How to become a Financial Controller

Financial Controllers (FC) is an organization’s lead accountant, directing the preparation of financial reports that summarize, analyse, and forecast the company’s financial position, with the help of income statements, balance sheets, analyses of future earnings or expenses, and financial information. They are also responsible for organizations’ financial planning, debt financing, and budget management. They establish financial rules; select accounting methods, and ensure that Generally Accepted Accounting Principles (GAAP) are followed in the organization.

• Oversee personnel conducting financial recording, bookkeeping, billing, collections, payroll, and budgeting tasks

• Organize and direct all or some of an organisation's financial planning, budgeting, purchasing or investment duties

• Establish internal control protocols, instructions, and procedures for tasks such as management and administration of budgets, cash and credit, and accounting

• Prepare financial statements, reports of business activities, forecasts of financial position, annual budgets, or regulatory agencies required reports

• Guide and assist other units of organization with respect to accounting and budgeting protocols and procedures for effective control and use of financial resources

• Analyse the financial information of past, current and anticipated operations to recognize opportunities for growth and areas where change is required

• Advise executives on financial goals, strategies, and decisions for the short and long term

• Track financial operations and information, such as cash flow and reserve rates, to confirm compliance with all regulatory and legal requirements

• Evaluate the requirements for fund acquisition and surplus investment and make relevant suggestions

• Build and sustain relationships with finance, insurance, and external accounting personnel to promote financial activities

• Perform or direct organization accounts’ audits and financial transactions to guarantee compliance with federal regulations

• File and submit annual tax reports or compile financial details so that tax returns can be filled out by qualified accountants

• Recognize financial risks and areas of improvement to prevent mistakes and increase profits

• Supervise the accounting, audit, and budget departments of company

• Supervise the completion of internal control audits to look out for errors or fraud

• Manage accounting procedure and documentation of policies

• Assist in resolving complex accounting concerns

• Create and enforce operational strategy for day-to-day activity of finance team

• Direct payables, receivables, payroll, controls, and interdepartmental communications

• Draft special reports as requested by governmental business regulatory agencies 

• Oversee financial statements and annual reports

• Evaluate organization’s performance against internal and external benchmarks

• Organize and archive financial statements

• Monitor the bank balance of the organization

• Approve and track invoices

• Prepare financial projections

• Formulate monthly sales and use tax returns

• Supervise the creation of monthly, quarterly, and end-of-year financial statements.

Financial Controller must have knowledge in and ability to understand macroeconomics, accountancy, business methods, and risk avoidance. To begin with financial literacy, confidence with numbers, impeccable research, quantitative and analytical skills is a prerequisite to be successful in this career. One should also have proficiency in Microsoft Office, especially Microsoft Excel and VBA. Thus, strong, professional communication and presentation skills will also benefit.

A person taking up a career in this field must have high resilience and the ability to face the consequences when things get difficult. The career is suited to confident individuals with endless enthusiasm, high achievers who are ambitious and competitive with a supreme work ethic and the ability to handle immense pressure. Finance Directors must be able to manage both time and projects well which requires commitment, dedication, and high energy.

Along with excellent team leadership and teamwork skills, one needs to have the ability to work in a fast-paced environment, having long work hours with minimal supervision. To succeed in this profession, individual need to have eye for detail and ability to organize and track overlapping tasks.

The strong people, negotiation, and persuasion skills will aid in the job of a Director of Finance. The knowledge of deal structuring and closing principals will be helpful. Needless to say, they will also need good judgement and decision making skills to make informed choices.