Due to the changing economic business environment, there has been a large impact and increased pressure on the effective operation of the finance department, which has resulted in employing more financial controllers who play a significant role in improving the efficiency and effectiveness of the finance department. He generally reports to the director. Financial controller responsibilities comprise planning and prioritizing his workload, analyzing, planning, reporting, etc., thereby ensuring better business and finance administration.
A financial controller needs to handle a wide range of duties like administration of the finance, overseeing the general business, ensuring legal and organizational compliance, along with people and asset management. This is surely one of the most critical positions that requires an in depth knowledge of financial accounting principles that can be applied to improve the development of accounting systems. To get a detailed insight, here is a list of key responsibilities that need to be handled by a financial controller:
A bachelor's degree in accounting, finance, business administration, management, etc., is the minimum requirement to make an entry. A master's degree would definitely be preferred. Some organizations, however, may prefer to hire those who have a Certified Public Accountant certification. Sound computer knowledge is a must.
The financial controllers work in a normal office with their duty hours lasting for about forty to forty five hours, Monday through Friday. He may need to work overtime, late in the evenings or at nights, if there is some extra work that needs to be done on a priority basis or if there is some meeting that needs to be attended by him. Occasional traveling may be required in some situtations to conduct site visits.
The salary package will have variations depending on the skills, educational qualifications, and experience of that particular candidate. The lowest salary offered is close to $22,000 to $41,000, while the highest falls in the range of $100,000 to $140,000. The average compensation offered is $82,000.
The career prospects are really bright for those who are aiming to progress in the field of finance. A successful track of demonstrated work experience will help in advancing to higher positions like a finance director.
Thus, if you are able to handle the financial controller responsibilities effectively, you can definitely look forward to a rewarding and lucrative career.
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