GoalTegic’s highly experienced CPAs integrate audit-ready accounting, FP&A, and financial controller’s services for CFOs of growth companies.
In our previous blog post, we discussed the role of FP&A. In this article, we will first explain what a financial controller is, and then how GoalTegic can offer top quality financial controllership and FP&A services, and help companies audit ready.
What is a financial controller and why does it play an integral role in a company?
A financial controller (a/k/a chief accounting officer) works closely with the CFO (chief financial officer), the business owner, accountants and bookkeepers in an organization, enterprise, or institution. A financial controller oversees and directs daily accounting operations and compliance, conducts forecasting and budgeting, improves an organization’s financial reporting and performance, integrates finance operations, handles tax matters, prepares monthly, quarterly, and annual financial reports, and ensures organizational financial health. (https://www.betterteam.com/financial-controller-job-description)
Even though a controller is not part of the C-suite in most companies, a controller oversees many of the processes to deliver financial statements the C-suites rely upon for important decisions. “A controller is the point person for making sure the financial reporting is done correctly.” “A controller is important to finance as they control the risk and reporting aspect of the company.” (https://www.investopedia.com/terms/c/controller.asp)
What are the duties and responsibilities of a financial controller?
A controller works directly under a chief financial officer (sometimes VP Finance as well), to provide financial information. Although a financial controller’s responsibilities vary depending on the size of the organization and the level of difficulty of the accounting and finances, a controller’s primary responsibility is to provide financial management and reporting.
Financial Reporting
Usual functions include overseeing the internal accounting team to deliver budget preparation, balance sheets, P&L and cash flow reports, performing interdepartmental communication, and implementing proper internal controls.
A financial controller in a small firm may take care of all banking and finance actions, such as reviewing financial contracts, obtaining lines of credit, and facilitating executives with long term financial planning with accurate financial information.
A controller’s role in managing financial affairs can be broad-scoped In a small business, such as overseeing accounts payables & receivables, procurement, monitoring expenditure, identifying areas for cost savings, evaluating, managing, and mitigating risks for potential errors and fraud, coordinating auditing processes with the financial reporting manager and payroll manager, working with an external audit team, managing and finalizing internal audits, etc.
Financial Analysis & Planning
On top of being a financial reporter, a financial controller often conducts financial analysis to advise top leadership. While a CFO reaches decisions on financial policies, the financial controller assists the CFO with efficiency analysis, risk assessment, and even executing financial policy decisions made by the C-suite, by managing financial transactions and developing plans for financial growth.
Financial Controller and FP&A Specialist at GoalTegic
“Financial controllers are in charge of the past; they review historical transactions and ensure reporting is done correctly. These reports may then be delivered to a financial planning and analysis (FP&A) leader. This FP&A director relies on their team to build budgets, forecasts, and long-term plans based on the future of the company.” https://www.investopedia.com/terms/c/controller.asp
A substantial part of a controller’s role is in dealing with actual transactions, overseeing both revenue and expense reporting. By regularly presenting historical accounting information, a controller provides insights about the firm’s present strength against the background of the market and the industry.
On the other hand, an FP&A director devises future plans by leveraging historical data that may or may not be realized with changed assumptions. Depending on the C-suite’s needs to re-forecast any projections, the forecast scenarios in FP&A are to be adjusted accordingly.
GoalTegic combines BOTH financial controllership and FP&A expertise, to help the C-suite achieve financial goals. Not only can we deliver precise financial reports and analyses with streamlined accounting functions and operations, we also focus on the future of a company’s growth with state of the art FP&A analysis, to move the company forward.
With decades of experience as a highly trusted controller, FP&A expert, and an accountant, GoalTegic’s founder and principal consultant Carmen Diep has helped many tech startups and growth companies with audit-ready accounting, formulating sound financial strategies, developing financial plans that support organizational goals, training staff on finance issues, promoting regulatory compliance, and driving income generation and financial growth.
©Carmen Diep all rights reserved.
GoalTegic is a boutique business financial consulting, controllership, and accounting firm, offering a full range of financial support services for AI startups, small and medium sized companies, technology companies with combined 100 years of experience. Please contact us if you need our help.