Usually, a financial controller’s role is more tactical than that of a legal certified public accountant, they may not be as occupied in the usual payments, invoices and bank settlements but are yet comprehensively occupied in how a company handles it moneys. The financial controller is the working manager for the accounting department of the company. This individual has extremely dedicated responsibilities that necessitate a range of varied skills. Also, an individual in this designation is able to do the below mentioned tasks:
- Takes care of Administrative Payroll
- Authorizes Sales Tax returns
- Is responsible for payroll processing
- Manages bookkeeper
- Creates nonstandard reports, including variance reviews
- Signs checks prepared by bookkeeper
- Accepts client credit limits
- Employs basic accounting and financial systems
- Implements policies and procedures
- Inventory overview with assistance
- Prepares Financial Statements
- Creates more difficult journal entries
- Creates budgets
- Coordinates with CPA or external Certified Public Accountant on compilations, audits, or tax returns
- Takes care of risk management and insurance with help
- Safeguards the company’s assets
Bharti Jogia-Sattar is an accountant, financial executive, and investment expert based in the greater Los Angeles metropolitan area. She has been designated as a Controller and Vice President for both Lions Gate Entertainment and Countrywide Capital Markets. Together, she spent almost five years working for both the companies. At PL Acquisition Inc., Bharti has been playing the role of a Financial Controller and Chief Financial Officer. Her diverse skill set in finance would permit her to grow her expertise and specializations, particularly to real estate. Ms. Bharti has functioned for almost four years in the company before relocating to Centro Watt American REIT.
Bharti says that the scope of the controller position is much greater in a small business, where the position is also liable for risk management and cash management as well as negotiating lines of credit and vendor agreements, and reviewing all financing agreements, financial contracts, and insurance policies. In larger establishments, these added accountabilities are shifted to a chief financial officer and treasurer, respectively.
Along with financial reporting, a controller must be trained at comprehensive financial analysis and offering expert financial opinions and perspective. This means that a financial controller must be talented in spreadsheet design that is often complicated. The financial controller’s analysis skills are influential in helping to evaluate risk, consider efficiency and notify policy choices made by executive management.
According to Bharti Jogia-Sattar if the business is growing increasingly, then elementary accounting practices are not going to help it any longer. You may start to see that your growth is actually a negative as you do not know how to handle revenue and expenditures and other accounts. A financial controller can offer the stable hand that you need to establish your growth. The controller can provide plenty of expertise in the arena of accounting, making sure that you can focus on other facets of your company. A controller can also provide you with comprehensive reports on financial management that can be used by the CEO for making vital decisions.