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 min read
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January 27, 2025

Role, Duties and Skills Needed for a Financial Controller

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Managing a company’s finances is a challenging task that grows increasingly complex as businesses scale. Without the right expertise, organisations face risks such as inefficiencies, costly errors, and missed growth opportunities—hindering their ability to thrive in a competitive market.

The financial controller is at the heart of financial health, which forms the backbone of any organisation’s ability to expand, innovate, and stay competitive. This pivotal role manages financial operations, ensures compliance, and delivers strategic insights that drive stability and growth.

A Deloitte study reveals that financial controllers spend 70% of their time ensuring compliance and accuracy, underscoring their indispensable role in modern businesses.

In this post, we’ll uncover the critical role of a financial controller, dive into their key responsibilities, explore the skills required to excel in this crucial position, and highlight how they contribute to organisational success.

What is a Financial Controller?

A financial controller is a senior leader in the finance team, responsible for overseeing an organisation’s financial operations and ensuring the accuracy of its financial records.

Often referred to as the “company’s historian,” a financial controller manages day-to-day accounting processes, compliance, and reporting while also providing strategic insights to guide business decisions.

Financial controllers act as both a safety net and a growth catalyst, ensuring the organisation remains competitive in a fast-changing market.

What Are the Duties of a Financial Controller?

The duties of a financial controller go beyond traditional accounting tasks. Here are the duties that the financial controller performs:

1. Managing Financial Reporting

  • Prepare accurate financial statements: Controllers ensure that income statements, balance sheets, and cash flow reports are precise and timely.
  • Provide actionable insights: They analyse financial data to support decision-making and highlight areas for improvement.
  • Ensure compliance in reporting: Controllers align reports with legal standards, such as IFRS or GAAP, to meet regulatory requirements.

2. Overseeing Budgets and Forecasts

  • Create detailed budgets: They collaborate with department heads to allocate resources effectively.
  • Forecast future financial performance: Controllers predict revenue and expenses based on historical data and market trends.
  • Monitor variances: They compare actual performance with the budget to identify discrepancies and address them proactively.

3. Strengthening Internal Controls

  • Establish financial policies: Controllers implement policies to handle expenses, invoices, and payments properly.
  • Safeguard assets: They set up internal controls to prevent fraud and financial mismanagement.
  • Conduct regular audits: Controllers oversee internal audits to maintain transparency and reliability in financial operations.

4. Managing Cash Flow and Risk

  • Optimise cash flow: Controllers manage the inflow and outflow of cash, ensuring the organisation has enough liquidity for operations and growth.
  • Identify and mitigate risks: They assess potential risks, such as market fluctuations or supply chain disruptions, and develop strategies to address them.

5. Supporting Leadership and Strategy

  • Advise on financial decisions: Controllers provide insights that help executives allocate resources and capitalise on opportunities.
  • Align finances with business goals: They ensure that financial strategies support broader organisational objectives.
  • Prepare for growth: Controllers set up financial systems that can scale as the business expands.

6. Handling Compliance and Regulatory Obligations

  • Monitor legal changes: Controllers stay up-to-date with evolving financial regulations to keep the company compliant.
  • Prepare tax filings: They ensure accurate and timely tax submissions, minimising the risk of penalties.
  • Maintain transparency: Controllers oversee the preparation of disclosures required for stakeholders, investors, or regulatory authorities.

By balancing financial stewardship with strategic support, they ensure the organisation is prepared for both challenges and opportunities.

Controlling vs Accounting

Controlling and accounting may seem similar at first glance, but they play distinct roles in an organisation's financial management.

Think of accounting as the foundation of a house, ensuring everything is stable and organised, while controlling acts as the architect, shaping the structure to meet future goals.

What Does Accounting Focus On?

Accounting is the backbone of financial record-keeping. It ensures every transaction is accurately documented and compliant with regulations. Accountants focus on the "what happened" aspect of finances, ensuring clarity in records and reports.

What Does Controlling Focus On?

Controlling moves beyond record-keeping to focus on the "what next" of finances. It interprets data, develops policies, and provides actionable insights to steer the organisation toward its goals. 

Financial controllers oversee accounting activities but add a layer of strategic planning and risk management.

Why both roles are essential:

Accounting ensures the organisation’s financial foundation is solid, like the bricks of a house, while controlling ensures this structure is aligned with the company’s vision, like the architect designing a sustainable future. 

Together, they create a system where financial stability meets strategic growth.

How to Become a Financial Controller? 

Becoming a financial controller requires a mix of education, experience, and certifications. Whether you’re starting your career in finance or aiming to climb the corporate ladder, here’s a simple, step-by-step guide to achieving this rewarding position:

1. Build a Strong Educational Foundation

  • Earn a bachelor’s degree: Start with a degree in accounting, finance, business administration, or a related field. This lays the groundwork for understanding financial principles and practices.
  • Focus on relevant coursework: Courses in financial analysis, accounting principles, auditing, and business law are essential for this role.
  • Consider advanced education: While not always required, pursuing a master’s degree, such as an MBA in finance, can help you stand out and develop leadership skills.

2. Gain practical experience

  • Start with entry-level roles: Positions such as staff accountant, financial analyst, or auditor provide hands-on experience in financial operations.
  • Learn from diverse roles: Experience in areas like financial reporting, budgeting, and internal controls helps you develop the skills required for a controller role.
  • Progress through the ranks: Most financial controllers spend 5–10 years in roles like accounting manager or assistant controller before taking on the lead position.
  • Develop leadership skills: Begin managing small teams or projects to demonstrate your ability to lead and mentor others.

3. Obtain professional certifications

  • Earn an ECPA (Emirates Certified Public Accountant): This certification is widely respected and focuses on accounting, auditing, and compliance.
  • Consider additional certifications: Certifications like CMA (Certified Management Accountant) or CFA (Chartered Financial Analyst) demonstrate expertise in managerial accounting and financial strategy.
  • Stay updated with continuing education: Most certifications require ongoing education to maintain credentials and stay current with industry changes.

Why do These Steps Matter?

Each of these steps builds on the other, ensuring that you have the knowledge, experience, and credibility to excel as a financial controller. With a solid educational background, practical experience, and the right certifications, you can confidently take on this pivotal role in financial management.

What are the Skills Required for Financial Controllers?

Skills Required for Financial Controllers

To excel as a financial controller, a unique combination of technical expertise and leadership abilities is essential. Let’s break down the key skills every financial controller must possess:

Technical and Financial Expertise

  • Master financial principles: Controllers must have a deep understanding of accounting standards like GAAP or IFRS, as well as financial reporting, auditing, and compliance.
  • Navigate complex financial systems: Expertise in financial software and enterprise resource planning (ERP) systems is essential for streamlining operations and ensuring accurate reporting.
  • Understand budgeting and forecasting: Controllers need strong skills to create accurate budgets and make reliable financial predictions.

Analytical and Problem-Solving Abilities

  • Analyse financial data: Controllers must interpret financial reports and identify trends to make data-driven recommendations.
  • Solve complex challenges: They handle discrepancies in financial records, inefficiencies, and risks with practical and effective solutions.
  • Evaluate risks and opportunities: Controllers assess potential threats and identify opportunities to improve financial performance.

Leadership and Team Management

  • Guide the finance team: Controllers mentor and manage accounting staff, boosting a culture of accuracy and accountability.
  • Collaborate across departments: They ensure seamless communication between finance, operations, and other departments to align financial goals with business strategies.
  • Inspire trust and reliability: Strong leadership builds confidence in managing financial processes effectively.

Communication and Interpersonal Skills

  • Translate complex data: Controllers need to present financial insights in a clear and understandable way for non-financial stakeholders.
  • Communicate effectively: Whether working with team members, executives, or external auditors, excellent communication ensures clarity and alignment.
  • Negotiate and build relationships: Strong interpersonal skills help controllers maintain positive relationships with vendors, clients, and team members.

Attention to Detail

  • Ensure accuracy in records: Controllers meticulously verify financial statements, budgets, and compliance documents to avoid costly errors.
  • Monitor financial policies: Attention to detail helps them identify gaps in policies and ensure adherence to established procedures.
  • Detect anomalies early: Precision allows controllers to spot discrepancies and address them proactively.

Strategic Thinking

  • Provide actionable insights: Controllers think beyond numbers, contributing to strategies that drive organisational success.
  • Align financial goals with business objectives: Strategic planning ensures that the company’s financial decisions support its long-term vision.
  • Promote innovation: By analysing data and trends, controllers recommend innovative approaches to improve performance and efficiency.

Adaptability and Technological Proficiency

  • Leverage advanced tools: Proficiency in using modern financial tools, such as automation software and data analytics, boosts efficiency and accuracy.
  • Stay updated with technology trends: Controllers must adapt to evolving financial technologies to remain competitive and efficient.
  • Embrace change: A flexible mindset enables controllers to navigate regulatory updates, economic shifts, and organisational growth.

A financial controller’s ability to combine technical expertise with leadership and strategic thinking makes them invaluable to any organisation.

Alaan: Simplify Your Role as a Financial Controller

Managing business expenses is one of the most challenging tasks for financial controllers. From ensuring compliance to gaining real-time visibility over company spending, the process can become overwhelming without the right tools. 

That’s where Alaan comes in to simplify expense management, helping you focus on what truly matters—strategic growth and financial stability.

Here’s Why Financial Controllers Choose Alaan:

  • Real-time expense tracking: Alaan provides financial controllers with instant visibility into company spending through intuitive dashboards, ensuring they stay in control and avoid last-minute surprises during financial closings.
  • Automated reconciliation: Alaan’s one-click reconciliation feature simplifies workflow, enabling financial controllers to match expenses and receipts seamlessly. By eliminating manual effort, Alaan reduces errors, saves time, and ensures that financial records are always accurate and up to date.
  • Streamlined approvals: Alaan simplifies the approval process with automated workflows, enabling faster expense approvals while ensuring compliance with internal policies.
  • Invoice discrepancy detection: Alaan’s intelligent system automatically extracts key VAT details from invoices and flags any discrepancies or errors. This feature empowers financial controllers to address inconsistencies promptly, ensuring compliance, reducing risks, and maintaining accurate financial records.
  • Seamless accounting integration: Alaan integrates seamlessly with popular accounting platforms like QuickBooks and Xero, making financial closings quicker and workflows smoother for financial controllers.
  • Advanced spend analytics: With Alaan’s detailed reporting, financial controllers can uncover spending patterns, control costs, and make data-driven decisions to optimise resource allocation.

With Alaan, you no longer need to rely on outdated, manual processes. The platform ensures financial accuracy, saves valuable time, and provides a 360-degree view of your company’s expenses. 

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Conclusion

The financial controller plays a pivotal role in ensuring an organisation's financial stability, operational efficiency, and strategic growth. Their expertise in managing compliance, budgets, and reporting is critical for navigating the complexities of modern, competitive markets.

At Alaan, we understand the unique challenges financial controllers face. That’s why we’ve built a platform tailored to simplify their responsibilities—streamlining expense management, automating tedious processes, and delivering real-time visibility into company spending.

With Alaan, financial controllers can reduce manual workloads, strengthen compliance, and focus on strategic initiatives that drive organisational success. 

Ready to elevate your financial controllership? Book a free demo with Alaan and experience the difference today.

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