what is a financial controller?
As a financial controller, you oversee the finance teams. You participate in the budgeting process and provide support to various departments in managing their budgets. Additionally, you work with different professionals and assist in financial planning. Therefore, experience with accounting technologies is essential to enhance your performance. You also need to share responsibilities with other managerial tasks, such as supervising the accounting team.
Financial controllers bear a significant responsibility in maintaining the current and future stability of a business. They need exceptional skills in accounting and decision-making to take control and responsibility for a company's financial strategies, cost reduction opportunities, and growth assessment.
A financial controller can work in any industry, whether in the public or private sector. Regardless of whether you're in consumer goods companies, technology consulting, non-profit organizations, or financial services, your responsibilities are similar. However, the size of the business directly influences your duties. For example, in a smaller company, you may directly manage the company's financial operations, but you might also handle tasks typically assigned to a finance manager. In larger organizations, your responsibilities depend on the complexity of the accounting processes and the size of the finance team. You can choose to specialize in financial management or oversee the accounting team. The role generally requires strong analytical skills, as you work with a lot of statistical data.
Do you think that a financial controller role would suit your expertise in office technology and your analytical skills? Keep reading to find out what competencies and qualifications are needed to succeed in a financial controller position.
find jobsthe average salary of a financial controller.
Financial controllers work across various industries, and their compensation packages vary accordingly. For example, the earnings of a financial controller in a tech company differ from those in non-profit organizations due to the different roles and responsibilities involved.
According to data from Paylab and internal resources at Randstad Romania, the average salary for a financial controller is 10,000 RON net per month. When you're just starting your career with minimal skills and experience, your compensation package begins at around 6,000 RON net per month. However, your salary will increase as your skills and expertise grow, and as you take on more complex roles within the company. The top financial controllers in Romania can earn over 16,000 RON net per month.
The compensation package typically includes a variety of allowances and non-monetary benefits. For example, most employers provide transportation allowances, private health insurance, and contributions to a pension plan. Year-end bonuses and other perks are also common for this role.
Different industries have unique payment structures based on the complexity of accounting roles. Choosing between the public and private sectors also impacts your salary. Private companies may have the resources to pay more than public and non-profit organizations.
types of financial controllers.
The role of a financial controller has four main aspects:
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administrator (steward)
As an administrator, a financial controller preserves and safeguards a company's resources. They accurately report the company's financial position, manage risks, and protect the employer's assets.
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operator
As an operator, a financial controller ensures the efficient and effective operation of the accounting department. This involves managing the accounting processes to guarantee accuracy.
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catalyst
As a catalyst, a financial controller contributes to execution by providing accurate information to the relevant stakeholders at the right time. They assist in the decision-making process and guide decision-makers toward the best options.
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strateg (strategist)
A strategic financial controller assists the executive team in managing the company's growth and contributes to the development of business strategies.
working as a financial controller.
Financial controllers work with accounting and finance teams to oversee financial and administrative functions. Let's explore the specific roles, work environment, and career prospects of a financial controller.
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description of the financial controller role
Among the common responsibilities of a financial controller are:
- Audit Management: As a financial controller, you complete internal audits within a company. You oversee the activities of the internal audit team and review their findings to identify potential errors or fraud. After finalizing the audit reports, you present them to senior management.
- Financial Account Management: As a financial controller, you oversee the preparation of financial statements, from monthly to quarterly and annual reports. You supervise accounts receivable and payable. Sometimes, your role involves monitoring cash flows to ensure the company's short-term obligations are met and to optimize investments.
- Accounting Oversight: As a financial controller, you ensure that accounting allocations are accurate and that all funds are properly recorded. You oversee cash payments and manage payroll activities and bank reconciliations. You may also supervise the accounting team to maintain accurate checks and balances.
- Financial Planning and Reporting: Financial controllers handle banking and financial functions, including reviewing and analyzing financial contracts and negotiating credit agreements. They also ensure that management has accurate financial planning data and assist various departments in creating budgets and preparing projected cash flow reports to support the allocation of financial resources.
- Financial Analysis: In addition to financial reporting, you need to conduct financial analyses of various plans and provide advice to management. For example, if a company wants to invest in a particular business, you assess the risk using statistical data. You can also identify effective ways to implement a business plan to improve financial management.
- Ensuring Compliance: As a financial controller, you need to make sure the company adheres to local laws and regulations. This includes handling the payment of all necessary taxes and ensuring the company meets statutory requirements and relevant industry regulations to avoid fines and penalties.
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work environment
As a financial controller, your work environment depends on the industry you operate in and your employer. For example, if you work for a financial services company, you're likely to be involved in insurance or banking, and your role involves activities in an office setting. You may have your own office, but most of your day is spent attending meetings to stay aligned with accounting teams across different departments. While you don't have direct contact with clients, your role requires maintaining a professional appearance at all times. You might work from home or remotely, and meetings can be conducted virtually.
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who are your colleagues?
Depending on your industry and employer, your colleagues are likely to include accountants, auditors, mortgage brokers, grant writers, and marketing managers. You will also work alongside chief financial officers and financial analysts, as well as other specialists such as project managers, cost estimators, and financial managers.
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work schedule
Financial controllers typically work during standard hours from 9 a.m. to 5 p.m. This means you work 40 hours a week, although sometimes you may need to work evenings to meet deadlines or during busy tax periods. While most employers offer full-time positions, you can also find part-time roles and remote work opportunities. The role involves minimal travel, unless you attend conferences or meetings. If you work for a company with multiple branches, you might need to travel abroad to review financial performance or oversee internal audits.
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career perspectives
You can't jump straight into a financial controller role right after graduating from college. Most financial controllers start out as accountants before progressing to auditor roles and eventually taking on leadership positions in accounting. You become a financial controller when you have extensive experience in accounting and finance, especially in senior management roles. Being a financial controller is a rewarding career path if you have a background in accounting and finance. It opens doors to higher-level positions in the financial sector. For example, you could advance to become a financial manager or a chief financial officer of a company.
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the advantages of finding a financial controller job through randstad
Finding a job as a financial controller through Randstad offers significant advantages, such as:
- professional guidance and counseling to maximize your chances of success in the recruitment process
- a contact person, experienced and available to provide assistance when needed.
- a variety of professional opportunities in your area of expertise
- temporary and permanent contracts
Are you looking for a permanent contract? A temporary position as a financial controller is often a stepping stone toward securing an attractive permanent role. Every year, thousands of people land permanent contracts with top companies thanks to temporary jobs found through Randstad. Plus, many companies also recruit their permanent employees through Randstad!
education and training for financial controllers.
To become a financial controller, you need the following academic qualifications:
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bachelor's degree
To become a financial controller, a bachelor's degree in finance, accounting, or a related field is required. Bachelor's programs introduce you to financial concepts that you'll use to oversee and manage a company's finances. While most companies hire financial controllers with just a bachelor's degree, earning a master's degree increases your chances of securing a job.
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professional experience
You need extensive work experience to become a financial controller. You can start as an accountant or financial analyst and develop your skills to advance into a financial controller role.
skills and competencies.
Some of the personal qualities of a financial controller include:
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calculation skills
As a financial controller, you need to be familiar with office technology to succeed in the field. For example, you should master the Microsoft Office suite, especially Excel and databases. Your calculation skills are valuable for gathering the information you've collected and analyzing it to make informed decisions.
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communication skills
As a financial controller, you need strong communication skills to effectively convey information to the accounting team. Good communication also helps you explain the risks of an investment to the executive team in simple, clear terms.
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analytical skills
Financial controllers analyze various financial information and accounting data. For example, they review financial statements during internal audits and assess the risks associated with investments. Strong analytical skills help improve your decision-making process.
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leadership and management skills
As a financial controller, you need to be a strong leader to manage and motivate your team with the goal of optimizing their performance. Leadership skills also help you become more strategic in your approach.
frequently asked questions (FAQs).
Frequently asked questions about working as a financial controller.
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what does a financial controller do?
A financial controller oversees a company's accounting operations and helps optimize decision-making processes.
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what is the salary of a financial controller?
A financial controller earns an average net salary of 10,000 RON per month, but with additional experience and educational qualifications, your income can even exceed 16,000 RON net per month.
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is this a good career as a financial controller?
A career as a financial controller is truly exciting, offering excellent career prospects and a competitive salary. It's also a rewarding profession, as you actively contribute to the growth of companies.
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how do you become a financial controller?
You need a degree in a relevant field. Additionally, extensive experience in finance and accounting is required.
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what is the difference between a financial controller and a CFO (chief financial officer)?
A financial controller manages a company's accounting operations, while a chief financial officer (CFO) is generally responsible for the company's financial strategy.
The financial controller reports directly to the CFO.
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how do I apply for a vacant position as a financial controller?
Applying for a job as a financial controller is straightforward: create a profile on Randstad and browse our job listings in the finance and accounting section. Then, simply send us your CV and cover letter. Need help with your application? Check out all our career tips here! Want to stay updated on the latest trends and insights in the job market? Download the newest reports and research here.