Game Plans for Growth – how to bridge the gap between FC and FD?

Financial Modelling/Budgeting

Game Plans for Growth – how to bridge the gap between FC and FD?

So, what should you expect of a really good Financial Controller compared to an experienced part-time Finance Director? Are your Finance Function issues down to an under-performing FC or do you need a part time FD to act as a sounding board?  This newsletter should give you a good idea about what to expect of your Financial Controller, so identifying whether you really have a part time FD gap.

The Idea

Many SME business owners struggle finding a great sounding board for their ideas and strategies. Financial Controllers can be over promoted into Directors strategic meetings, leading to misunderstandings and frustration, as they are typically unprepared to make a difference at this level.

The Game Plan

So, what should you expect of a really effective Financial Controller?
1.    Running a high 
performing Finance team
2.    Delivering 
monthly accounts which are timelyaccurateand provide meaningful information to inform key decisions
3.    Be highly rated by fellow business managers.

4.    Managing 
cash flow – collecting Debts effectively and paying suppliers on time.
5.    Generate 
useful profit analysis of where the business generates its Profit from (watch the paraeto principle).
6.    Select the right accounts system for the business,
implement system change in an effective way.
7.    Manage an effective 
month end process to generate monthly accounts.
8.    Make all 
payroll payments efficiently and effectively, so paying all employees the authorised amount on time.
9.    File all statutory returns in time, with year end Accounts which confirm the monthly accounts.

10.    Report on the best 
Key Performance Indicators to drive your business growth.

The End Result

We love mentoring Financial Controllers to be fully effective FCs, generating trustworthy information which gives great analysis so enabling better business decision making.  A recent example of this was when one of our experienced VFDs worked with a Financial Controller who at the start was acting more like a bookkeeper; our mentoring helped her to develop into a fully effective FC, generating accurate and meaningful monthly accounts, thriving through a full business sale process, securing a promotion by the new owners.

If you want to develop your Financial Controller to be fully effective, our 
experienced VFDs use a development tool, FC ReadiMap ® which, as well as confirming key strengths, also identifies key areas for improvement for your Financial Controller.
Please email me or call if you would like to talk about developing your Financial Controller or Management Accountant.  Alternatively you could see our client testimonialsor read our case studies.
Kind Regards
James Shand