How to Be Financial Controller - Job Description, Skills, and Interview Questions

Oct 17, 2020 / 6 Minutes Read / By Albert

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The Financial Controller is responsible for managing the financial operations of a company. Their main goal is to ensure that the company's finances are in order, that all financial transactions are recorded accurately, and that all financial obligations are met. The Financial Controller also works with senior management to develop and implement financial strategies and budgeting processes to support the organization's overall mission.

As a result, the financial health of a company is largely dependent on the accuracy and timeliness of the Financial Controller's work. The Financial Controller must be highly organized, have strong analytical skills, and be proficient in accounting and finance software. Failure to perform these duties could have serious consequences for a company, including lost revenue, increased operational costs, and reputational damage.

Steps How to Become

Earn a Bachelor's Degree. The first step to becoming a financial controller is to earn a bachelor's degree in accounting, finance, or a related field.
Pursue Professional Certification. Obtaining professional certification as a certified public accountant (CPA) or Certified Management Accountant (CMA) can be beneficial for financial controller candidates.
Gain Professional Experience. Many employers require financial controllers to have several years of professional experience, typically in accounting or finance.
Develop Management Skills. Financial controllers must be effective managers who can oversee the accounting and finance department. They need to have strong interpersonal and leadership skills.
Consider Advanced Degrees. Many employers prefer to hire candidates who have a master's degree in accounting or a related field. Earning an MBA with a concentration in finance can be beneficial for prospective financial controllers.
Stay Up-to-Date on Industry Trends. Financial controllers need to stay up-to-date on industry trends and changes in accounting standards and regulations. They must be comfortable using technology and software programs related to finance.

The need for a reliable and capable financial controller is essential for any successful business. Without accurate financial records and reports, companies can face severe financial consequences, such as large-scale losses or even bankruptcy. a strong financial controller can help the business save money by ensuring efficient processes, preventing fraud and errors, and reducing unnecessary costs.

Furthermore, they can provide valuable insights into the financial health of the business, allowing the company to make better decisions. The process of selecting a financial controller should be taken seriously and include an extensive search process. Companies should look for applicants with a proven track record in finance, who are organized and can work efficiently under pressure.

When financial controllers are in place, businesses can be assured of accurate and reliable financial information that can be used to make critical decisions.

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Job Description

Prepare financial reports and analysis to assist management in making sound financial decisions.
Develop, implement, and monitor financial management systems to ensure accuracy and compliance with appropriate accounting and legal standards.
Oversee the preparation of accurate and timely financial statements in accordance with Generally Accepted Accounting Principles (GAAP).
Manage the budgeting process, ensuring that all plans are updated on a regular basis.
Analyze financial data to identify potential areas of improvement and develop strategies to optimize financial performance.
Monitor and analyze financial performance, providing reports and recommendations to senior management.
Develop financial models and forecasts to support management decision-making.
Ensure accurate and timely reporting of all financial information.
Identify, develop, and implement process improvements to ensure accurate, efficient accounting processes.
Establish and maintain strong relationships with internal and external stakeholders.

Skills and Competencies to Have

Strategic Thinking: Ability to analyze financial data, identify trends, and develop strategies to maximize profits.
Financial Planning: Ability to develop and manage annual, quarterly, and monthly budgets.
Accounting Expertise: Knowledge of generally accepted accounting principles (GAAP) and experience with financial reporting.
Risk Management: Ability to identify, assess, and address financial risks in a timely manner.
Decision Making: Ability to make sound decisions that are in the best interest of the organization.
Communication Skills: Ability to communicate financial information effectively, both verbally and in writing.
Analytical Skills: Ability to analyze data, identify patterns, and draw conclusions.
Leadership: Ability to mentor and lead teams of finance professionals.
Technology Savvy: Knowledge of financial software and other related tools.
Problem Solving: Ability to diagnose complex problems quickly and develop solutions.

Financial controllers play a vital role in the financial success of any organisation. Their responsibilities include providing financial advice, preparing budgets and financial statements, overseeing investments, and ensuring compliance with government regulations. The most important skill required for a successful financial controller is strong analytical ability.

By being able to analyse financial data quickly and accurately, the controller will be able to identify problems and opportunities, and make decisions that will have a positive effect on the organisations overall financial health. a financial controller must have excellent communication skills in order to effectively present financial information to management and other stakeholders. A good understanding of accounting principles, taxation laws, and computer systems is also essential for success in this role.

Finally, the controller needs to be able to work independently and remain organized in order to manage multiple projects and tasks efficiently. With these skills, a financial controller can play an integral role in the success of an organization.

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Frequent Interview Questions

How would you ensure the accuracy of a financial statement?
How do you stay current with changes in Financial Accounting Standards?
Explain how you have successfully managed a budget in the past.
What strategies have you employed to improve cash flow?
Describe your experience creating and monitoring internal controls.
How would you handle a complex financial audit?
What methods do you use to identify and prevent fraud?
How do you ensure compliance with regulatory requirements?
Explain how you have developed and executed strategic financial plans in the past.
What challenges have you faced in developing financial reports and how did you overcome them?

Common Tools in Industry

Accounting Software. A software used to manage financial records, such as accounts payable and receivable, general ledger, payroll, and other bookkeeping tasks (e. g. QuickBooks).
Financial Reporting Software. A software used to generate financial reports, such as balance sheets and income statements (e. g. Tableau).
Budgeting Software. A software used to create, monitor and analyze budgets (e. g. Adaptive Insights).
Auditing Software. A software used to assess compliance with standards, laws and regulations (e. g. ACL).
Tax Preparation Software. A software used to calculate, prepare and file taxes (e. g. TurboTax).
Business Intelligence Software. A software used to analyze data and generate insights for decision-making (e. g. Sisense).
Data Visualization Software. A software used to create visualizations of data and present data in an easier-to-understand format (e. g. Power BI).

Professional Organizations to Know

American Institute of Certified Public Accountants (AICPA)
Financial Executives International (FEI)
Institute of Management Accountants (IMA)
Association of International Certified Professional Accountants (AICPA)
National Association of Certified Public Accountants (NACPA)
Institute of Chartered Accountants in England and Wales (ICAEW)
International Federation of Accountants (IFAC)
The Chartered Institute of Management Accountants (CIMA)
International Accounting Standards Board (IASB)
Association of Chartered Certified Accountants (ACCA)

We also have Tax Associate, Financial Advisor, and Financial Planner jobs reports.

Common Important Terms

General Ledger. A record of the financial transactions of a business or organization, organized into different accounts.
Financial Reporting. The process of preparing and presenting financial statements and other documents to management, investors, and other stakeholders.
Budgeting. The process of preparing and managing a budget, typically a long-term plan of expected income and expenses.
Cash Management. The practice of monitoring and controlling cash flow in order to maximize returns on cash investments and minimize risk.
Regulatory Compliance. The process of ensuring that an organization complies with all applicable laws and regulations.
Auditing. The process of examining the financial records of an organization to verify accuracy and compliance with laws and regulations.
Cost Accounting. The process of collecting, analyzing, and reporting on the costs associated with producing goods or services.
Tax Planning. The process of anticipating and taking advantage of tax laws in order to minimize taxes owed by an individual or organization.
Risk Management. The practice of identifying, assessing, and managing potential risks to an organization or individual.
Internal Controls. Procedures put in place to ensure the accuracy of financial information and prevent fraud or abuse.

Frequently Asked Questions

What is a Financial Controller?

A Financial Controller is a professional who is responsible for overseeing the financial operations of a company. They provide guidance and support to the accounting team and analyze financial data to make business decisions.

What are the main responsibilities of a Financial Controller?

The primary responsibilities of a Financial Controller include ensuring the accuracy of financial records, preparing financial statements, budgeting, forecasting, and monitoring cash flow. They also oversee the preparation of taxes, conduct internal audits, and monitor compliance with legal and regulatory requirements.

What qualifications are needed to become a Financial Controller?

Financial Controllers typically possess a bachelor's degree in accounting, finance, or a related field. They also typically possess several years of experience in the financial or accounting industry and may have certifications such as Certified Public Accountant (CPA) or Certified Management Accountant (CMA).

What is the average salary for a Financial Controller?

The average salary for a Financial Controller ranges from $75,000 to $130,000 per year, depending on experience, education level, and location.

What is the job outlook for Financial Controllers?

The job outlook for Financial Controllers is positive, with employment projected to grow 6% from 2019 to 2029. Financial Controllers will be in demand as companies continue to increase their focus on financial performance and compliance.