Tag Archives | leadership

Controller Duties

See Also:
Controller Definition
Controller
Separation Of Duties
Controller Vs Comptroller
Duties Of A Financial Controller
Controller Vs. CFO

Financial Controller Duties

The duties of a financial controller are to oversee the accounting functions within an organization and internal controls at the highest level of management. Financial controller responsibilities are to work alongside the executive management team and provide informative business financial information and coordinate business financial planning and budget management functions. Financial controller duties are to provide accurate, secure and timely recording of business activities and the ability to report of those business activities. The role of a controller can vary depending on a size of an organization. Controllers in smaller organizations may often have a range of responsibilities while the responsibilities of a financial controller in larger organizations may have limited requirements due to a larger executive accounting team.

(NOTE: Want to take your financial leadership to the next level? Download the 7 Habits of Highly Effective CFO’s. It walks you through steps to accelerate your career in becoming a leader in your company. Get it here!)

Financial Controller Requirements

Financial controller requirements can differ depending on the size of an organization. Businesses may require a controller to have a certain number of years of experience within the industry. This is important for the controller to understand the business processes for interpreting and providing financial analysis reports. A controller must have an extensive knowledge and understanding of accounting and finance. Controllers are required to properly document all financial functions. For this reason, it is becoming more importantly necessary for a controller to be knowledgeable of accounting software packages and have a basic, if not advanced, understanding of technology infrastructure. A controller should have professional written and verbal communication and interpersonal skills.

Financial controller education requirements are determined by individual businesses. A master’s degree in accounting or a master’s degree in business administration is essential for a financial controller role. A controller resume should document the level of education that a controller has studied and the number of years of experience. A financial controller education can include financial controller training that an individual has taken. It is important for a controller to have had courses in statistics and management.

In addition, ongoing training is essential for controllers in order to stay updated with any significant changes to the generally accepted accounting principles (GAAP). For individuals inspiring to learn how to become a financial controller, there are designations offered that would aid in the chances of acquiring this executive position. Those designations are The Institute of Management Accountants offers the Certified Public Accountant (CPA) and the Certified Management Accountant (CMA) designations for financial managers specializing in accounting.

Controller Compensation

Controller compensation will weigh on a controller’s education level and industry expertise. Since there are a range of skills that a controller must possess, a controller’s experience level and their communication abilities contribute to determining controller salary. Employers will commit to the controller job description salary prior to filling the position. In the United States, the average expected controller compensation was $165,661.00 in November 2009.

Controller Career

For individuals seeking a controller career, a bachelor’s degree in finance or accounting is the preliminary requirement. The advanced education, such as a master’s degree in business administration, is a fundamental financial controller education requirement. That will set you apart from the others. This is because of the analytical skills that are developed with this education level. Industry expertise is another crucial requirement for a financial controller career. Continuing education programs are a resource for acquiring knowledge of the latest financial analysis methods and technology that are beneficial to an ongoing controller career path.

controller duties

controller duties

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Controller Definition

See also:
How to Develop a Controller
How to Hire a CFO Controller
Business Risk
Control Account
Term Loan
Separation Of Duties

Controller Definition

A company controller, defined as the lead auditor and accountant in a company, is an extremely powerful role. Company controllers are in charge with all important accounting measures: policy, procedures, changes, amendments, and leadership of all accounting employees. A company controller, business and nonprofit included, often has the title of CFO. The term controller or comptroller can be used interchangeably although comptroller often infers that the person is a government employee.

Controller Explanation

A controller, explained as the person who provides leadership to every aspect of accounting in a business, has many tasks. Controller duties are to make sure all accounting measures run smoothly and predictably.

(NOTE: Want to take your financial leadership to the next level? Download the 7 Habits of Highly Effective CFO’s. It walks you through steps to accelerate your career in becoming a leader in your company. Get it here!)

A controller of general accounts has many roles in a business. First, the controller organizes the entire accounting strategy for a company. This strategy is essential because it establishes methods such as fifo vs lifo, auditing schedules, overall financial reporting and analysis, and more. The controller position is, essentially, the “CEO” of the accounting that occurs for a business to keep track of operations.

Then, the controller in accounting creates policies that HR must abide by. Timing of expense and income entry, periods which events are reported in, and more. These policies are essential for quality reports.

The controller also decides all of the major accounting issues for a company. Is a certain expense worth the money? Should it be paid for now? All of these are decisions for the company controller.

Controller Example

For example, Danny is the accounting controller for a small business. As one of the most important officers in the business, Danny must create a way to make sense of all of the credits and debits which occur. He must make the tough accounting decisions that no one else is able to make.

Danny must decide, now, on whether an expense is worth the money. His company is considering a distribution center and must choose if opening it is the best option. He must turn this qualitative situation into quantifiable finances.

The plant will be quite expensive. Soon after beginning his analysis Danny comes to a realization; his company can have their product maker drop ship to the customer. With drop shipping, Danny’s company will never have to see the product. Rather than reshipping it, it will be packaged and reshipped by the manufacturer. Danny makes sure this is a good decision by performing a financial calculation.

His calculation finds that, despite the fees for a drop shipping account, his company will save money by using drop shipping through their manufacturer. This provides a simple and cost-saving solution. Danny makes his decision and waits for the kudos he has earned.

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controller definition

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Benefits of Advisory Boards

Advisory Board Definition

The definition of an advisory board is a group of business executives who meet on a consistent basis to provide leadership, support and constructive feedback to the executive leadership of a company. Furthermore, an advisory board’s purpose is to assist you in leading your company. But unlike a traditional board of directors which represents the interest of a company’s shareholders and to whom the President or CEO reports, an advisory board exists as an advocate, supporter, and resource for the President or CEO.

Benefits of Advisory Boards

The benefits of creating an advisory board include the diversity of opinion and experience it can bring to facilitate an improvement in the leadership of a company. These qualities are not typically present in the traditional board of directors. Advisory board benefits also include the following:

Tips on Advisory Boards

As the leader of an organization, it is important to understand the advisory boards’ roles and responsibilities. In addition, understand what your expectations are of an advisory board. For example, it may be to consider establishing a relationship with a company that would be considered synergistic with your company. It may be to identify a source that can provide an outside perspective on the industry that you do not have in your company. Also it can be to have someone who can provide technical knowledge that you do not have in your company. It is important to be clear on what your expectations are from an advisory board.

Advisory boards offer you the opportunity to engage with a group of experienced professionals regarding the issues facing your company on a routine basis. It also gets their perspective on the performance and outlook for your company and its industry, at a nominal cost.

To learn more financial leadership skills, download the free 7 Habits of Highly Effective CFOs. This is one of our most popular whitepapers.

benefits of advisory boards

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benefits of advisory boards

See Also:
Ten In-House Secrets for Reducing Your Company’s Legal Costs
General Counsel on the Board
Red Herring
How to Form an Advisory Board
Advisory Board Best Practices

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Action Plan

See Also:
Write an Action Plan
Business Plan
Exit Planning
Pension Plans
Keogh Plan

Action Plan Definition

An action plan, defined as a plan which explains the action to take place in full detail, is a personal plan as much as it is a business tool. In any action plan, there are 3 main factors: what must be done, what tools are needed to do this, and when it will be finished. In this way an action plan format is universal: every action plan answers 3 main questions.

Action Plan Explanation

The action plan explanation is the what, how, and when of achieving a goal. It is also an essential business document. Because the action plan establishes exactly what needs to be done to achieve a goal, it is so important. Whether the goal is to open a business, complete a project, or organize the paperclips on a desk, the action plan is the path to thorough completion of the task. Though the tasks differ for each action plan, medical staffing and pizza delivery as an example, the structure of the plan remains the same.

They often become a part of a larger action plan outline. In business, you combine specific action plans to finally create a master action plan. This is the business plan. For example, we even created a plan of action to write this article. Though the project was set back for unexplained reasons, the action plan was finally completed, with the article written on software and published to the internet. For it, a writer was needed as well as a computer, internet access, and a subject matter. In this way, every goal will have an action plan if it is to be achieved.

Example

For example, Vito is the owner of an Italian restaurant. Coming from his motherland to a new home in the United States, he is an expert in authentic cuisine from southern Italy. Vito loves his food, his work, and his business.

Main Goal

Vito has created an action plan to create a pizza. First, the goal is to have a pizza ready for the customer in a maximum of 30 minutes. This is the main goal of the plan.

Tools

Next, the action plan establishes the tools to make a pizza. Vito needs dough, cheese, miscellaneous toppings, and the tomato sauce with the secret recipe from his grandmother. Vito assembles these tools every day.

Timeline

Then, he creates a timeline. In the first minute, you must knead the dough. After that, it takes 5 minutes to add all of the toppings. Vito knows it takes an additional 20 minutes of oven time to make the pizza. This leaves 4 minutes for accidents, distractions, and other time extensions.

Conclusion

Following his method, Vito is able to make his company a great success. His pizzas are delicious and customers love the secret sauce. Vito even created an action plan, marketing for his business, which focused mainly on finding a good location and creation an eye-catching sign. Vito loves his work, so he creates an action plan for achieving goals each part of it. This way he can achieve his tasks and come home happy that he has done valuable work.

To learn more financial leadership skills, download the free 7 Habits of Highly Effective CFOs.

action plan, Action Plan Definition, Action Plan Explanation

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

action plan, Action Plan Definition, Action Plan Explanation

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Every Leader Needs a Coach

Every leader needs a coach. This person is someone who has helped you develop your individual skills, knowledge, and ability to better perform your job or given task. But no matter the profession, be it billionaire business owners, world famous athletes to the little league sports player, they are able to pinpoint a particular person who helped and advised them along their journey.

Every Leader Needs a Coach

Check out the following list of great leaders and their Coaches –

1. BILL GATES ( MICROSOFT)

COACH: ED ROBERTS (PC INVENTOR)

 

2. STEVEN JOBS (APPLE, INC)

COACH: ROBERT FRIEDLAND (IVANHOE ENERGY INC. FOUNDER)

 

3. WARREN BUFFET (BERKSHIRE HATHAWAY, CEO)

COACH: BEN GRAHAM (FORMER OWNER OF GEICO INSURANCE)

 

4. KEVIN SYSTORM (INSTAGRAM)

COACH: ADAM D’ANGELO (QUORA)

 

5. TIM TEBOW (FAMOUS QUARTERBACK)

COACH: BILL BELICHICK (NEW ENGLAND PATRIOT’S COACH)

 

6. TOM BRADY ( QUARTERBACK NE PATRIOTS)

COACH: GREG HARDEN (ASSOCIATE ATHLETIC DIRECTOR –UNIVERSITY OF MICHIGAN)

 

7. OPRAH WINFREY

COACH: MAYA ANGELOU

 

8. JAY STEINFIELD (BLINDS.COM CEO, AND STAR OF LAST WEEK’S BLOG ENTRY)

COACH: THE VISTAGE GROUP

 

9. MICHAEL JORDAN

COACH: PHIL JACKSON (FORMER BASKETBALL COACH)

 

10. BARBARA CORCORAN( REAL ESTATE MOGUL)

COACH: DARREN HARDY (SUCCESS MAGAZINE PUBLISHER)

What do CFOs do?

So what’s a CFO to do?  Many of us don’t have the resources to hire a personal coach, so do we have to forego the benefits of having a trusted advisor to guide us?

One solution is to find a coaching program that brings together several like-minded individuals under the guidance of one professional coach.  This approach allows individuals to not only reap the benefits of coaching at a lower cost than one-on-one coaching, but allows for the sharing of ideas among the participants as well.  In a sense, the participants become coaches for each other.

Do you have a personal coach?  If so, is it a one-on-one situation or a group setting?  What benefits have you seen from coaching? If you have been benefitted from coaching, then please leave your comments below.

Furthermore, if you want more information about our Coaching Program, then click here.

If you want to learn more financial leadership skills, then download the free 7 Habits of Highly Effective CFOs.

every leader needs a coach

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

every leader needs a coach

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3 Things – Selecting Advisory Board Members

Discover 3 things you should know about Selecting Advisory Board Members. In the video Jim Wilkinson, President and founder of The Strategic CFO discusses 3 useful tips you should know about selecting members for an Advisory Board.

Selecting Advisory Board Members

Watch the following video to learn about selecting advisory board members.

1. Do Not Add More Board Members You Are Willing To Impress

You must be able to share mistakes and shortcomings. Adding board members that you want to impress is counterintuitive. The purpose of the Advisory Board is to help and guide – not affirm and praise.

2. Pick Board Members With Unique Talents

Pick board members that have unique talents that are different from your own. For example, if you are strong in accounting and not in sales, consider selecting a member that is strong in sales. Also, consider picking board members that have been there, done that. Another option is having a former customer on your board to provide a different perspective.

3. Do Not Be Afraid To Swap Out Board Members

Unfortunately, not everyone is going to contribute equally. Some members are simply going to be “duds”. Do not be afraid to swap out that member for another that will be more valuable to you.

If you want to learn about financial leadership, then click below to learn about the SCFO Lab.

Selecting Advisory Board Members

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Forming Advisory Boards for Entrepreneurs

Dave Steitz with Steitz Partners discusses forming advisory boards for entrepreneurs. He also discusses the compensation of advisory boards and management of the advisory board meeting. An advisory board is one of the most powerful tools an entrepreneur can implement to spur growth and profitability!

Forming Advisory Boards for Entrepreneurs

The advisory board is meant to be a support or advocate for the company’s leadership. They are also meant to be a resource for the President or CFO. Some of the advantages include providing diversity of perspective that would not be present inside the organization. When forming advisory boards, understand your expectations of the advisory board.

forming advisory boards for entrepreneurs

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LEARN THE ART OF THE CFO