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.
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 timely, accurateand 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
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.