Question

Please identify and describe Financial Controller occupations researched

Answer 1

Financial Controller

A Financial Controller is a senior management role that overseas all functions of an organisation’s finance and accounting department. For smaller businesses, this may even be an executive position. In firm, where various functions of corporate finance/financial management are divided into controllership functions and treasurership functions. The basic responsibility of treasurer is to provide,manage and protect the firm's capital whereas the controller has the responsibility to check that the funds are used efficiently. The controller performs the functions of budgeting,control,accounting,reporting and interpretation etc.

Functions Of Controller

a) Accounting

b) Preparation of financial reports

c) Reporting and interpreting

d) Planning and Control

e) Internal audit

f) Tax administration

g) Economic appraisal & reporting to Government

Duties and Responsibilities

A Financial Controller’s duties and responsibilities generally include:

1) Working closely with management or executive teams to share reports and analysis findings

2) Well-developed leadership skills

3) Mentoring

4) Preparing company tax statements

5) Ensuring compliance with statutory law and financial regulations

6) Developing financial reviews and providing investment advice

7) Payroll processing

8) Developing financial strategy, including risk minimisation plans and opportunity forecasting

9) High-level financial reporting and analysis

10) Regular budget consolidation

11) Cash flow management

12) Improving efficiencies and reducing costs across the business

13) Stakeholder management

14) Debt management and collection

Qualities of Financial Controller

1) Knowing the dynamics of the sector for which they work. This helps them to understand the objectives of the company and make better decisions.

2) A knowledge of office technology. In particular, mastery of Excel and databases. They work regularly with accounting and use information from different sources.Computer skills are extremely useful for bringing together all the data received.

3) Process optimisation. The financial controller must strive for greater business efficiency. This can be done by analysing the company's business processes (procedures to follow, interrelationships between departments, organisation of tasks, etc.) and redesigning them in order to improve them.

4) Accounting and administrative skills. Most have degrees in Economics or Business Studies. Often they have previous experience in auditing, the Management Control department or the sales sector. They also tend to supplement their university education with an MBA or a degree in Financial Management.

5) Strategic planning tools. Several studies indicate that companies that use strategic planning and long-term approaches are more profitable than those that do not use them.

6) Analytical costs. As well as classical financial accounting, the controller must be able to perform cost analyses. Classical analyses based on income behaviour and fixed and variable costs have now been joined by several new, more specific models of company cost allocation: based on volume and activities, according to the ultimate aim, by department or product, etc.

7) Be familiar with ERP systems (Enterprise Resource Planning). 96% of controllers use them, so knowing about financial management software is important.

Qualifications of Financial Controller

A Financial Controller job description should ask for one or several degrees and extensive experience in managing finance teams, preparing and analysing reports and making improvements to fiscal tools and systems. Relevant qualifications are in the fields of:

• Finance or Economics
• Accounting
• Business Administration
• Business Law

In addition to Bachelor or Masters level degrees, it would be beneficial for the job description to describe candidates who have participated in a CPA (Certified Practising Accountants) or CA (Chartered Accountants) program. This globally recognised program denotes high professional competency.