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What future for a financial controller?

Posted by: Chloé Le Cornic | 11/01/2017 | Categories: Financial control

The financial crisis, technological changes, cost reduction ... Many professions are strongly impacted by these different aspects which are all linked to the evolution of our society and its new needs. As a result, a multitude of occupations are blocked. Many technicians and specialists are forced to work in other sectors until a place in a company and in their field becomes available. However, some trades, such as financial controller, appear to be unaffected by the current environment. The recession, digital development and a downward revision of expenses are, for him / her, real opportunities that allow the profession to move forward and evolve.

As you will have understood, the profession of financial controller still has good days ahead. However, one can wonder about the place of the financial controller in a structure of our era? What does the future hold?

Financial Controller: Going from consulting to being operational

The primary concern of medium and large companies lies in the control of costs and their reduction. The watchword is competitiveness. At a time when competition is increasingly tough, lowering costs related to the core business is a priority. Before the year 2000, companies turned to the financial controller to benefit of his/her advice. Over time, the duties and the responsibilities of this specialist have evolved leading the trade close to a decision-maker position. The financial controller  regularly communicates with the teams in order to collect data to do relevant analyzes. As a guide, companies turn to him / her and trust him / her to oversee the different projects and their costs.

What future for a financial controller?

Financial Controller: Growing requirements

The evolution of new technologies and of the tools made available to financial controllers facilitate the work of these professionals and give them more time to work on the ground. The implementation of action plans and their follow-up are becoming increasingly important. These operational interventions would reduce discrepancies between actual and forecast data.

In addition to an evolution of the relationship between the teams and the financial controller, the monitoring work of this expert has never been more important. Note that it will continue to become more consequent as long as society and the market carry on changing so quickly.

Knowing about the activity of the company in depth, adapting to the needs and objectives of increasingly demanding companies, pushing the analyzes further, being more precise ... These are some of tomorrow's financial controllers' missions.

The evolution and the multiplication of the accounting standards will oblige these experts to specialize themselves in order to meet the specific demands and the specific needs of each company and their field of activity.

Training in new technologies must be at the heart of the financial controller's priorities in order to be able to carry out the tasks that fall within his / her profession. While some professions can still do without digital tools, the financial controller must free himself / herself time to ensure the update of his / her digital skills. It should be noted that companies multiply investments in new technologies. Once bought, they look for a professional who can use them and make the most out of them.

Tomorrow's financial controller will most often be called upon to control risks and costs, to secure production and to check profit and loss accounts.

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