Operating a small or medium-sized business successfully may require the assistance of a financial controller. Also known as a director of finance or accounting manager, the finance controller role plays a significant part in keeping a company’s accounting procedures compliant. They provide accounting oversight, implement internal controls and conduct the financial analysis responsible for financial planning and reporting. Typically, the individual handling this job has several skills and abilities, including experience with financial statement creation, knowledge of accounting procedures and principles, an advanced degree in Accounting, experience with the year-end and month-end close process, and a thorough understanding of accounting software. In this article, we will further explore financial controller duties that come with the career.
What Are Some Financial Controller Duties?
One of the primary finance controller duties is offering accounting oversight. A controller makes sure all of the accounting performed for a company is accounted for and completed correctly. The finance controller role doesn’t focus on data entry but helps manage the accounting system to ensure each number is correct. Overseeing accounts receivable, accounts payable, bank settlement, and payroll functions are other essential areas managed by a controller. The controller does control of financial statements related to monthly, quarterly, or annual periods to ensure compliance.
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Monitoring Internal Controls
Finance controller duties will also include monitoring internal controls. Keeping and organizing the records for a company and having them available for examination is one of the actions a finance controller role can entail. In some businesses, finance controller duties may include taking charge of invoice collections, especially if they have been overdue for an extended period. Studying and improving all of the financial statements relating to a business’s transactions is also handled by a controller. Beginning and implementing these internal controls over the financial and accounting actions is critical in keeping the accounting system compliant with accounting rules and regulations.
Providing Financial Analysis
Analyzing financial data is another critical task associated with the finance controller duties in a business. Examining the financials of the company can help improve profitability. A controller will know if sales are generating satisfactory results. They will also keep track of expenses and try to reduce the cost of necessities such as insurance. Attempting to locate improvements on the margin of a product or reducing the amount spent on freight are all areas of financial analysis that a finance controller role can be helpful with using their research. Assessing risk and crunching the numbers on each transaction made or spent by a company is handled by a controller. Discovering cost savings and growing profitability are some of the most significant results that can emerge from this area of finance controller duties.
Performing Financial Planning and Reporting
Handling all of the review and study of financial contracts is another essential task of a finance controller. They may also be involved in negotiating credit agreements. Financial planning is imperative for a business, providing the roadmap required to implement each economic action and decision. A controller can provide critical decisions quickly about a business’s financial information. Drawing up balance sheets, giving cash flow reports, creating budgets, and preparing financial statements are other finance controller duties that are important to the health of a business and its pursuit for growth.
Receiving Professional Assistance
Receiving the assistance needed to fulfill the duties of a finance controller can be critical to the compliance and financial health of your company. Handling these accounting and financial management requirements correctly can be completed by utilizing an experienced and highly knowledgeable accounting professional like the ones you’ll find here at Fusion CPA. Receiving the assistance you need from a skilled and proficient accountant may make a significant difference in your business’s financial stability and growth. We can help you streamline your accounting operations and functions. We also offer help with taxes and a business advisory service. Having us handle your finance controller duties may be highly beneficial to your bottom line. Contact us today if you’d like to discuss the role we might take to assist your business in reaching its financial objectives and goals.
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