With the nature of the work, accompanying responsibilities and high professional requirements, Finance Controller is currently one of the careers with the most attractive salaries and benefits, chosen by many people. follow. Let's Bizzi Find out who they are!
1. Who is the financial controller?
Financial controller also known as Finance Controller are the people who operate and supervise the company's financial and accounting activities. This position will be placed on the senior executive team, who are the heads of the accounting department. These people will be responsible for ensuring that the company's financial transactions take place smoothly, and that revenues and expenditures are reported and listed accurately and clearly.
This position used to be senior managers in large corporations and companies; As for small companies or startups, location Finance Controller Often held concurrently with chief accountant or CFO.
2. The role of financial controllers in businesses
Role of one Finance Controller that is doing the work directly and they are only under the finance director. Their work ensures that important information is collected, reported and analyzed accurately and reliably.
Financial controller will play a role in developing strategies based on anticipated market challenges or regulatory changes.
The ultimate goal is to provide the business with the data it needs to meet its financial goals, based on its current capabilities and what can be achieved in the future. That's why my job Finance Controller will involve managing and supervising accounting and financial activities for marketing, production, and internal control activities.
>> See more: ESG 2023 – What should business owners, CFOs and Finance Controllers care about?
3. Professional knowledge and skills
Finance Controller must fully equip themselves with basic knowledge related to economics, finance... Companies always prioritize the Financial Controller Possessing accounting and finance certificates. They often require controllers to have certified public accountant (CPA) certification.
However, this is shown not only from learned theory but also from practical experiences. Therefore, in the process of learning theoretical knowledge, it should be combined with practical practice. You can gain more experience by undertaking courses with periodic internships. When participating in these courses, you will have the opportunity to experience more work and hone the necessary skills.
4. Basic promotion path for financial controller
After graduating from finance-related majors, you can start working as an intern and then work as a full-time employee at a business or organization. That's the location Junior Financial Analyst.
After about 1 - 2 years of accumulating experience, you can become Senior Financial Analyst. In this position after about 2 - 5 years, you can become Financial Manager. However, besides that, there is another choice: to become Financial Controller, responsible for ensuring that accounting-related activities run smoothly.
In addition to the conditions of years of experience, possessing certificates will help shorten the promotion path because the study programs provide a full range of knowledge and skills related to real work at businesses. .
5. Necessary skills of a Finance Controller
To be successful in the Finance Controller role, in addition to extensive professional knowledge, you need to equip yourself with a rich and diverse set of skills. Below are the necessary skills that a Finance Controller should have:
Advanced skill
- Knowledge of accounting and finance: A Finance Controller must have extensive knowledge of accounting, finance and related legal regulations. This includes an understanding of accounting principles, financial reporting, auditing, and budget management.
- Budget management: The ability to plan, monitor and adjust budgets is an important skill. The Finance Controller must ensure that business expenditures stay within budget and that financial resources are used effectively.
- Financial analysis: Financial analysis skills help the Finance Controller evaluate business performance, predict financial trends and make strategic recommendations. They need to know how to use data analysis tools and software to process and interpret financial information.
- Tax knowledge: Understanding tax regulations and the ability to optimize taxes is important. Finance Controllers need to understand current tax laws to ensure businesses are compliant and take advantage of legitimate tax benefits.
Management skills
- Leader: Finance Controllers often have to manage a team of accounting and finance. The ability to lead, motivate and develop staff is key to ensuring employee performance and satisfaction.
- Time management: With a large workload and many complex tasks, the Finance Controller needs to know how to prioritize work and manage time effectively to complete tasks on time.
- Problem solving: The ability to analyze problems, come up with solutions and make decisions quickly is an indispensable skill. Finance Controller must have logical thinking and the ability to evaluate situations from many angles to make the best decisions for the business.
Technology skills
- Using financial software: Understanding and proficiently using financial and accounting software such as ERP, QuickBooks, SAP, or Oracle is very important. These tools help Finance Controller automate processes and increase data accuracy.
- Understanding of information technology: With the trend of digital transformation in finance, Finance Controller needs to have basic knowledge of information technology to be able to work effectively with modern financial management systems.
- Information security: The ability to ensure the safety and security of financial information is very important. Finance Controllers need to master security rules and measures to protect business financial data from threats.
Communication skills
- Writting skill: Creating detailed and easy-to-understand financial reports requires the Finance Controller to have good writing skills. They need to know how to present financial information clearly and concisely so that readers can easily understand and grasp important information.
- Verbal communication: The Finance Controller regularly has to work with different departments within the business as well as external stakeholders. Effective verbal communication helps them convey information, explain complex issues, and persuade others with ease.
- Negotiation skills: Negotiation with suppliers, customers and other stakeholders is an integral part of the Finance Controller's job. Negotiation skills help them achieve the most beneficial terms for the business.
6. Technology and finance: New trends in the work of Finance Controller
With the rapid development of technology, the role of Finance Controller is also changing. New technologies such as artificial intelligence (AI), machine learning and big data analysis are being widely applied in the financial sector. These technologies help the Finance Controller analyze data faster, make more accurate forecasts, and optimize workflows.
- AI and Machine Learning applications: AI and Machine Learning help Finance Controller automate repetitive tasks such as data entry, invoice checking, and fraud detection. For example, AI can analyze thousands of transactions in seconds to detect unusual or fraudulent activities, thereby minimizing risk to businesses.
- Big data analysis: Big Data helps Finance Controller grasp market trends and make financial decisions based on real data. By analyzing huge volumes of data, they can forecast financial trends, optimize investment strategies and manage risk more effectively.
- Blockchain: Blockchain technology brings transparency and security to financial transactions. With the ability to store information that cannot be changed and is easily retrieved, blockchain helps Finance Controllers ensure data integrity and minimize fraud risks.
- ERP (Enterprise Resource Planning) software: Modern ERP systems fully integrate financial and accounting functions, helping Finance Controller manage finances more effectively. ERP also allows them to access real-time data, thereby making timely and accurate decisions.
7. Challenges for Finance Controller
Although there are many benefits, the job of Finance Controller also faces many challenges:
- Pressure from legal regulations: Financial regulations are increasingly complex and frequently change, requiring the Finance Controller to always be updated and compliant. Failure to comply can result in serious consequences, including fines and loss of business reputation.
- Work pressure: Large workloads and high precision requirements create significant pressure. The Finance Controller must ensure that all financial transactions are recorded accurately and promptly, and must prepare detailed financial reports.
- Market volatility: Unexpected market fluctuations can greatly affect corporate finances, requiring the Finance Controller to have the ability to respond flexibly. This includes forecasting and managing risk, adapting financial strategies to changing market conditions.
- Continuous technological innovation: With the constant development of technology, Finance Controller must always update and apply new technologies to their work. This requires them to have solid knowledge of technology and be willing to learn and adapt to changes.
8. Benefits and career opportunities of Finance Controller
Despite facing many challenges, the Finance Controller profession offers many benefits and attractive career opportunities:
- Attractive salary: With high responsibility and professional requirements, Finance Controllers often enjoy attractive salaries and benefits. Their salary can range from tens of millions to hundreds of millions of dong per month, depending on the size and field of operation of the business.
- Promotion opportunities: With accumulated experience and skills, Finance Controller can advance to higher positions such as CFO (Chief Financial Officer). The CFO role requires them to have strategic vision and the ability to manage all financial activities of the business.
- Ability to work multidisciplinary: Finance Controller can work in many different fields, from manufacturing, services, finance to technology. This opens up many career opportunities and helps them accumulate diverse and rich experiences.
- Wide influence: With an important role in financial management, Finance Controller has a great influence on the success and development of businesses. They participate in strategic decisions, contributing to the direction and sustainable development of the business.
9. Difference between Finance Controller and CFO
Although both positions are related to finance, there are clear differences between Finance Controller and CFO:
- Finance Controller: Mainly focused on managing daily financial operations, ensuring accuracy and regulatory compliance. They are responsible for preparing financial reports, controlling budgets, and overseeing accounting activities. The Finance Controller is also involved in analyzing financial data and making recommendations to management.
- CFO (Chief Financial Officer): Take on more strategic responsibilities, including long-term financial planning, risk management and participation in key business decisions. The CFO focuses on building financial strategies, developing investment plans, and finding new financial opportunities. They also play an important role in building and maintaining relationships with investors, banks, and other stakeholders.
In short, the Finance Controller is the person who performs and monitors daily financial activities, while the CFO is the person who directs the long-term financial strategy for the business. These two positions complement each other, contributing to the sustainable development of the business.
Finance Controller is an important and highly demanding position in the business. As a financial manager, financial controllers not only help businesses ensure accuracy and compliance with regulations but also contribute to strategic planning and sustainable development. Despite facing many challenges, this career offers many development opportunities and attractive benefits, worthy for young people to pursue.
By equipping yourself with the necessary professional knowledge, skills and keeping up to date with new technology trends, you will have the opportunity to become an excellent Finance Controller and actively contribute to the development of your business.
If you are interested in the Finance Controller position or are already a professional Finance Controller, join now Vietnam Finance Controller community Let's discuss and share many useful expertise and skills in this field!
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