What Does A Financial Controller Do?

WHAT DOES A FINANCIAL CONTROLLER DO?

Updated: Mar 28, 2025 - The Financial Controller oversees general accounting functions, including accounts payable/receivable and the dunning process, while creating monthly and quarterly financial reports. This role involves preparing annual financial reports for headquarters and local tax authorities, developing budgets, financial forecasts, and KPIs, and supporting investment planning and ERP system implementation. The controller also ensures compliance with regulatory requirements, develops internal controls and compliance policies, and continually seeks improvements in financial systems and processes.

A Review of Professional Skills and Functions for Financial Controller

1. Financial Controller Responsibilities

Chart of Accounts Management: Maintain and update the Company’s chart of accounts.
Filing System Enhancement: Maintain and enhance the Company’s digital and paper-based accounting filing system.
Financial Integration: Lead on financial integration of any acquisitions and new entity set-up.
Forex Management: Establish and operate an appropriate approach for forex management to minimize the negative impact on the business.
Treasury Management: Operate an appropriate Treasury management process to maximize returns to the business.
Capital Spending Analysis: Creation of capital spending project analysis.
General Ledger and Cost Management: Manages the Accounting and Analysis of the General Ledger, Total Cost, and Inventory including Control, Fixed Assets and Accounts Payable functions.
Budgeting and Forecasting: Manages all Budgeting, Forecasting, CAPEX, BOMs audit, billing and Balance Sheets.
Operational Improvement: Communicates with plant personnel and observes plant operations to assist with and make recommendations for improvement in plant operations.
Financial Performance Optimization: Proactively supporting the finance community by driving the bottom line by driving actions on poor-performing contracts and optimizing “coasting” contracts.
Functional Overheads Oversight: Oversight of the division's functional overheads and managing the division’s Financial Analyst.
Business Governance Support: Providing support and input into new business’ Purple Reviews and Comcom documentation for UKBU governance processes.

2. Financial Controller Job Summary

Accounting Compliance: Ensuring all relevant accounting policies, procedures, principles, and ways of working are properly adhered to by the division’s finance community.
Financial Integrity Management: Assessing and resolving issues found and maintaining the integrity of the financial ledgers.
Reconciliation Resolution: Ensuring any reconciling items are properly resolved on a timely basis.
Compliance and Control Management: Proactively investigating and managing any issues related to compliance, control, or deficiencies in processes.
Audit Coordination: Facilitating and coordinating audit processes and queries, interfacing with the division’s finance community, the Shared Service Centre, and auditors.
SAP and BPC Supervision: Supervision of the division’s overall SAP and BPC structures.
Process Ownership: Ownership of key processes and their consolidation for divisional understanding (Coordination of Annual Budgeting and Reforecasting exercises, Monthly Best Estimates, and month-end flash calls alongside compilation of monthly packs and commentary in coordination with the appropriate shared service resources).
Working Capital Management: Taking the lead in Working Capital Management through KPIs on Accrued Income and Debt (mid-month and month-end).
Management Information Leadership: Leading in compiling, analyzing, and distributing management information to facilitate appropriate calls and working sessions to achieve targets or resolve issues.
External Reporting Liaison: Key liaison for external reporting requirements and ensuring timely submissions
Process Improvement: Actively seeking to improve processes and the interaction between SSC, Finance Planning and Analysis, and the businesses via established forums or future ones and following up on actions.
Controls and Accounting Optimization: Proactive with controls and accounting mechanisms to maximize results for the division, e.g., restructuring, ICT assets capitalization/AuC discussions with the SSC.

3. Financial Controller Accountabilities

Management Accounts Completion: Completion of monthly management accounts, including KPI reporting and tracking.
Business Planning and Forecasting: Leading the business planning, budgeting, and forecasting process.
Financial Analysis: Analyzing financial information to assist management teams in improving and growing the business.
Financial Insight and Challenge: Providing robust financial information and insight, challenging the leadership team to ensure that the business meets its annual EBITDA.
Cost Containment Support: Challenging and supporting all heads of departments to contain their costs while retaining a 5* operation.
Purchase-to-Pay Management: Managing the purchase-to-pay process, from PO creation to invoice settlement.
Revenue Recording Management: Managing the process for receiving, checking, and recording daily revenues and receipts from multiple venues.
Stores and Deliveries Management: Managing the stores and deliveries team, ensuring they are efficiently providing purchasing and distribution support to operations.
Member Accounts Management: Managing Member accounts, including the production of monthly statements and collection of monthly balances by Direct Debit.
Workforce Management System Oversight: Managing the use of the Fourth Workforce Management system across the business as an effective Time and Attendance system and cost management tool for operations.
Revenue and Cost Reporting: Managing the reporting and analysis of revenues and costs (especially regarding food, beverage, and retail costs of sales).
Balance Sheet Reconciliation: Overseeing the reconciliation of all balance sheet accounts, including Bank, Cash and Card handlers, Fixed Asset Register, Member deferred income, etc.

4. Financial Controller Job Description

Management Accounts Oversight: Oversee the production of the monthly management accounts and reporting of timely, accurate, and compliant financial performance information for both management and statutory requirements.
Risk Control: Control the risks to prevent errors and fraud, and develop robust policies and procedures.
Financial Transactions Maintenance: Maintenance of all financial transactions in the financial systems.
Fixed Assets Management: Maintenance of comprehensive records of all the fixed assets of the group.
Financial Planning and Analysis: Maintain cash flow, budgeting, financial planning, forecasting, and performance analysis for the group.
Department Management: Manage Finance, Internal Audit, and Business Process Optimisation departments.
Team Management: Ensure that team members are informed of their roles, responsibilities, and expectations, and provide them with appropriate, timely, and accurate information, training, and ongoing development.
Transaction Supervision: Supervise the processing of sales, purchases, cash books, and journal transactions.
Cash Activity Monitoring: Monitor and follow up on all business activity related to cash collections and payments.
Sales Collection and Payments Management: Ensure on-time sales collection, proper supporting documents for all payments, proper approval processes, and timely disbursement of payments.
Error and Fraud Mitigation: Ensure appropriate checks and balances are in place to mitigate the risk of errors and fraud.
Account Reconciliation: Ensure all control and suspense accounts are reconciled, documented, and signed off as planned and timely according to the scheduled timetable.

5. Financial Controller Tasks

General Accounting Management: Responsible for General Accounting, including AP/AR and Dunning Process.
Financial Reporting: Create monthly and quarterly financial reports in cooperation with the bookkeeping department at German HQ.
Annual Financial Reporting: Prepare annual financial reports for Headquarters and local tax authorities.
Budgeting and Forecasting: Develop annual budgets and financial forecasts.
Financial KPI Tracking: Develop and track financial KPIs.
Continuous Improvement Support: Support continuous improvement processes throughout the company.
Controlling and Accounting Process Development: Develop and implement efficient, transparent, and scalable controlling and accounting processes.
Investment Planning Support: Support investment planning, including business case calculations and feasibility studies.
ERP System Support: Support the customization and implementation of the new ERP system (SAP).
Internal Compliance Development: Develop and implement internal compliance policies, guidelines, and control procedures.
Policy Compliance Assurance: Ensure policies and procedures comply with professional standards and state and federal regulatory requirements.
Internal Controls Establishment: Establish and maintain internal controls to support the financial infrastructure.
System and Process Improvement: Continually look out for financial systems and processes and identify improvements or efficiencies as part of a continuous improvement plan.
Audit Recommendations Monitoring: Establish, maintain, and review a suitable system of recording and monitoring internal and external audit recommendations relating to the workings of the finance department.

6. Financial Controller Job Description

Department Excellence: Build upon and drive excellence in the Accounting Department, manage accounting systems, processes, and people to improve organizational, operational, and reporting efficiencies.
General Accounting: Oversee accurate and timely processing of general accounting processes and control activities for the Company and its affiliated company, including A/P, A/R, G/L accounting, month-end close, job costs, balance sheets, journal entries, depreciation, accruals, etc.
Accounting Setup: Manage accounting setups.
Report Accuracy: Ensure daily, weekly, and monthly reporting/account reconciliation is accurate and timely.
Financial Reporting: Ensure accurate and timely reporting of monthly, quarterly, and year-end financial data.
Collections Oversight: Review A/R aging and oversee collections activities.
Internal Controls: Implement, monitor, and maintain best-in-class accounting policies/procedures and internal controls to ensure Company accounting is being properly performed and financial position is accurately reported.
Process Improvement: Improve accounting department inefficiencies.
P&L Management: Create and manage appropriate P&L and reports matching needs of the businesses.
Budgeting & Forecasting: Partner with operations and management to develop and manage budget planning and forecasting processes, and prepare quarterly and annual forecast projections on a monthly basis.
Cash Flow Management: Prepare cash flow calculations and implement cash flow forecasting procedures.
Audit & Tax Compliance: Manage external audit and tax compliance.
Audit Support: Support annual audit process (audit schedules, samples, and responses to outside auditor).
Analytical Reporting: Provide various analytical reports as requested by senior management.
Performance Measurement: Develop financial reports and analysis to adequately measure Company performance and individual departments for ongoing improvement.
Cost Accounting: Handle Cost Accounting maintenance and reporting.
Business Direction: Partnering with the CFO and Finance Leadership team to drive business direction and outcomes.
Team Development: Lead and develop an experienced Financial Control function, including upskilling and on-the-job coaching.

7. Plant Financial Controller Overview

Closing & Reporting: Responsible for month/year-end closing & reporting activities according to group norms.
Forecasting & Budgeting: Preparation of forecast, budget.
Reconciliation Analysis: Preparation and analysis of reconciliation reports.
Investment Tracking: Follow up investment budget and preparing capex reporting.
Variance Analysis: Preparation of the monthly variance analysis and bridge between plan, forecast, and actual results.
Compliance Monitoring: Financial controlling and follow up compliance with internal controls.
KPI Monitoring: Preparing and monitoring of KPIs.
Audit Interaction: Interaction with External/Internal auditors, audit follow-up.
Reporting: Reporting to the Finance Manager.

8. R&D Financial Controller Details and Accountabilities

Coherence: Ensures coherence with R&D Controlling standards, policies, and procedures, adopts respective processes.
Budget Planning: Planning, monitoring, and reviewing R&D Turkey's budget, and provides and comments on Actual vs. Plan reports.
Performance Monitoring: Supervises financial performance, provides critical metric analyses, and prepares and comments on respective performance reporting and forecasts.
EVA Control: Contribute & Control EVA calculations of new R&D projects, and ensure timely updates.
Logistics Management: Perform necessary tasks for dispatch & export of sample prototypes and other supplies of R&D projects.
Agreement Management: Ensures timely completion of yearly R&D Project agreements with R&D Headquarters.
Incentive Reporting: Follows and executes all necessary tasks in order to fulfill R&D incentive reports and ensures incentive preconditions are realized.
Project Accuracy: Ensures the accuracy of R&D project books and records, including recording them in the appropriate systems.

9. Financial Controller Tasks

Compliance: Ensure compliance with company accounting policies, procedures, and internal controls.
Financial Analysis: Compile and analyze financial information necessary to complete the month-end accounting close including preparation, input, and validation of journal entries including payroll and accruals.
Variance Analysis: Research, investigate and report variances on a monthly basis to maintain the integrity of the Company’s general ledger and financial statements.
Account Review: Deep dive into the TB balances to substantiate and correct.
Reconciliation: Prepare/Review balance sheet account analyses and reconciliations to supporting documentation for all the entities, while investigating and resolving reconciling items timely.
Audit Support: Interact with auditors and assist with the preparation and documentation to support both internal and external audits.
Budgeting & Forecasting: Assist in developing annual budgets and monthly forecasts.
Tax Returns: Preparation of VAT returns for the various entities.
Tax Support: Work with the advisors and tax team to support the preparation of the corporation tax returns for various entities.
Operational Support: Gain an understanding of the existing Europe operations with a view to helping at busy periods and providing holiday cover.
Reporting: Support Facility Management by providing necessary reports and financial information.
Procurement Support: Work with the AP team to help raise Purchase Orders, AP vouchers, coordinating & checking registration on PeopleSoft (VAT/expense) and liaising with Treasury regarding vendor payment queries.
Management Reporting: Provide management with timely information to make informed business decisions.
Tax & Audit Preparation: Assist in preparation of materials required by tax accountant and/or auditors.
Process Improvement: Representing the Finance Department on various internal projects and at meetings with the objective being to continue to improve on business efficiencies and current accounting processes.
Financial Insight: Provide insight into current performance and drive improvements across the business through effective control and strong financial analytics.
Team Development: Maintain engagement of finance department and develop teams to achieve a high-performance culture.
Risk Management: Contribute to mitigating risk for the business and establish robust controls and policies.

10. Financial Controller Roles

Accounting & Reporting: Responsible for the accounting and reporting for multiple entities in accordance with Generally Accepted Accounting Principles (GAAP)
Budgeting & Forecasting: Prepares annual budgets and forecasts
Account Reconciliation: Reconciles all accounts on a monthly basis
Cash Management: Responsible for managing cash and cash forecasting
Tax Filings: Completes state and local tax filings
Tax Coordination: Coordinates with outside CPA firms in the preparation of tax returns and annual audit
Accounts Payable: Oversees the accounts payable process
Financial Analysis: Prepare financial analyses and models
Financial Support: Assist franchisees and restaurant managers with financial-related issues
Team Management: Manage a Finance & Accounting team to perform monthly financial reporting and accounting duties
Team Development: Manage and develop subordinates of a sizable team of over 10 subordinates in a wide range of functions from operational accounting to credit management and billing
Management Reporting: Management reporting and analysis, being a business partner to division heads
Process Improvement: Take charge of process and system streamlining as well as implementation
Internal Controls: Implement and maintain group internal controls, liaise with auditors
Tax Planning: Prepare tax computation and assist in tax planning
Financial Operations: Manage the financial operations team
Controls & Systems: Identify and implement controls, processes and systems improvements
Financial Clarity: Drive greater understanding and clarity of financial results
Technical Accounting: Provide technical accounting support on new territory launches
Transaction Support: Assist with any future transactions

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