Tips to become a Better Financial Controller

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A financial controller will typically have the duty of reporting past financial information on a regular basis. His job profile requires competencies that consist of understanding and assuring the compliance with tax norms, IFRS, GAAP and SOX.

A good financial controller needs to control expenses, minimize bank charges and tax liabilities the key decisions on company profits. Financial Controller jobs go beyond the monthly financial cycle.One has to make all the commercial and operational decisions, update systems and procedures to make it a successful business.

Qualifications Required

A candidate seeking a controller job must have a Bachelor’s degree in accounting or business administrationand equivalent business experience. 10+ years of considerable experience for a major company or division of a large corporation may also be demanded. Preference is given to candidates with the Certified Public Accountant or Certified Management Accountant degrees.

Working Environment

Financial controllers work mainly in an office set up. Long hours or work on weekendsis seldom expected.Controllers are expected to spend most of the time in meetings or visiting other departments to conduct relevant due diligence.

The Pros and Cons Associated with Controller Jobs

On doing the job well, not only do you get a chance to take on a lot of responsibilities on your shoulder but you also earn plenty of respect and a very healthy annual income.

When the business takes a downturn you may find yourself in the position of making some complex financial decisions.

Pre-requisites for a Good Controller

You should have hands-on experience in financial management,and making senior-level decisions. You may have to act as a liaison between the finance department and senior management.

Role of a Financial Controller

The controller takes care of the accounting actions of the company.

• Making of periodic financial reports
• Maintaining accounting records
• Designing comprehensive set of controls and budgets toreduce risk element
• Improve the accurateness of the company’s reported financial outcome
• Making sure that reported results abide by with accepted accounting principles and international financial reporting standards
• Managing cash and risk
• Supervising the accounting department
• Work in co-ordination with banks, corporations and government agencies
• Set financial policies
• Supervise the bookkeeping, accounting and auditing departments
• Set up controls to guarantee efficiency and honesty
• Report the financial information directly to the president or board of directors of a company
• Keep a check on the financial reports sent out of the company that include tax returns, stockholders and annual reports and reports to government agencies.
• Strategize financial policies to employees
• Takes care of the assets and investments
• Set limits on the expenses by their firms each year.
• Keep a budget for salary expenditures, operating expenses, etc..

Being a Good Controller

To be a good financial controller, you require inculcatingthe following skills –
• Good communication skills
• Oodles of energy and motivation
• Multitasking skills
• Understanding of business and financial related issues
• The ability to finish work to tight deadlines

Thus the role of a financial controller is to plan, co-ordinate and control the financial activities and keep a check on the amount spent in an organization and simultaneously try and make investments and plan strategies for the organization to earn more profits and execute a smooth functioning.

Source by America

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Tips to become a Better Financial Controller

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