8 Things To Remember For New Financial Controllers

So, you’ve got promoted as your company’s newest financial controller. It’s a pretty demanding role, honestly speaking, but the rewards it gives (salary- and sense of fulfillment-wise) is often more than enough to keep you holding on.

The Role of a Financial Controller

As a financial controller, you’re expected to be financially proficient and knowledgeable of using different tools (e.g. Nexus AP Automation software). Here are the major functions you need to perform:

Oversees the work and output of the company’s finance team

Ensures error-free financial statements

Reports accurate information to the company’s finance director

Develops control systems to eliminate errors and fraudulent behaviors

Helps create strategies to improve the company’s financial well-being

Important Things to Keep in Mind

We know you’ve got a lot on your plate — you manage data entries, and you make sure everyone in the finance team knows how your company’s Nexus AP automation tool works among many other tasks.

To help you slide into your new position smoothly, we’ve listed down eight important things:

Familiarity in the sector the company belongs to

To help make sound financial strategies and decisions, you must first and foremost be knowledgeable of the vision and objectives of your company.

Expertise in accounting and administrative works

Though you won’t do the actual bookkeeping or accounting work, having expertise in these fields will give you an edge in managing and running the financial team smoothly. Inefficiencies and errors can be easily pointed out if you have a comprehensive knowledge of these things.

Proficiency in process optimization

In ensuring the company boosts its overall output, it’s important to keep all processes as efficient as possible. This holds especially true in the finance team, where the core of money and budget-related transactions takes place. Knowing the advantages of cloud-based tools (e.g. Nexus AP automation software) is essential for a controller as they are proven to be helpful in streamlining various financial procedures.

Competence in assessing the company’s financial situation

As a financial controller, your company’s chief finance officer and finance director will heavily rely on your work. You must practice adeptness in evaluating if your team is still hitting its targets or is already lagging behind.

Diligence in finding cost savings

A vital facet in maintaining the financial well-being of your company is profitability. A reliable controller should always be diligent in finding ways to save the firm from incurring expenses that don’t yield high ROI.

Keenness in ensuring accuracy

Accuracy is one value that you should always prioritize. An error-free output from your team translates to the improved performance of your whole company.

Maintaining an open line of communication

Being a controller entails being in charge of a number of employees who all play crucial roles. Bear in mind that an effective leader is an effective communicator. Make sure you keep an open line so that every concern from your team members is taken action upon.

Being professional at all times

If you’re a controller, chances are, you will be a pain-in-the-neck to many people. It’s highly understandable because you’re looking for the best interests of the firm you work for. Just make sure that you should handle your every work with utmost professionalism.

Nexus AP Automation gives you full control of the accounts payable workflow. No surprises, no headaches! Contact us today for a demo.