Financial controller, accountant, and treasurerare not the same. However, they have similarities in their tasks. And each of these is connected.
The controller is an important position in both ways as it is a top-level job and an influential position in a company.
So, let’s know more about the controller.
Usually, a financial controller is the head accountant of a company. The controller keeps track of incoming and outgoing money. In other words, the controller records company’s financial history. That’s why sometimes the controller is referred to as the financial historian of a company.
The main task of a controller is to take care of all types of accounting. Moreover, they look after some financial activities such as budget preparation, insurance, tax returns, etc. Controllers also help CFO to complete their tasks accurately and efficiently. They used to report directly to the CFO. In some small companies, CFO and controller are combined as a single position.
The position of the controller in a company is considered to be the third-highest. They help companies in major decision-making.
Controllers are referred to as the head accountant, but they don’t complete any accounting tasks.
So, what they do precisely?
As an accountant’s job is to record the company’s financial activities, the controller ensures all of the recorded information is correct and stored properly. Besidesthis,the controller has other responsibilities.
Let’s talk about some tasks of the controller.
The first thing controller does for a company to ensure receiving payment from customers and debtors.
The controller looks after all accounting tasks to make sure that everything is working correctly.
They are responsible for opening corporate bank accounts and credit cards.
When it comes to working with outside financial consultants, they work with CPAs.
As far as tax is concerned, the controller files monthly, quarterly, and yearly tax forms.
Furthermore, the controller prepares financial reports and sendsthem to the chief financial officer.
The main aim of a financial controller is to ensure accuracy in all types of financial-related tasks. They ensure using highly accurate tools for all accounting departments. Apart from that controller works with senior team management to create workflows, reduce human error, and reduce risks as much as possible.
The controller observes internal control of the company, which is created by the chief financial officer, for small companies’ controller setting up specific tasks for specific persons, so that they can work more precisely.
Financial controllers used to play rolesin accounting departments. Their working nature has never been attached to strategic thinking, in the past controller used to work with past data such as previous months and year spending. But in the present situation, they can see spending as it happens.
As they work with CFOs and CFOs work with the CEO to make financial strategies, the financial controller helps CFO in making financial strategies.
Accountants never work on risk management, but the controller works as a strategist for risk management. They examine the company’s past and present records to assess the risk. They make sure that the risk is worth it for the company or not. If the risk is dangerous for the company, then they start working on reducing it.
For risk management controller tries to reduce the effect of the risk on employees and business.
Like other financial jobs,the financial controller job is also quite boring for some people. On the other hand, some people like this position as it is one of the highest positions in a company. Here are some reasons for becoming a controller;
Who doesn’t love power and prestige?
The controller is the position where you can enjoy power and controllership but doesn’t forget to keep in mind there are challenges too.
You can convert your love for numbers into a high paying job.
As a financial controller, you can earn a six-figure income per year. Even it is considered to be one of the highest paying positions within every company.
The financial controller has a positive impact on a company’s growth, and companies around the world are hiring financial controller. That’s why the demand forthe financial controller in the job market is increasing day by day.
Decided to become a financial controller?
Don’t know how to become it?
Let’s know how to become a controller in a step-by-step process.
Some people may think that it is tough to become a controller, but it’s not true. Even people think that you need to play with numbers all the time. This is also not true. Because these days most of the tasks complete with the help of software. So, let’s see how you can become a financial controller.
The first thing you must follow to win your dream job is to earn a bachelor’s degree in a related subject like accounting, economics, and finance.
Though it is not required to have a master’sdegree for becoming a controller, it will help you a lot in this completive world. So, earn a master’s degree in a field like business administration and finance. It will help you to be hired in reputed companies.
Certifications show your level of expertise in an industry. Besides, academic degree certifications are also important for reaching the controller position. Though it is not a must-have option, if you want to expand your career in this field, it is a must.
Experience is a must for any high-level position, and it is no different for the financial controller. You can completean internship in companies as a financial analyst for acquiring experience. Moreover, you can also join asa financial officer or accountant.
Now you have acquired the required degrees, certifications, and experience, it is time to apply for the real job. Don’t forget to highlight your core strength in the CV.
Often people can’t differentiate between financial controller, accountant, and treasurer. Here I have provided some core information about the controller, such as what it is, its responsibilities, reasons for choosing it as a career, and how you can become a financial controller. I hope this information will help you to understand the controller correctly.