How a Financial Controller can keep your business on track and help it to grow

It’s not always easy to manage your finances and keep them on track. For small businesses or larger enterprises it can be helpful to get a fresh perspective on your financial activities. Bringing the services of a qualified financial controller, as opposed to an unqualified bookkeeper or a practicing compliance accountant, to your business could allow you to pre-empt any future challenges and also plan for growth.

The skills that a financial controller brings to a company are hugely valuable. Unlike a bookkeeper or compliance accountant they can be the most senior finance and accounting person in a business. They are not ‘just senior managers with accounting experience’ but provide financial leadership as well as being instrumental in forming accounting strategies. Educated to degree level and with an additional qualification from one of the professional accounting bodies – ACCA, CIMA or ICAEW – their responsibilities fall into four broad areas that focus on accounting, internal controls, financial planning and reporting and financial analysis.

Accounting – making sure all accounting allocations are made and recorded. And in smaller companies the financial controller may well manage and perform cash management functions, overseeing accounts payable, accounts receivable, cash disbursements, payroll and bank reconciliation functions.

Internal controls – instigating and implementing controls over the company’s accounting and financial procedures, so reviewing all invoices to be paid as well as the accounts receivable aging reports. A financial controller also liaises with external tax accountants for income tax preparation and with auditors preparing the company’s annual audit.

Financial planning and reporting – negotiating lines of credit and vendor agreements as well as reviewing financial contracts, financing agreements and insurance policies. The provision of accurate and comprehensive financial information to enable long-term financial strategies to be prepared also falls to the financial controller. Financial reporting duties include preparation of financial statements, balance sheets, cash flow reports, budgets and financial projections.

Financial analysis - financial analysis skills are instrumental in helping to assess risk, analyse efficiency and inform policy decisions made by executive management so, being able to provide an expert financial perspective and opinions are crucial.

These uncertain economic times have forced businesses to reassess their need for reliable and current financial information so getting expert advice from a Financial Controller is crucial. Of course, many SMEs can’t justify the cost of hiring someone or only need short-term help but insourcing is a great way to bring experience and insight to your business at a fraction of the cost of employing such a resource.

Insourcing can be as relevant to a small company as to a larger one, sometimes more so as it offers more flexibility and less financial and employment risk. As well as the financial benefits, this professional resource can reduce risk by instigating better controls, greater flexibility and improved processes. And bringing in this hands-on help means staff can concentrate on the important goal of growing the business.  EFM’s financial controllers offer a service that focuses on the application of strong financial reporting procedures at a critical stage of business growth.

Take advantage of the experience and expertise of some of its most specialist members on a part time basis by requesting this service now.

Day rates, monthly rates and annual rates are available. Contact us for more information.