Enter the Financial Controller 

Now, let’s shift our focus to the Financial Controller. If the Bookkeeper is the record-keeper, the Financial Controller is the overseer and strategist. They take the detailed records maintained by the Bookkeeper and use them to provide insights, control costs, and drive financial strategy.  

Here’s what the financial controller job description entails: 

Financial Reporting: Financial Controllers prepare detailed financial reports, including income statements, balance sheets, and cash flow statements. They interpret these reports to provide insights into the company’s financial health. 

Budgeting and Forecasting: They develop and manage budgets, forecasting future financial performance based on historical data and market trends. This helps the company plan for growth and manage resources effectively. 

Internal Controls: Financial Controllers establish and monitor internal controls to prevent fraud and ensure accuracy in financial reporting. They develop policies and procedures to safeguard the company’s assets. 

Compliance: Ensuring compliance with financial regulations and standards is a key duty. Controllers make sure the company adheres to all legal and regulatory requirements, reducing the risk of penalties and legal issues. 

Financial Analysis: They analyze financial data to identify trends, variances, and opportunities for improvement. This analysis supports strategic decision-making at the highest levels of the company. 

Team Leadership: Often, Financial Controllers oversee the accounting department, managing and mentoring a team of accountants and bookkeepers to ensure smooth financial operations. 

If you missed the section on what the bookkeeper does – you can see it here. If you would like to learn about the role of a CFO – check it out here.