What are the 10 Skills of a Highly Effective Financial Controller? | Abdul Khaliq posted on the topic | LinkedIn (2024)

FAQs

What skills do you need to be a financial controller? ›

In short, it takes strong analytical abilities, excellent accounting knowledge, good leadership and communication skills, and proficient use of financial software.

A controller should be capable of handling an assortment of accounting related-tasks, including reviewing invoices, managing accountants, and negotiating contracts. Additionally, they must be up to date with your industry's various regulations and compliance requirements.

What are the most important Financial Controller job skills to have on my resume? The most common important skills required by employers are Detail Oriented, Technical, Forecasting, Collaboration, Compliance, MS Office and Financial Reporting.

Financial controllers manage financial reporting, accounting records, and daily activities at the company. They also work at a senior level. They ensure completion of all projects and adherence to various accounting regulations. The controller may also help with strategic plans and work with the CEO.

Most companies that hire financial controllers require candidates to have at least a bachelor's degree. Degrees in accounting, finance, business, economics or related fields are good options. Most bachelor's degrees take four years to complete.

Controller Education and Experience

Students interested in becoming a controller typically study in an area such as accounting, finance, business or economics. They must acquire a minimum of five years of relevant professional experience, and some controller jobs can require upwards of 10 years of experience.

These primary objectives include providing accurate and timely financial reports, monitoring budgets and cost controls, maintaining internal control systems, developing strategies for long-term financial health, and supporting senior management in decision making.

The best controllers manage their distributed teams by carefully balancing leadership and project management. They create a consistent close schedule that reduces bottlenecks, minimizes surprises, and promotes a culture of unity. A consistent schedule also allows the team to deliver information more quickly.

Who is higher, finance manager or financial controller? ›

A Finance Controller is a senior-level manager who oversees the day-to-day financial operations of a business. The tasks will vary depending on the business, but will likely include: Many of those that a Financial Manager is tasked with above if the business is too small to have both roles.

The duties of a controller include assisting with the preparation of the operating budgets, overseeing financial reporting and performing essential duties relating to payroll. Across all of the duties, a controller often works most with the collection, analysis, and consolidation of financial data.

Financial controllers may encounter a variety of problems, such as financial reporting issues, budget deviations, losses due to theft or mismanagement of risk, unbalanced budgets, errors due to improper techniques, and incorrect data.

First, as mentioned above, the biggest difference between CFO, finance director, and controllers is the hierarchy itself. The CFO is in the highest position, almost the same as the CEO. Even though the CFO reports their job directly to the CEO, they still have the same position as the executive of the company.

The vast majority (89 percent) of survey participants agree that the controller job has become more stressful.

Because the job requires more skills and qualifications than traditional accounting, it is a higher position within a firm. Applicants need to have a significant amount of prior experience in accounting, financial reporting, and tax-related issues to be considered for a financial controller role.

A Controller is not required to have a CPA license, although some companies might require it.

A high volume of work, tight deadlines, compliance demands, team oversight and impeccable accuracy can make a financial controller's job stressful.

The truth about being a Financial Controller

However, it can also be challenging and interesting. Reporting is just a small part of the role, and a financial controller can be responsible for treasury, tax, financial planning and growing of commercial business partnerships, just to name a few.