Duties and Responsibilities of a Financial Controller
The duties of a financial controller turn around ensuring that a business is operating effectively and efficiently, which includes managing accounting and monitoring internal controls. Furthermore, the responsibilities of the financial controller include banking and finance activities, proper reporting and payment to all tax authorities, recommendations to insurance related to the purchase and documentation of the business, and the supply varieties of information needed by business executives.
Read: Stewardship, Treasurership and Controllership Functions
A financial controller reports to the executive management team. So, the ultimate responsibilities of a financial controller are to deal with finance, accounting, production, marketing, personnel, and operations to ensure that the business is a profitable venture and there are proper internal controls. The following are the responsibilities of the financial controller:
- Maintaining the bank balance of the company and record of outstanding checks
- Approving the invoices for the payment
- Maintaining all the necessary reporting to the banks and backup reporting system
- Reviewing any documentation attached to checks for approval and accuracy
- Follow up with customers with long dues
- Make sure all financial statements are properly prepared or not
- Reconciling all bank statements and monthly financial reports
- Preparing monthly sales and preparing any schedules required for tax returns
- Preparing projected reports annually and updating monthly with actual figures
- Coordinating with the auditors and tax division of the company
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Duties and Responsibilities of a Financial Controller
1. Maintaining the bank balance of the company and record of outstanding checks.
2. Approving the invoices for the payment.
3. Maintaining all the necessary reporting to the banks and backup reporting system.
4. Review any documentation attached to checks for approval and accuracy.
5. Follow up with customers with long dues.
6. Make sure all financial statements are properly prepared or not.
7. Reconciling all bank statements and monthly financial reports.
8. Preparing monthly sales and preparing any schedules required for tax returns.
9. Preparing projected reports annually and updating monthly with actual figures.
10. Coordinating with the auditors and tax division of the company.
