What's it like to be a Business Controller?
The Business Controller is responsible for a company’s financial stability and growth. They oversee the accurate recording and reporting of monetary transactions, prepare financial statements, manage budgets, analyse financial data, and ensure compliance with financial regulations. Additionally, Business Controllers contain financial risk and ensure that the company's economic systems and processes are efficient and effective.
Tasks and duties
- Analysing financial data to provide insights and recommendations to management.
- Developing and monitoring budgets and economic forecasts.
- Conducting variance analysis to identify areas of improvement or concern.
- Working with other departments for financial objectives to align with the overall business strategy.
- Making sure that all financial regulations and reporting requirements are met.
- Creating financial reports and presentations for senior management and stakeholders.
- Looking for ways to improve our financial reporting and analysis processes to increase efficiency and accuracy.
- Managing the accounting and finance team and overseeing day-to-day operations.
- Evaluating and implementing new financial software and systems as needed.
- Providing financial guidance and support to other departments and team members.
How to become a Business Controller
To become a Business Controller, extensive finance and accounting knowledge and experience is required. Usually, this expertise is acquired over many years of working in the relevant field. employers prefer academic and professional qualifications in accounting or related fields.
Complete a bachelor degree in accounting, finance, business, or another relevant field.
Begin a career in finance or accounting. Starting at an entry-level position like Accounting Clerk, Accounting Assistant, or Accounting Staff is recommended. This will give you practical experience in applying the generally accepted accounting principles (GAAP) and familiarise yourself with corporate practices in your chosen industry.
Consider obtaining additional certifications in finance or accounting, such as becoming a Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Certified Internal Auditor (CIA). These certifications can enhance your qualifications and knowledge in the field.
Consider exploring the position of Finance Manager. This role encompasses more than just Financial Planning and Analysis (FP&A) and transactions, as it may also demand proficiency in risk management.
Consider higher education by pursuing a master’s degree, such as a Master in Business Administration (MBA), finance, or economics.
As you gain significant and relevant experience, you may have the opportunity to advance to the position of Chief Financial Officer (CFO), the highest-ranking role in a company's financial department. While CFOs usually have the same educational qualifications as Business Controllers, they typically have more extensive management experience.