{"id":12021,"date":"2023-01-04T01:59:00","date_gmt":"2023-01-04T01:59:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=12021"},"modified":"2023-02-05T01:00:29","modified_gmt":"2023-02-05T01:00:29","slug":"financial-controller","status":"publish","type":"post","link":"https:\/\/businessyield.com\/finance-accounting\/financial-controller\/","title":{"rendered":"Financial Controller: Functions, Skills, Salary, Qualifications (detailed guide)","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"\n
A financial controller is important in any organization for its growth and effective operations.<\/p>\n\n\n\n
Financial controllers are usually in charge of managing accounting duties, monitoring internal controls, banking and finance activities, etc.<\/p>\n\n\n\n
In this blog post, we\u2019re going to explain who a financial controller is, the skill he\/she must possess, qualifications and job descriptions.<\/p>\n\n\n\n
If you\u2019ve considered searching for a job in this field, then this post is for you.<\/p>\n\n\n\n
Let\u2019s dive in!<\/p>\n\n\n\n
A financial controller is the lead accounting executive in a company.<\/p>\n\n\n\n
His duties can vary in an organization, depending on the complexity of accounting and financial operations alongside the number of people employed in the accounting department.<\/p>\n\n\n\n
A financial controller carries out a lot of duties in an organization. <\/p>\n\n\n\n
He works directly with the management team to effectively run the business.<\/p>\n\n\n\n
His major roles include dealing with finance, accounting, production, marketing, and personnel operations.<\/p>\n\n\n\n
It is his or her duty to ensure that the business is profitable and there are proper internal controls by providing and interpreting the financial information that the company\u2019s output is yielding.<\/p>\n\n\n\n
A financial comptroller usually reports directly to a company\u2019s CFO \u2013 Chief Financial Officer, on equal footing with managers and finance directors.<\/p>\n\n\n\n
See also: FINANCIAL INCLUSION: Overview, Importance, Objectives, Examples (+ Free PDFs)<\/a><\/p>\n\n\n\n 1.In-depth financial analysis<\/strong><\/p>\n\n\n\n 2. They are responsible for all banking and finance activities<\/strong><\/p>\n\n\n\n They negotiate lines of credit and vendor agreement.<\/p>\n\n\n\n 3. They maintain the company bank balance and remain vigilant of outstanding checks.<\/strong><\/p>\n\n\n\n 4. They approve invoices that need to be paid.<\/strong><\/p>\n\n\n\n 5. They prepare monthly sales and use tax returns.<\/strong><\/p>\n\n\n\n A financial controller works with the executive management to coordinate all financial planning functions with business operations.<\/p>\n\n\n\n 1. A bachelor\u2019s degree in accounting, finance, or economics.<\/p>\n\n\n\n 2. An MBA (in finance or accounting preferred)<\/p>\n\n\n\n 3. A minimum of seven years of combined accounting and finance experience<\/p>\n\n\n\n 4. A minimum of two years experience as a team manager or assistant controller<\/p>\n\n\n\n 5. Proficiency with spreadsheets<\/p>\n\n\n\n 6. Experience with enterprise-level financial management software systems<\/p>\n\n\n\n 7. Decision making, problem resolutions, creative thinking skills, an eye for numbers.<\/p>\n\n\n\n 8. Attention to detail<\/p>\n\n\n\n 9. Able to work well with senior executives and team, as well as mentor\/lead other team members.<\/p>\n\n\n\n Good financial controllers handle a lot of things in an organization. <\/p>\n\n\n\n One of the major roles they carry out is – keen attention to detail and a bigger picture in mind.<\/p>\n\n\n\n However, let\u2019s take a look at some of the other financial controller functions:<\/strong><\/p>\n\n\n\n 1.Setting up a company\u2019s bank account<\/p>\n\n\n\n 2. They verify compliance with tax objectives and the company\u2019s standards and procedures.<\/p>\n\n\n\n 3. They are responsible for detecting errors, deviations and areas for improvements from a financial perspective. <\/p>\n\n\n\n 4. They implement methodological and IT tools to control activity<\/p>\n\n\n\n 5. They maintain relationship between external auditors and response to their demands<\/p>\n\n\n\n 6. They train and motivate the financial and accounting team of a company under his\/her responsibility<\/p>\n\n\n\n 7. Treasury management and supervision of the level of funds needed for common costs and investments<\/p>\n\n\n\n 8. Send reports to the senior management of the company, subsidiary or, if applicable, Financial Director of the central or parent company<\/p>\n\n\n\n 9. Report to the company\u2019s CFO, on equal footing with managers and finance directors.<\/p>\n\n\n\n An early career financial controller with 1-4 years of experience, earns an average total compensation (includes bonuses and overtime pay) of N3, 000,000 based on 8 salaries.<\/p>\n\n\n\n
He or She can otherwise be called a Comptroller<\/strong>.<\/p>\n\n\n\n
Financial controller job description<\/span><\/h2>\n\n\n\n
To fully understand the roles a financial controller performs in an organization, we\u2019ll need to take a look at the list of a financial controller\u2019s job description<\/p>\n\n\n\n
He or she must be skilled at in-depth financial analysis and also be able to provide expert financial opinions.<\/p>\n\n\n\n
These skills are necessary in assessing risks, analyzing efficiency and informing policy decisions made by the executive management.<\/p>\n\n\n\n
A comptroller reviews financial contracts, agreement and insurance policies. <\/p>\n\n\n\n
In addition, they are also responsible for managing account operations, publishing financial statements, monitoring expenditure, forecasting revenue, and ensuring accuracy of financial information.<\/p>\n\n\n\n
Majorly, they prepare financial statements, cash flow reports, budget-to-actual and financial projections.<\/p>\n\n\n\n
In addition, he or she must possess strong analytical skills, exceptional problem-solving skills, and a flair for numbers, organizational skills, and excellent leadership skills, to be employable.<\/p>\n\n\n\n
Financial controller qualifications<\/span><\/h2>\n\n\n\n
You will need to match a list of qualifications if financial controllership is a future career choice for you. The qualifications include:<\/p>\n\n\n\nFunctions of a comptroller<\/span><\/h2>\n\n\n\n
Also, they are responsible for the setting up of a company\u2019s bank account and also responsible for monitoring the accounts.<\/p>\n\n\n\n
Comptroller Salary<\/span><\/h2>\n\n\n\n
According to Payscale:<\/a><\/p>\n\n\n\n
A mid-career comptroller earns an average total compensation of N6, 500,000 based on 7 salaries.<\/p>\n\n\n\n
An experienced comptroller with 10-19 years of experience earns an average total compensation of N12, 500,000 based on 29 salaries.<\/p>\n\n\n\n
Finally, in their late career, that is, 20 years and higher, employees earn an average of total compensation of N15, 000, 000.<\/p>\n\n\n\n
The higher your experience; the higher your pay.<\/p>\n\n\n\n