Financial Controller Job Description

Financial controllers are almost always senior-level executives. They oversee the operations of the finance and accounting departments.

Financial controllers are responsible for managing the teams performing the functions mentioned below. They are accountable for any lapses. They will need help to complete the procedures themselves. (Unless it’s crunch time, the team must catch up.)

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Meetings, phone calls, emails, or any other creative method may be used to assign and track tasks. You can also use specialised process management software. As a result, financial controllers will spend most of their time managing people. Financial controllers manage teams. They also act as conduits between the data producers and management teams. This is especially true for budgeting and financial planning. Financial controllers are essential in these areas.

A financial controller might spend one day planning for a board meeting. The next day, it might be time to start working on processing the payrolls. The time leading to quarter- and year-end deadlines may be busy. This is because all necessary reports must be ready and error-free. Any mistake can be disastrous. They can increase stress levels during certain times of the year.

The day-to-day activities also depend on the size of the company. Financial controllers in smaller companies with fewer teams might have to do more work. They might have to do it themselves rather than delegate it. At larger companies, financial controllers have daily routines like a finance director’s.

Here Are Some of the Primary Job Responsibilities for Financial Controllers

Financial governance and control standards include financial reports, cost control, debt collection, corporate budgets, accounting, regulatory compliance, cash flow management, financial risk management, and payment processing.

This list covers all the finance and accounting activities a medium-sized company might need to perform. Thus, the role of a financial controller is to ensure that all these functions are performed according to the business’s needs. This includes operating within regulatory and legal restrictions.

The financial controller is not alone in performing these duties. The organisation’s structure will determine the teams. Teams from the finance and accounting departments will be there, and there might also be teams from other departments. Financial controllers oversee the various groups that perform these functions and are responsible for monitoring those teams.

The focus areas for financial controllers fall into three broad categories:

Accounting

Reporting, internal, and cost/inventory accounting fall under this category, as do other similar tasks. The financial controller handles accounting as the primary area and prepares periodic financial reports. They ensure that the accounting systems are operational and error-free and comply with relevant accounting standards, like IFRS.

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Finance

It includes all financial facets not related to accounting tasks. These include managing cash flow, budgeting, and financial planning. It also covers resource allocation, risk management, and handling receivables and payables.

Different companies may structure these departments. Yet, regardless of the department, the financial controller ensures the work gets done.

Regulatory/Compliance

Financial controllers are also responsible for legal and regulatory requirements, which apply to the finance and accounting functions. For example, the EU cannot legally receive payments from certain sanctioned countries or entities. The financial controller is aware of these restrictions and must ensure the teams follow them. Legal and compliance teams can offer support and information. Yet, regular business activities must be monitored.

Search other articles to learn more about financial controller careers:

Qualifications, Skills & Requirements, Salary & Pay, CV Template & Examples.

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