Unlock the Potential of Your Business: Hire a Financial Controller
Published on February 5th, 2023
Financial controllers are responsible for managing the financial operations of a company and ensuring its financial health. They help you unlock the true potential of your business by securing the financial part of it so that the organization can move ahead focusing on the best way it can perform, without being bothered by financial constraints. Let’s look at the ways how you raise the bar of your organization’s capacities by hiring a financial controller.
Hiring a financial controller can change the financial status of your organization, unlocking its full potential. Firstly, it’s important that you know the roles and responsibilities that financial controllers are expected to perform in your organization. Let’s begin!
Hire a Financial Controller to Perform these ROLES
Hire a financial controller, who is a senior-level executive responsible for managing the financial operations of your organization. Their roles and responsibilities can vary depending on the size and complexity of the organization, but let’s what they generally include:
- Financial Reporting: The financial controller is responsible for preparing and presenting accurate and timely financial reports, including balance sheets, income statements, and cash flow statements.
- Budgeting and Forecasting: The financial controller plays a key role in creating and managing budgets and financial forecasts for the organization. This includes identifying and analyzing key financial indicators and making recommendations for improving financial performance.
- Accounting Operations: The financial controller oversees the accounting operations of the organization, including accounts payable, accounts receivable, payroll, and general ledger accounting. They ensure that all financial transactions are accurately recorded and that financial records are maintained in compliance with accounting standards.
- Financial Compliance: The financial controller is responsible for ensuring that the organization is in compliance with all financial regulations and reporting requirements, including tax laws and auditing standards.
- Risk Management: The financial controller plays a key role in identifying and mitigating financial risks for the organization. This includes developing and implementing internal controls, risk management policies, and procedures.
- Financial Analysis: The financial controller analyzes financial data to identify trends, risks, and opportunities for improvement. They provide insights and recommendations to senior management for improving financial performance and achieving strategic objectives.
- Leadership and Management: The financial controller leads and manages the finance team, providing guidance, training, and support to ensure that the team is performing effectively and efficiently.
The financial controller is a critical member of the executive team, responsible for ensuring the financial health and success of the organization, helping it go way ahead of the pack! There’s no huddle in finding the perfect candidates anymore! We, at HireQuotient, have the best talent sourcing platform out in the market for you! Book a demo now, only to find out how easy it is to separate the wheat from the chaff with us.
Hire a Financial Controller for these SKILLS
Like all the other jobs, there are some key skills that financial controller must have. Here are those key skills and qualifications that a financial controller should possess:
- Strong knowledge of accounting principles and practices: A financial controller must have a thorough understanding of Generally Accepted Accounting Principles (GAAP) and be able to apply them in the company's financial reporting.
- Financial analysis and reporting: A financial controller should be able to analyze financial data and prepare accurate financial reports that provide insights into the company's financial performance and identify areas for improvement.
- Budgeting and forecasting: A financial controller should be able to create and manage budgets, as well as develop financial forecasts that can help the company plan for the future.
- Management and leadership: A financial controller should have strong management and leadership skills, as they will be responsible for overseeing the finance department and managing a team of accounting professionals.
- Strong communication skills: A financial controller should be able to communicate financial information clearly and effectively to other members of the management team, as well as external stakeholders such as investors and auditors.
- Attention to detail: A financial controller must be highly detail-oriented and able to identify and resolve discrepancies and errors in financial data.
- Knowledge of financial regulations and compliance: A financial controller should have a thorough understanding of financial regulations and compliance requirements, including tax laws, accounting standards, and industry-specific regulations.
The point of hiring a financial controller is that they should have a combination of financial expertise, management skills, and strong communication abilities to effectively manage a company's finances and ensure its financial health. Make sure that you don’t compromise on these skills while searching for your purple squirrel!
Make the Best out of the Financial Controller You Hire
Financial controller are the centre of finance departments, being responsible for ensuring the accuracy and timeliness of financial reporting, managing budgets, and implementing financial policies and procedures. Here are some tips for using a financial controller to the best:
- Define clear expectations: Define the scope of responsibilities, expected outcomes, and key performance indicators (KPIs) for the financial controller. Clear expectations help the financial controller to focus on the critical areas and drive the desired results.
- Provide adequate resources: A financial controller requires access to various resources like software, tools, and data. Ensure that the controller has access to all the resources needed to perform the job effectively.
- Collaborate with other departments: Finance is an integral part of every department in an organization, and the financial controller should work closely with other departments to understand their needs and provide financial guidance. It can help build cross-functional relationships, enhance communication, and facilitate better decision-making.
- Monitor performance: Regularly monitor and review the financial controller's performance to ensure that they are meeting expectations and delivering the desired results. Provide feedback and coaching to help the controller develop their skills and improve their performance.
- Encourage ongoing professional development: Encourage the financial controller to participate in training and development programs, attend conferences and seminars, and pursue professional certifications. It can help them stay up-to-date with the latest trends and best practices in the finance industry.
- Empower decision-making: The financial controller plays a crucial role in making informed financial decisions. Provide them with the necessary authority and decision-making power to make sound financial decisions that align with the organization's goals and objectives.
Are there Alternatives to Hiring A Financial Controller?
Yes, Of course! There are several alternatives to a financial controller depending on the size and complexity of an organization's finance function. Some of these alternative roles you can hire for include:
1. Bookkeeper: A bookkeeper is responsible for recording financial transactions, maintaining financial records, and producing basic financial reports. This role is suitable for small businesses or startups with simple financial needs.
2. Accountant: An accountant is responsible for preparing and analyzing financial statements, managing budgets, and ensuring compliance with tax laws and regulations. This role is suitable for mid-sized businesses with more complex financial requirements.
3. Financial analyst: A financial analyst is responsible for analyzing financial data, creating financial models, and making recommendations for business decisions. This role is suitable for larger organizations that require in-depth financial analysis to inform strategic decisions.
4. Chief Financial Officer (CFO): A CFO is responsible for overseeing the entire finance function, including financial reporting, budgeting, forecasting, and financial strategy. This role is suitable for large organizations that require a high-level financial leader to guide overall financial decision-making.
5. Virtual CFO: A virtual CFO is an outsourced financial executive who provides financial management and strategic guidance to an organization. This role is suitable for small and medium-sized businesses that require CFO-level expertise but cannot afford to hire a full-time CFO.
As you see, there are several alternatives to a financial controller, including bookkeepers, accountants, financial analysts, CFOs, and virtual CFOs. The choice of the alternative will vary as per organization's size, complexity, and financial requirements.
Why hire financial controller over the alternatives?
It’s not like hiring a financial controller is always better than its alternatives. Again, it totally depends on the specific needs and requirements of your organization. But yes, here are some reasons why a financial controller may be a better choice than its alternatives:
- Comprehensive financial oversight: A financial controller is responsible for overseeing all aspects of an organization's finance function, including financial reporting, budgeting, forecasting, and financial strategy. This comprehensive oversight ensures that financial decisions align with the organization's goals and objectives.
- Experience and expertise: A financial controller typically has significant experience and expertise in financial management and reporting. They can provide valuable insights and recommendations to inform financial decision-making.
- Strategic leadership: A financial controller plays a crucial role in driving financial strategy and ensuring that financial decisions align with the organization's overall strategic goals. They can provide guidance and leadership to other members of the finance team and help shape the organization's financial future.
- Risk management: A financial controller is responsible for identifying and mitigating financial risks. They can implement policies and procedures to ensure compliance with regulatory requirements and minimize financial risk.
- Communication skills: (That’s a must-need for all the roles though!) A financial controller is typically a skilled communicator, able to convey financial information and analysis to both financial and non-financial stakeholders. This ability to communicate effectively helps ensure that everyone in the organization understands the financial implications of their decisions.
In fact, it might be better to hire a financial controller than the alternatives because of their comprehensive financial oversight, experience and expertise, strategic leadership, risk management, and communication skills. However, the best choice for an organization will vary on a whole lot of things deal with!
Fact Check on Hiring a Financial Controller
Education and experience: According to a survey by Robert Half Finance & Accounting, 82% of financial controllers have a bachelor's degree, and 35% have a master's degree. Additionally, the survey found that the average financial controller has 12 years of professional experience.
Salary: The average salary for a financial controller in the United States is $105,813 per year, according to PayScale. The salary can vary depending on factors such as the size of the organization, industry, location, and level of experience.
Demand: The demand for financial controllers is expected to increase by 16% from 2020 to 2030, according to the Bureau of Labor Statistics. The demand is due to the increasing complexity of financial regulations and the need for organizations to have accurate financial reporting.
Hiring process: The hiring process for a financial controller typically includes posting a job listing, reviewing resumes, conducting interviews, and checking references. It is essential to conduct a thorough background check to ensure that the candidate has the required education, experience, and skills. In this era of mobile technology, it will be a good idea to think of mobile recruitment as well.
Read: Everything you need to know about Mobile Recruiting- A Complete Guide
To sum it up, when hiring a financial controller, it is essential to consider education and experience, salary, required skills, demand, and the hiring process. By considering these factors, organizations can ensure that they hire a qualified and competent financial controller who can meet their financial needs and help drive the organization's success to its fullest potential! Provide the candidates with the best tailored assessments.
HireQuotient’s skill assessment platform has a huge database of tailored assessments for a meaningful hiring experience for your team as well as the candidates! Check with HireQuotient’s experts for a demo now! Experience the best-ever skill assessment platform with us.
Thomas M. A.
A literature-lover by design and qualification, Thomas loves exploring different aspects of software and writing about the same.
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