Guide to Becoming a Financial Controller: Essential Roles and Skills (2024)

The financial controller is a management executive who is responsible for preparing financial statements and ensuring accuracy of data in the financial reports. As one of the senior-ranking executives in the company, their role includes overseeing all accounting and finance activities, preparing financial documents such as profit and loss statements, balance sheets, and income statements. They also assist with financial forecasting for the company.

What Does A Financial Controller Do?

The job role of a Financial controller depends upon the size of the company. Generally, they are the head of the finance and accounts department making them responsible for managing the accounts and finance of the company. Their job roles are below.

• Preparing financial reports
• Analysing financial data
• Monitoring internal controls
• Overseeing and preparing income statements
• Participating in budgeting processes
• Managing financial transactions
• Streamlining accounting functions and operations
• Developing plans for financial growth
• Evaluating and managing risk
• Coordinating audit processes

What Skills Are Essential For A Financial Controller?

A financial controller helps the company navigate challenges by keeping its strategies on track. Although the specific skills needed can differ depending on the company, strong social and communication skills are always important.

Here are the main skills required for a financial controller:

• Attention to detail
• Teamwork
• Administration
• Mathematics
• Knowledge on Computerised Accounting
• Business Knowledge
• Time Management
• Proven experience in finance management
• Verbal & Oral Communication skills
• Strong leadership qualities
• Excellent interpersonal skills
• Auditing experience
• Compliance oriented
• Analytical skills

How To Become A Financial Controller?

You can become a financial controller even if you don’t have a degree. By doing an accounting qualification, you can gain the necessary skills and knowledge to qualify for the position of a financial controller and advance in your career. Afterward, you need to gradually build up your experience as an accountant or finance person to be able to pursue a career as a financial controller.

Here is a list of the accounting qualifications needed to advance in this career path:

• Degree in Business and Finance or Accounting. AAT level 2,3 or 4 in Accounting
• NVQ levels 2, 3, and 4 in Accounting
• AAT Accounting Qualification at Foundation, Intermediate, and Technician levels
• IAB Level 3 Diploma in Accounting and Advanced Bookkeeping
• IAB Level 3 Diploma in Small Business Financial Management

What Is The Salary Of A Financial Controller?

Salaries for this job role vary based on the industry and the size of the sector, so there is no fixed figure. Typically, the minimum salary in the UK is £60,701, with an average salary of around £69,473 for this position. With more experience, earnings can increase up to £86,170.

How Can Future Connect Training Help?

Future Connect Training will help you gain experience in Customised Accountancy Courses to ensure that you can become a Financial Controller, such as:

• Accounts opening Balance Adjustments
• Trial balance analysis & corrections
• Month & Year-end Adjustments
• Depreciation, Wages Journals
• Control Accounts
• Clearing Suspense Account
• Adjusted Trial balance
• Aged debtor & Creditor analysis
• Production of Year-end Accounts

We provide both practical and theoretical classes that will enable you to connect the theoretical knowledge with real world applications. These classes will introduce you to actual accounting practices, enhancing your job prospects and boosting your career.

FAQs

Q.1. What is a financial controller?

A financial controller is a person who is in charge of overseeing the bookkeeping processes and reports of the company.

Q.2. What does a financial controller do?

Their key roles include:

• Business budgeting
• Accounting
• Auditing, and
• Payroll

Q.3. What are the advantages of becoming a finance credit controller?

They conduct the company's financial analysis, maintain a sufficient level of capital in the business, are proper financial controllers of the company, and increase the company's productivity.

Q.4. What are the duties of a financial controller?

They are the finance directors, second in command. They are responsible for the quarterly, annual and monthly financial reporting. They also manage the company's transactions, payroll, control accounts etc.