5/7/2023 0 Comments Ifinance definitionIt’s this combination of hard and soft skills that make financial controllers so important to businesses.Ī high level of pride-of-ownership in the accuracy and timeliness of the company’s books, combined with four-star ethics, are necessary characteristics of successful controllers. Why Are Financial Controllers Important?įinancial controllership is a highly technical role practitioners need to be both experts in all matters of accounting and compliance and relatable leaders who makes the entire organization want to follow policies and procedures. A recent Institute of Management Accountants (IMA) study highlights an associated gap: Financial controllers feel they spend too much of their time on stewardship at the expense of strategy. More often, controllers derive extreme satisfaction from developing the data that guides strategic decision-making - despite feeling challenged by a lack of resources. A financial controller’s role begins with being “the numbers person” and extends to creating reports and analyses that support strategic business decisions.Ī financial controller’s mindset is geared toward accuracy, stewardship, policy and ethics. To do this, they must understand the operations of the business and the underlying relationships between inputs, outputs and the processes that support them. In the simplest terms, financial controllers are senior managers charged with producing accurate books and records for a company.
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