The role of the controller, like that of the CFO, is evolving to include higher-value-added activities and a more strategic outlook to themselves for the industry. With more organizations experiencing an evolution in the CFO’s role to a strategic business partner, it’s natural that these additional responsibilities would enhance the role of controllers.
In today’s workplaces, finance controllers are contributing their expertise in new ways to drive success for their companies. As more companies embrace to provide digital insights for a competitive advantage, they increasingly see that modern technology and data-based insights are very important.
Let us get down and learn the job of the finance controller.
Finance controllers basically ensure if the account allocations are properly made and documented.
Their position is accountable for the accounting operations of the company which incorporates tasks like,
- Including the production of periodic financial reports
- Maintaining an adequate system of accounting records
- Comprehending the set of controls to mitigate risks
- Maintaining data analysis, since they have an access to larger volume of data and also they understand it well.
- The financial controllers are also responsible for establishing the procedures for securing the internal controls of the company.
Looking at the above list of tasks, we already know that it is a ton of work what financial controllers perform.
According to a research, 82% of the finance controllers believe that their job has become more challenging over the last three years.
Finance controllers are becoming business partners at the heart of the organization. The finance controllers are found themselves pulled more into dealing with investor relations. This broadens the role of the finance controller, providing opportunity but also bringing implications with it on individual skills.
Maureen O’Connell (CFO, Scholastic) says “CFO is not tied to any one business, but rather focuses on the overall results of the company; therefore, the CFO can remain unbiased when developing strategic alternatives. For this reason, the CFO is well-equipped to assist and advise the CEO.”
These changes bring new opportunities for Finance controllers to prove their best strategic values and also understand the present challenges, navigated to guarantee organizational success.