5 ways a Financial Controller can help your company
Its difficult to define what a Financial Controller can do for you and your business, a lot of it depends on size, structure and stage of growth, but there here are 5 key asks that will differentiate a great FC from the rest and set your business on the right path.
Scenario modelling
Every business needs version of the future that can enable planning. Well built models enable items to be adjusted on the fly and puts the immediacy of data back into the hands of the people that need it. Asking for changes to be made and waiting days or hours for an outcome should be a thing of the past.
Systems integrations and APIs
The integration of systems is paramount in a modern finance environment. While I will concede that an FC doesn’t need to code, the knowledge of how APIs work, the structure of SQL databases and the knowledge of automated workflows is fundamental to problem solving and efficiencies.
Cashflow planning
Cashflow planning is an art and requires knowledge of your business but also of other businesses. Why? In order to have a well-rounded view of how cash impacts the dynamics of a business in both good and bad scenarios, wide-ranging experience is crucial in an SME environment.
Data analysis and integrity
Data in any business is essential. I have no doubt that every finance department can enter data accurately but understanding its use is different. Taking the strategic objectives of the business, translating that into KPIs that mean something and using the data to monitor is critical to insight and foresight.
Honesty and advice
This might sound obvious but, in an SME, its more important than ever. Traditionally Financial Controllers manage historic finance but the relationship between FCs and the entire business, including Directors can yield unexpected results. If an FC is able to offer honesty in the face of adversity then your business will benefit.
This list is not comprehensive and does not include obvious items such as management reporting and financial controls, we take those as a given. The circumstances of every businesses are different and all of these points will not be applicable all of the time, but as a start-up or SME you are entitled to get the best value out of your finance team and expect them to deliver in a modern environment.