What Is A Financial Controller?

We believe that all small and large businesses could benefit from financial management. Unfortunately, financial reporting, analysis, and strategizing can quickly overwhelm business owners. That’s precisely why many businesses decide to hire a financial controller. With a broader range of skills than an accountant, a financial controller can manage nearly all aspects of your small business finances.

If you’ve been on the fence about hiring financial assistance for your small business, we’re here to tell you everything you need to know about controllers. While balancing the burden of financial planning can be exhausting, a controller might be the solution. Here’s what a financial controller is and what their responsibilities are within a small business.

What is a financial controller?

A financial controller is a management-level professional in charge of the business’s daily financial operations. They oversee every transaction within the company, complete all financial reports, and ensure that things are running efficiently and accurately. Typically, the financial controller of a business is in a senior position, so they may overlook the work of other employees, such as accountants. However, they will report directly to the Chief Financial Officer if there is one on the team.

What does a financial controller do?

The primary goal of a financial controller is to ensure that all financial reports and records are accurate. To do this, they manage all aspects of the business’s finances, including cash flow, balance sheets, financial planning, and more. This way, the company is prepared for critical events such as tax season and shareholder reporting. To guarantee the best work possible, they’re highly focused on being detail-oriented and timely. As a result, the best financial officers can meet crucial deadlines and catch small errors in the ledgers.

What are the responsibilities of a financial controller?

Analyzing. A financial controller frequently reviews the bank statements, expenditures, and previous reports to analyze the current financial state of a company effectively. Controllers consistently examine ledgers to find strengths and weaknesses in the company’s financials. That way, the team can face them head-on and reach attainable goals.

Forecasting. A financial controller uses previous reports to determine the business’s estimated future revenue and financial stability. It’s an educated guess based on the prior earnings and expenditures of the company. Forecasting is used to improve budgeting and glance into the business’s projected future.

Internal Controlling. A financial controller oversees the quality and accuracy of financial statements from other department employees, such as accountants and assistants. As a managerial-level professional, a financial controller can take on the task of overseeing other personnel. Their education and background allow them to guide other department employees to produce quality work.

Strategizing. A financial controller also uses strategic planning and execution to grow the business’s revenue. Not only do they factor in the business’s current state of affairs, but they also consider current market trends and economic conditions. Both internal and external factors influence their recommendations for the company’s future planning and help them deliver the most valuable feedback possible.

Reporting. Finally, financial controllers are responsible for assembling reports. This can be for several reasons, from tax season documents to shareholder reports, to statements that go directly to the company owners. Reporting is essential to their job, so financial controllers are highly detail-oriented to guarantee their accounts are error-free and always on time.

Is a financial controller right for my business?

If you’re overwhelmed with piles of tax work, repeating numbers, and deadlines, then a financial controller is likely suitable for your business. You’ll know when it’s time to add some extra help to your business when overseeing transactions becomes too big of a responsibility to handle alone. As long as it’s within your budget, having a financial controller by your side can ease all business owners’ anxiety surrounding monetary management.

Financial controllers are trained to meet you where you are. Regardless of your company’s unique situations and struggles, your business is no exception. Having a trained eye to review your bank statements and monetary decisions can be profoundly helpful in moving your business forward. Plus, with a financial expert on your team, you’ll have a wealth of knowledge at your fingertips.

How to hire a financial controller.

If you’re looking to hire a financial controller, you can find exceptional local and virtual controllers specializing in your business type. To hire the right controller for your small business, seek a professional with the qualifications and skills to make your company flourish. Seek a qualified controller that connects well with your vision and approaches your business’s situation with compassion and discernment.

If you’re a small business searching for virtual financial assistance, look no further than Virtual Financial Officer. As an online service provider, we offer personalized services to start-ups and emerging companies. We understand the obstacles that small business owners face when launching and growing their businesses. Our skilled financial controller team will help you reach your goals and organize your finances without missing a beat.

Level up your financial planning with a certified financial controller.

Virtual Financial Officer strives to bring financial ease to small business owners. Reach us at support@vfo.co to discuss how our financial controllers can take up the stressful tasks of financial management and deliver exceptional results for your business.

What Is A Financial Controller?