There are two different requirements of a financial controller, firstly to work with business owners to drive an SME forward, and secondly to oversee the day to day running of the Finance Department.
The strategic Financial Controller is invested in strategy and growing a business. The established Financial Controller, will drive process improvement, and develop Financial Controls.
Compared to an FD, who will advise on the direction of the business, a Financial Controller will take an active part in working with SME's to build strategies, scenario plan, forecast and implement strategies.
In SME's the Financial Controller will be the right hand man of the business owners, providing honest guidance, and an objective approach.
A Financial Controller, will be on the ground in the SME's business providing valuable insight, against strategic plans.
The strategic Financial Controller will be part of the management team, helping to drive the business forward. Working with the management team to build, plan and implement strategies.
In the strategic role, the Financial Controller will complete strategic forecasts, which can be used to scenario plan.
A Financial Controller will develop a cash flow forecast, to show when cash is needed.
The Financial Controller will advise on fundamental decisions which impact a business and how it moves forward.
Day to Day
The financial controller can oversee/manage a team, which could include purchase ledger, sales ledger or credit control, accountant, management accountant and payroll.
A financial controller can prepare financial reports, such as Management Accounts which will include a profit and loss statement, balance sheets and a cash flow statement.
A financial controller will take care of submitting the VAT return or any other statutory requirements that a business has. The Financial controller will also Manage the balance sheet, understanding and knowing a company’s liabilities, as well as Assets.
The financial controller will manage the budget and forecasting process, make sure the business is compliant with any tax or accounting legislation, as well as acting as an internal auditor.
A key role of a financial controller will be developing staff, but also developing and implementing key processes, which helps to manage the finances of the business. This could be implementing a new authorisation procedure for signing off payments to suppliers.
Managing cash in and out of a business, is another key function of a financial controller, a financial controller will know what the cash status of a business is and will push credit control to bring more cash into the business, and manage money going out where possible.
The financial controller can manage relationships with banks and external accountants.
We have experience in the following sectors, public transport, waste management and IT as financial controller, managing finance teams and covering all requirements of a financial controller.
Some of the key work GMS Accountants has carried out, in their financial controller capacity include;
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If you need a Financial Controller, on a part-time or interim basis contact GMS Accountants to discuss your requirements. Email Graham.firstname.lastname@example.org or 07739828423.
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