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Why do you need a financial controller?

Financial control timer 2 min.
Chloé Le Cornic

The usefulness of a financial controller is not always obvious to companies which see his/her services as a source of additional expenditure. However, in these times of recession, such professional's knowledge can be extremely useful in order to save money. But these are not his/her only finance skills. So, why should you turn to a financial controller? How can he/she help you? Those are the questions we are going to answer in this article. 

Financial controller: numerous missions 

why-do-you-need-a-financial-controller.jpgMaking sure that the company's finances and accounts are doing well. There is the financial controller's first mission. In order to achieve it efficiently, the professional, equipped with the necessary tools, is in charge of learning everything about the firm from top to bottom.

International companies regularly turn to the financial controller's services to manage the accounting compliance of their various subsidiaries. Laws and standards evolve quickly. But you already know that. Needless to say that the financial and accounting environments are no exceptions. The intervention of a financial controller ensures compliance with the rules and introduces new tools or changes in working ways if necessary.

In addition to restoring order in the financial affairs of the company, the financial controller can provide advice and carry out predictive economic analyzes. The goal: to ensure that budgets are properly managed. If the firm wishes, the professional can also visit the varied departments to analyze the finance needs of each and help them to allocate the sums according to the different projects.

Financial controller: to minimize risks

If your financial controller hasn't found anything abnormal during his/her accounting investigation, why not ask him/her for advice in order to minimize risks? Yes, in addition of detecting any problems related to your accounts, this financial expert can also help you to prepare your budget and ensure its follow-up and good implementation. Regular and increased monitoring is the best control mean. He/she can also advise you on the steps to follow in the light of future political and economic changes.

How much does a Financial Controller cost?

"Turning to a financial controller: fine, but how much will it cost? ". Many business leaders ask this question, and rightly so. As you can imagine, the cost of a financial controller depends on the tasks that you will ask him/her to carry out combined to the time that the missions entrusted to him/her will take. For your information, be aware that a financial controller beginner is paid between £30,000 and £35,000 a year. A confirmed professional will be paid about £60,000. Moreover, it is not surprising to see a financial controller ask for £450 per day.

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