3 Reasons Why the Financial Controller Will Be Around for Quite Some Time
Posted by Mark Baars
If you run a business of any size, you want to account for every cent that comes in or goes out. A key component in this process is the financial controller. While this employee may not fill every accounting role your company needs, they are the head of that department and ensure it runs smoothly and efficiently. They are the last line of defense against accounting errors that could end up costing your business a fortune. For this and many other reasons, the financial controller is here to stay.
1. Invaluable job experience
One of the main reasons why you want a seasoned financial controller on your payroll is the experience they bring with them. Putting a novice accountant in charge of the department could spell disaster for your company. They may have the education to balance a corporate checkbook or handle accounts payable, but if something goes wrong that wasn't covered in Accounting 4401, they may be at a complete loss.
A strong financial controller will be able to manage any issue that comes up. Not only do they have the degree to perform the job, but they will also have years of experience in the field. This means they have seen just about any problem that may crop up. In addition, they have learned to adapt quickly and handle a problem they may have never seen before.
2. Know what's around the bend
Beyond supervising the accounting department, financial controllers are on the lookout for new trends and patterns that could have an impact on your business. Their main duty is to create and present financial reports that forecast income, expenses, profits and other pertinent information. This helps business executives take the appropriate steps to either prepare for an oncoming financial storm or appropriately ride out a massive wave.
Additionally, financial controllers see to it that your company is compliant with government regulations. They take the burden off other executives to prepare reports for the SEC, IRS and other agencies that check to see if businesses are operating within the law. Not having a financial controller to fulfill this responsibility could mean another employee not well-versed in business law could severely damage your company's reputation with ill-prepared reports.
3. A trusted advisor
The financial controller is responsible for a whole host of duties, ones that would take many professionals to cover otherwise. As such, they are one of the most valuable roles within a company and should not be disregarded. When it comes to making any business decision -- financial or not -- you should look to your financial controller as a trusted advisor and see what he or she has to say.
One way to ease the burden of your financial controller so they can act in a more advisory role is to use specialized software from Unit4. By doing so, controllers are able to focus less on gathering data and instead focus on providing better insights into the patterns presented by the software.