Do you know how big firms keep their finances under control? They hire a business controller! This is a position in which you manage behind-the-scenes finances, such as budgeting, Planning and analyses, and reporting.
This article will provide information regarding the job description for the business controller, the duties they perform, their required qualifications, the potential salary, and a sample resume to use as a reference. Let’s get you started!
Business Controller Job Description
A business controller works in the finance department and acts like the middleman between the finance department and other teams. Controllers are the ones accountable for keeping the company in order and keeping track of expenditures so that the business is spending as per its organizational goals.
So, what exactly does a business controller do? The main responsibilities of a business controller include:
- Budgeting
- Financial Planning and Analysis
- Reporting
Business controllers are entities responsible for analyzing financial data, converting the data into understandable reports, and then providing a snapshot of the company’s financial situation and information about problematic areas and how to improve it.
Controllers are not just internal reporting parties; they are also responsible for external reporting; this includes maintaining compliance with all financial regulations and protecting against external risks.
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Business Controller Duties
Financial Planning and Analysis
One of the main duties of a business controller is to oversee FP&A. This includes evaluating the company’s financial data, making plans to keep the business on the growth path, and forecasting how the plan is to work.
Budget Management
Business controllers play a key role in budget management. They are responsible for each department’s budgeting factors, beginning with budgeting needs, making plans, to controlling and monitoring budgets. They ensure that the resources are used efficiently and assist the business in reducing additional costs.
Internal Controls and Compliance
Controllers develop and implement processes that protect the company assets and make sure that every financial data in the report is accurate. Controllers are responsible for following up on these processes regularly and ensuring that every business practice is conducted as per the law, regulations, and internal policies.
Decision Support
Controllers are key players that support the senior management in decision-making. They provide financial data in an easy-to-understand way to the senior management so they can easily understand the company’s finances. Controllers help the company analyze the potential for a new business, cost-cutting impact, or evaluate the effects of a new big investment opportunity.
Performance Monitoring
In addition, they monitor the performance of the company against predetermined KPIs, and this allows them to create an accurate and reliable report that gives actionable information to the company.
Skills Required
Technical Skills
- Financial Expertise: The job is in the finance department, so the individual must understand the basics of finance. These include expertise in understanding financial statements, reporting, budgeting, and forecasting.
- Data Analysis: Controllers have to understand and explain to others complex financial data, so they must be able to understand the financial data of a firm, identify trends and patterns, and be able to spot new opportunities. The individual needs a good knowledge of data storing tools like Excel, SQL, SAP, or whatever finance software the company uses.
- Compliance Knowledge: Knowledge about relevant financial laws, regulations, and industry standards. Business controllers have an important role that ensuring that business complies with all the laws and regulations, such as such as tax regulations, GAAP (Generally Accepted Accounting Principles), or IFRS (International Financial Reporting Standards).
Soft Skills
- Communication: The controller is responsible for communicating financial data with the senior management, so they should be able to communicate what they know effectively and want to explain.
- Attention to Detail: A controller has a lot of data to evaluate and handle, so they should be sharp enough to notice any disparities between a large set of data.
- Problem-Solving: Controllers require strong problem-solving ability to determine the core of the problem, analyze it, and create plans to tackle it.
- Leadership and Teamwork: Controllers are responsible for cross-department collaboration in many aspects, like data collection and budgeting. They have to ensure that they guide other departments through this process for maximum efficiency.
Salary and Career Growth
Salary
The salary for a business controller can vary based on the location, experience, firm size, or industry.
- The average salary for a controller in the United States is $109,945 annually.
- The starting point is at $85,000 Annually.
- Experience to top role salary can range from $129,500 to $180,000 annually.
Career Growth Opportunities
Here’s a summary of business controllers usually rise up the ranks:
- Senior Roles: After gaining experience, a business controller could advance to post-graduate levels, including the Senior Business Controller, Financial Controller and Director of Finance.
- Executive Positions: With more developed skills and better decision-making, controllers can move up to executive positions like Chief Financial Officer (CFO) or even Chief Executive Officer (CEO).
- Specialized Opportunities: Business controllers can also opt to move out of the industry and focus on diverse areas like internal audit, risk management, or mergers and acquisitions (M&A).
Professional Development and Certifications
If you want to advance in this position, here is the list of certifications and education you should pursue.
- Certifications: Certifications like Certified Public Accountant (CPA), Certified Management Accountant (CMA), or Chartered Financial Analyst (CFA) can be a great option for a quick boost in your career as a business controller.
- Education: For higher paying jobs, go for higher level education like a Master in Business Administration or a Masters in Finance. These courses provide you with deeper details and teach you more about management and leadership.
Crafting a Strong Business Controller Resume
Here’s a draft of the business controller’s resume. It includes everything necessary for you to land your dream job.
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FAQs
What does a business controller do?
The business controller is accountable for the company’s budgeting, financial planning, and financial reports. They ensure that the company is in good financial health and abides by its policies and provides information to help make strategic decisions.
What level of job is a business controller?
A business controller is a mid-level to senior position in the company hierarchy that reports to the upper management and assists in decision-making.
Do controllers make a lot of money?
Yes, business controllers make good money because of their financial expertise and important role in the company. They make an average of $109,500 annually and have the potential to reach up to $180,000 with experience.
Final Statement
A business controller is a key player in any organization who oversees several external and internal factors that influence the business. They oversee things like Financial Planning and Analysis, budgeting, reporting, and internal control. The role demands a combination of soft and technical capabilities, which make it an exciting and fulfilling career choice for people who love doing math and making the right business choices.
If you’re considering a career as a business controller, This is the ideal time to begin registering for the required courses and gain the necessary experience.