
If you find yourself ticking all the boxes for a controller’s responsibilities and skills outlined above, you may have what it takes to become a successful financial controller.
It is important to note that this role is for individuals who are not only passionate about overseeing and managing the finance function but who also advocate for driving change and innovation within the department.
So, if you are an experienced accountant looking for your next step up in finance and eager to make a difference within an organisation, a career as a financial controller could be your calling.
Do your skills add up to be a financial controller?