The functions of a financial controller they can be very varied. In fact, the most common is that these vary depending on the company where you work. However, there are a series of functions of a general nature that are usually common to any financial controller, regardless of the sector in which he is employed. It is what we know as the 10 main functions of a financial controller.
In this way, we can estimate that the 10 main functions of a financial controller are the following. We show them to you!
1. Supervise the company’s annual accounts
One of the most essential functions of the financial controller is to supervise the company’s annual accounts. Without studying and checking them, it is most likely that, the following year, the company will make some mistakes again. For this reason, it is essential that, after each financial year, the controller supervises and analyzes the annual accounts.
2. Detect errors and economic failures
On many occasions, the day-to-day stress of departments such as the accountant causes mistakes to be made. Therefore, the financial controller must be behind checking that there have been no errors or economic failures in the company’s accounts. Likewise, he is the one who is in charge of carrying out the analysis of the company’s financial statements, saving those same errors.
3. Look for activity monitoring tools
These tools are usually methodological, technological or computerized. Its objective is none other than to control the activity of the company. However, depending on the size of it, it is likely that multiple different methods will be needed to be able to control all the transactions and movements that are made.
4. Business goal planning
One of the key points of the work of a financial controller is to plan all the economic objectives that the company must meet. These can be short, medium or long term. Obviously, this function is not carried out alone but is carried out together with the work of management or accounting staff, among others.
5. Treasury and fund management
In the same way that the financial controller supervises the annual accounts of the company, he must also focus on the treasury and the funds of the same. It is essential to know the assets of the company, so that decisions can be made accordingly.
6. Economic training for the rest of the company
A lawyer, a communicator or an administrator are not required to have economic training. However, it would be very beneficial for the company if its entire team had some knowledge related to the economy of the company. And that is also a function of the financial controller! do we still know the 10 main functions of a financial controller?
7. Analysis of strategic decisions
The strategic decisions of a company, as its name indicates, mark the strategy and direction of the entity. In other words: they are very important for the health of the company. For this reason, it is advisable for the financial controller to analyze each and every one of the strategic decisions made by the business management. The objective is none other than to ensure that these decisions will be positive.
8. Study the insurance policy
As we have told you on other occasions, when a company assumes risks, it is important to have insurance behind it. This allows that, in the event that these risks become a reality, there is a cushion that the company can hold on to. Thus, it will also be the role of the controller to study the company’s insurance policy and improve it if possible.
9. Link different departments
Although we have already told you, it should be noted that the financial controller is the right person to serve as a link between departments. Although it will depend on the type of company, the truth is that you can relate to any of the departments. In general, it is done with management, accounting and finance.
10. Analysis of business results
The work of a financial controller does not end when establishing the economic objectives that the company must meet. In fact, one of the fundamental parts of his work is to prepare reports on the fulfillment of said objectives, as well as to analyze them. This is the only way to know the possible problems that have arisen and how to solve them.
and up to here the 10 main functions of a financial controller!