What is a Financial Controller? Re-evaluating the financial controllership function and its capabilities with digital tools

The changing role of the financial function

The evolution of the CFO’s role means they rely on their finance controllership function to take on additional responsibilities they traditionally covered. 

As the expectations and role of your financial controllership function change, financial controllers will be tasked with taking on more C-level concerns like investor relations and financial responsibilities.

Some organizations even bypass the controller role entirely, combining their CFO and controller roles, to make de facto executives out of the senior controllers instead.

The changing importance of performance reporting

Performance reporting was previously a “scorekeeping” role, but with data tools financial controllers can take a more proactive role in the analysis and reporting of performance.

The financial controller will deliver guidance on the monitoring of business objectives, using the latest tools to find and visualize complex data in easy-to-digest and engaging ways.

The financial controller must consider how they can enhance their strategic interpretation of data with tools that streamline the process and enable greater insight into data, such as Unit4 FP&A.

Organizations increasingly expect you to move beyond your traditional focus on compliance and data accuracy and begin moving into a position that genuinely identifies and utilizes the power of your data and experience. 

Relying on Excel spreadsheets for activities such as financial, planning, and analysis doesn’t cut it. Integrated tools that offer free-up time for analysis and value-added insights are what modern organizations have adopted.

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Becoming cross-functional with digital tools

As your organization resolves disparate data siloes it will expect your team to forecast certain scenarios and provide strategic insights beyond traditional analysis of financial performance.

This requires financial controllers to go beyond financial data and to understand how other drivers such as HR, projects, and more, affect financial performance. This is vital in the modern financial function to align the business’s goals with operations. 

To successfully unite an organization’s departments and arms under one financial strategy, data storytelling and visibility will be key. With Cloud FP&A tools, these functions can gain the ability to draw their own financial reports across an organization, which can reduce data consolidation tasks for the financial function.

Focus on empowering current talent

As the role of your team evolves, the need for top-quality talent will grow. Yet, the financial function is plagued by shortages of qualified accounting talent, requiring all those in the financial function to focus on working with HR to hone current talent, attract new talent, and ensure talent retention strategies abound.

Many modern roles within an organization expect a keen amount of data visibility and capabilities that enable teams outside of finance to generate reports, like automatically generated employee expense reports and real-time receipt capture. 

Facilitate data analysis and planning

Recent disruptions and uncertainties have led many in the financial function to accept that these are simply everyday business factors. However, financial controllers must drive a new focus on tasks that build strategy and prepare and organization.

Your position is shifting to encompass the driving force of data analysis and insights. The expectation is that you will lead the creation and implementation of procedures that identify and share valuable data with those who need it - this role will be at the core of your position as a strategic entity within the business.

Scenario planning and risk management aren't simply wishful thinking, they are necessary, and their use will grow as you develop your risk planning. They give you the ability to respond to change and forecast in more extensive and innovative ways so that you're never on the back foot again.

Explore the benefits of AI and automation

Leveraging AI-enabled automation can help refocus on strategy by eliminating the time users spend on manual tasks like data consolidation or entry. This time saved can be used on value-building strategic tasks. 

In the long term, AI will play a role for financial controllers, and that role will rapidly expand in the coming years as the technology matures. 

Supercharge your financial controller practices with Unit4

Unit4’s integrated and Cloud-based FP&A product modernizes the financial controller’s role, provides security for your finances, allows teams to collaborate seamlessly, and automates manual data entry tasks to allow your current finance personnel to use their expertise to inform corporate strategy. 

Unit4 FP&A helps you to forecast and predict future outcomes accurately. Our Cloud-based software is designed to provide businesses with the tools they need to optimize financial performance and drive growth. 

Get a tailored demo of our solution today to experience it firsthand or talk to sales with your unique case.