Duties Of A Financial Controller

Duties Of A Financial Controller

See Also:
Controller
The Role of the CFO

Duties of a Financial Controller

The duties of a financial controller revolve around ensuring that a business is operating effectively and efficiently. Financial controller duties are to manage accounting and monitor internal controls. Furthermore, the financial controller responsibilities include banking and finance activities, proper reporting and payment to all taxing authorities, insurance recommendations and related purchases and corporate documentation. Furthermore, controllers provide an array of information needed by business executives. A controller will also work directly with the management team to dynamically run the business. A financial controller reports to the executive management team. In conclusion, the ultimate responsibilities of financial controller are to deal with finance, accounting, production, marketing, personnel and operations to ensure that the business is profitable and there are proper internal controls.
In other words, you could say that a controller is a not much more than a financial reporter. While a controller cannot make any drastic decisions as a CFO would probably do, the financial controller is the individual that is providing and interpreting the financial information that the company’s output is yielding. A controller’s duties are important because the remainder of employees in the company, from workers to executives, rely on his interpretation of figures to make decisions on expenses and sales. It is because of this reason that the financial controller receives a decent salary of, on average, up to $126,373.

Controller Duties

To make the job of a controller more lucid, a list of the financial controller responsibilities includes the following:

  • Maintain all the necessary reporting to the banks and backup system reports
  • Maintain the company bank balance and remain cognizant of outstanding checks
  • Approve invoices that need to be paid
  • Read and review any documentation attached to checks for approval and accuracy sake
  • Follow up with customers that are over 45 days old
  • Make sure all financial statements and tables are correct and precise
  • Make sure that the owner of the company receives the company bank statement unopened
  • Reconcile all bank statements and monthly financial reports
  • Prepare monthly sales and use tax returns
  • Prepare projections annually and update monthly with actual figures
  • The controller must coordinate with the auditors and be prepared to surrender documentation if called upon
  • Coordinate with the tax division of the company and prepare any schedules required for tax returns
  • Maintain the renewals on company insurance

Learn the 7 Habits of Highly Effective CFOs to find out how you can become a more valuable financial leader.
duties of a financial controller

[box]Strategic CFO Lab Member Extra
Access your Flash Report Execution Plan in SCFO Lab. The step-by-step plan to manage your company before your financial statements are prepared.
Click here to access your Execution Plan. Not a Lab Member?
Click here to learn more about SCFO Labs[/box]
duties of a financial controller
ARTICLES YOU MIGHT LIKE

CPA’s are Specialized

The Difference in CPAs Looking back at my career I don’t know how many times I have introduced myself to someone and they ask, “Are you a CPA?” and I say yes. Then they tell me “you must be very busy with tax season” and I look at them with a bit of awe and

Read More »

How to Improve Your Resume

The concept of resumes might seem difficult to grasp at times. After all, you’re set with the task of conveying all of your life’s accomplishments and skills in a single sheet of paper. Creating a good resume is an essential skill necessary to be successful in the workforce. A good resume can be the difference

Read More »

Buyer Bargaining Power (one of Porter’s Five Forces)

See also: Porter’s Five Forces of Competition Threat of New Entrants Intensity of Rivalry Threat of Substitutes Supplier Power Supplier Power Analysis Buyer Power Definition Porter’s Five Forces of buyer bargaining power refers to the pressure consumers can exert on businesses to get them to provide higher quality products, better customer service, and lower prices.

Read More »

JOIN OUR NEXT SERIES

Financial Leadership Workshop

MARCH 28TH-31ST 2022

SHARE THIS ARTICLE
Share on facebook
Share on twitter
Share on linkedin

JOIN THE NEXT STRATEGIC CFO™ SERIES

Strategic CFO™ Financial Leadership Workshop
The Art of the CFO®

Days
Hours
Min
Sec

June 13th - 16th 2022