2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16
Economic control is very important at any enterprise. The responsibility for this work lies with the financial controller. The duties, functions and features of a representative of this profession will be discussed in this article.
About profession
A financial controller is a specialist who maintains the information structure of an enterprise, conducts various audits, controls accounting for compliance with standards and deals with many other matters in the field of finance and economics. Every company must have a financial controller. That is why the profession in question is so important.
Being a financial controller is not easy. You need to be very careful in your work. After all, the main task of the representative of the profession in question is to search for shortcomings and errors in the economy of the enterprise. However, if the financial controller works smoothly and competently, then in the future he has every chance of becoming a financial director.
Duties of the Financial Controller
Every worker has his ownfunctions and responsibilities.
The financial controller is no exception. The duties of a representative of the profession in question, it must be said, are very extensive. Here are just a few:
- Compilation, analysis and control over the budget of the enterprise.
- Preparation of financial statements in accordance with established standards.
- Participation in the achievement of enterprise performance indicators.
- Work on minimizing enterprise losses.
- Financial projections.
- Assessing financial performance.
The financial controller has many other responsibilities. However, it would be difficult to list them all. It is worth adding only one thing: the profession in question is very complex and to some extent difficult. But therein lies its prestige.
Functional features of the financial controller
All duties performed by a specialist apply only to certain job areas.
Thus, the representative of the considered profession is responsible only for some functions of this or that enterprise. What could these functions be?
Firstly, it is, of course, various kinds of relationships with financial institutions, banks, government agencies, etc. Secondly, it is the organization of management accounting, its preparation. Thirdly, it is support for making various decisions.
The most important and basicfunctions. But there are other powers as well. These are, for example, the implementation of internal control operations, support for business projects, etc.
Required education
You can't get any good job just like that. The financial controller must also be an educated person.
Where exactly you can learn to work in the profession in question will be discussed later.
Specialists in the field of economics must have a higher economic education. The same applies to the financial controller. But, among other things, such a specialist must have good knowledge in the field of accounting. Simply put, you still need to grow to the position in question: for some time you will have to work as a simple accountant.
If you need to work in an international company, you will have to obtain a special certificate (CIPA, IFRS). In addition to this, it is imperative to know at least two foreign languages (one of them is English).
Thus, a financial controller is a specialist who must have an extremely wide range of knowledge.
On the responsibility of the financial controller
There is a special job description in the profession in question. The financial controller, according to this document, is endowed with certain rights and obligations.
There is a section on the responsibility of the employee. What is written there?
- Financi althe controller must be responsible for meeting the deadlines for the performance of his functions.
- The specialist should be responsible for compliance with the rules by which accounting is kept. It is also necessary to comply with the accounting rules in the enterprise, as well as closely monitor the implementation of tax laws.
- The financial controller is responsible for the safety of all existing assets of the enterprise.
The rights of the financial controller:
- Block payments.
- Interact with government agencies, government agencies and statistics.
- Interact with audit companies, banks.
- Make decisions on costs (in accordance with established norms - up to a certain amount).
Qualities and skills required for the job
As in any other job, the representatives of the profession in question need certain qualities, skills, character traits, etc.
The financial controller is endowed with a whole range of powers and rights. Because of this, his duties are incredibly extensive. Of course, not everyone can take the prestigious position of controller. That is why a person who wants to get this job must have certain qualities. These include: attention to detail, the ability to correctly prioritize, sociability, stress resistance and much more.
The financial controller and certain skills are extremely necessary. This is an implementation in SAP, ERP, Sage, etc. systems.have excellent knowledge of business restructuring and M&A.
Only with the qualities, knowledge and skills listed above, one can hope to receive the coveted position.
About career development
Of course, the job description will not say anything about the career growth of a specialist.
The financial controller, however, has a huge opportunity to improve their skills, knowledge and skills, resulting in even higher career advancement. What opportunities does a representative of the profession in question have?
Mastering a specialist in new systems (for example, MBA) will help him significantly increase his chances of becoming a financial director. Through hard work, there is an opportunity to grow up to the CEO. But for this it is necessary, of course, to master new skills, abilities, gain precious experience, introduce more and more working systems, etc.
It is worth saying that many financial controllers are still satisfied with their jobs and do not particularly strive to occupy higher positions. Indeed, in the submission of a representative of the profession in question, there are already many people. These are all kinds of specialists, assistants of the financial department and other employees of the company.
About the advantages and disadvantages of the profession. Profession Reviews
The advantages of the profession in question are obvious: high wages, prestige, and the possibility of early career growth.
This also includes work with subordinates, dominance over all accounting, as well as some freedom of action.
Of the shortcomings, it is worth highlighting, of course, an excessively high responsibility. After all, almost the entire budget of an enterprise rests on the financial controller. This also includes the difficult development of various special systems, as well as the difficulty of working with them. Interaction with subordinates can be attributed to both the advantages of the profession and the disadvantages. Here everything will depend primarily on the controller itself.
And what do financial controllers themselves say and write about their profession? Perhaps it is worth finding out, because it is from them that you can get the most reliable information about the profession. Here are some testimonials:
"The main thing is to show a real, lively interest in the company in which you work. You need to really root for it, perhaps even live it. Only then will the work be truly loved and valuable."
"In my work, the main thing is discipline. Only by planning every little thing in advance, it will be possible to succeed. There is no room for error in the work of a financial controller."
"My profession is really difficult. Keeping track of everything can be simply impossible. However, competent planning of activities helps. It is important to understand that you have a huge responsibility. Often, understanding this stimulates effective work."
Almost every financial controller is proud of his profession. Job reviews are usuallypositive. And it is fully justified.
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