what is a financial controller?
As a financial controller, you oversee finance teams. You participate in budget-setting strategies and support various departments in maintaining their budgets. You also work with various professionals and provide financial planning assistance. Therefore, you need experience with accounting technologies to aid your performance. You also juggle your duties with other managerial responsibilities, such as supervising the accounting team.
Financial controllers are responsible for maintaining a business's current and future financial stability. You need exceptional accounting and decision-making skills to take control and be accountable for the company's financial strategies, cost-reduction opportunities, and growth evaluation.
Financial controllers work in any industry, including both the public and private sectors. Whether you work for fast-moving consumer goods (FMCG) companies, technology consultancies, non profit organisations(NPOs) or financial services, you perform the same responsibilities. However, the size of the business influences your duties. For instance, in a smaller company, you manage the business's financial affairs directly, but you may also handle the duties of a finance manager. In large companies, your duties depend on the complexity of accounting tasks and the size of the finance team. You could specialise in finance management or supervise the accounting team. The role usually requires strong analytical skills as you handle statistical data.
Would working as a financial controller suit your interest in numbers and financial acumen? Then read on to find out what competencies and qualifications you need to thrive in a financial controller role.
financial controller jobsaverage financial controller salary
The average salary of a financial controller in Greece is €70,000 per year. In a junior-level position, you start with a salary of approximately €45,000 per year. Your earnings also increase as you improve your experience and qualifications, and in the future you can take home over €80,000 per year.
what factors affect the salary of a financial controller?
Your earnings as a financial controller fluctuate based on various factors. When you have additional credentials and professional certifications, you can negotiate a higher salary. Having extensive work experience also improves your earning prospects. In a junior position, you handle a few responsibilities, while senior financial controllers make crucial decisions that affect the business. Due to the complexity of a senior role, you are likely to earn more.
As a financial controller, you work in different industries. That means the pay structure differs in various companies. For instance, NPOs have different pay scales than information technology (IT) companies and other for-profit businesses.
types of financial controllers
The role of a financial controller has four main aspects, and you can specialise in any of them:
-
stewards
As a steward, you conserve and protect a company's resources. You accurately report on the company's financial position and preserve the employer's assets. Your job is to manage risks and ensure the implementation of internal controls to preserve assets.
-
operators
As an operator, you ensure efficient and effective operations in the accounting department. That involves managing the accounting process to ensure accuracy. Your job is to oversee day-to-day operations, from accounting software recordkeeping tasks to invoice processing and payment remittances.
-
catalysts
As a catalyst, you drive execution by providing the correct information to stakeholders. You help in decision-making and guide decision-makers to the best options. As a catalyst, you ensure external reporting is done on time and that the changes imposed by external regulatory agencies are adhered to.
-
strategists
As a strategic financial controller, you help the executive team drive the company's growth. You aid the development of business strategies and ensure the company is going in the appropriate direction.
working as a financial controller
Financial controllers work with accounting and finance teams to control finance and administrative functions. Let's explore a financial controller's specific roles, work environment and career outlook.
-
what does a financial controller do?
Some of the common tasks of a financial controller include:
- Managing audits: as a financial controller, you finalise internal audits in a company. You oversee the roles of internal audit teams and review their findings to check for potential errors or fraud. When the audit reports are complete, you present them to senior management.
- Controlling financial accounts: as a financial controller, you manage the preparation of financial accounts, from monthly to quarterly and annual accounts. You also oversee accounts receivable and payable. Sometimes, the role involves monitoring cash flows to ensure the company meets its short-term obligations and optimises investments.
- Accounting oversight: as a financial controller, you ensure the accounting distributions are accurate and make sure all monies are accounted for properly. You oversee the disbursement of cash and manage payroll activities and bank settlements. You can also supervise the accounting team to maintain accurate checks and balances and ensure the financial reports adhere to International Financial Reporting Standards (IFRS).
- Financial planning and reporting: financial controllers are in charge of banking and finance functions, including studying and reviewing financial contracts and negotiating credit agreements. You also ensure the executive has accurate financial planning data and assist various departments in creating budgets and preparing their projected cash flow reports to support the finance allocation.
- Analysing finances: apart from financial reporting, you conduct financial analysis on various plans and advise management. For instance, if a company wants to invest in a particular investment, you assess the risk using statistical data. You also find efficient ways of executing business plans to improve financial management.
- Ensuring compliance: as a financial controller, you ensure the company complies with regulations. You make sure the company remits all the necessary taxes to the Independent Authority for Public Revenue (IAPR) and adheres to statutory requirements and relevant industry regulations to avoid fines and penalties.
-
work environment of a financial controller
As a financial controller, your work environment depends on the industry you work in and your employer. For instance, if you work for a financial service company, you are likely to work in insurance or banks, and your role involves working indoors in an office environment. You spend many working hours attending meetings to catch up with accounting teams in various departments. Sometimes, you can work from home or remotely and conduct your meetings virtually.
-
who are your colleagues?
Depending on your employer and the industry you work in, you are likely to work with professionals from different fields. For instance, you work alongside auditors, accountants and administrators. You also collaborate with sales managers, marketing managers and finance managers. Other professionals you may work with include product managers and operations managers.
-
financial controller work schedule
Financial controllers work regular business hours, which means you work 40 hours per week. While most employers provide full-time opportunities, you can find part-time roles and opportunities to work remotely. The role involves minimal travelling unless you are attending conferences and meetings. If you work for a multinational with multiple branches, you may travel overseas to review their financial performance or manage internal audits.
-
career opportunities as a financial controller
You cannot start as a financial controller straight out of college. Most financial controllers start as accountants before becoming auditors and taking senior accounting jobs. You become a financial controller when you have extensive experience in accounting and finance, especially in senior managerial positions. Being a financial controller is a rewarding career if you have a background in accounting and finance. It opens doors to other senior finance roles. For instance, you can become a finance manager or the chief financial officer (CFO) of a company.
-
advantages of finding a job as a financial controller through randstad
Working with Randstad offers you a range of benefits.
- always a contact person you can fall back on and ask for help from
- a range of jobs in your area
financial controller skills and education
To work as a financial controller in Greece, you require the following educational qualifications:
- Education: to become a financial controller, you require a bachelor’s degree in finance, accounting or business administration. Since it is a senior-level position, some companies require a master’s degree in business or finance to showcase your leadership skills.
- Gain work experience and professional certification: to work as a controller, you require at least five years of experience in finance or accounting fields. You also need to gain a certified public accountant (CPA) certificate from SOEL (the Institute of Certified Public Accountants of Greece). Alternatively, complete the necessary examinations to gain chartered financial analyst (CFA) status and become a member of the CFA Society in Greece.
competencies and characteristics of financial controllers
Some of the personal qualities of a financial controller include:
- Computing skills: as a financial controller, it is important to be familiar with office technology to succeed. For instance, you should master the Microsoft Office suite, especially Excel and Database. Your computing skills are useful in bringing together the information you gather and analysing it to make decisions.
- Communication skills: as a financial controller, you should be a great communicator to relay information to the accounting team. Communication skills also help you explain the risks of an investment to the executive team in simple terms.
- Analytical skills: financial controllers analyse various financial information and accounting data. For instance, you analyse financial accounts during internal audits and assess the risks of an investment. Analytical skills help you improve your decision-making.
- Leadership and management skills: as a financial controller, you should be a good leader in order to manage and motivate people to optimise their performance. Leadership skills also help you become more strategic in your approach.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of a financial controller.
-
what is the work of a financial controller?
As a financial controller, you are responsible for financial planning and helping the business budget and forecast its expenses. You are responsible for financial reporting and managing the finances and assets of the company. Other duties include ensuring taxes are filed and compliance with government regulations.
-
is a financial controller higher than a CFO?
The chief finance officer is ranked just below the chief executive officer (CEO) in the company hierarchy. As a financial controller, you report to the CFO, and so does the treasurer or the tax manager. However, as a controller, you are above finance managers, accounting managers, and accounts receivables managers.
-
are financial controllers accountants?
An accountant is in charge of keeping and analysing financial records. As a financial controller, you oversee the accounting operations of a company, and your duties involve managing accountants and finance staff.
-
what is the difference between a financial controller and a financial manager?
Finance managers monitor cash flow, manage investments and negotiate financial terms. As a financial controller, you supervise reporting and oversee accounting and financial operations.
-
is financial controller a hard job?
Working as a financial controller involves tight deadlines, keeping up with compliance demands and ensuring impeccable accuracy. With the demands of the role, it can be quite stressful, but having the right skills and personal attributes helps you excel.
-
how do I find a job as a financial controller?
Finding a job near you as a financial controller is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Then log in or register an account to send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
