Finance Controller: Roles & Career Pathways

Have you ever wondered what a Finance Controller does? In the world of finance, this role is crucial for the smooth operation of businesses. A finance controller is a senior-level management accountant who looks after all accounting-related activities for a company. 

Finance managers in India earn a higher salary compared to many other roles. This is because finance managers have a specialised skill set that is in high demand. They are responsible for managing the financial aspects of a company’s operations and overseeing budgets. This makes finance managers an important asset to a company’s success.

The Total revenue in the Finance market of India is projected to reach US$9.34m in 2022.

Total revenue is expected to show an annual growth rate (CAGR 2022-2027) of 15.30%, resulting in a projected market volume of US$19.55m by 2027.

It goes without saying that the future is promising for finance professionals in India, which is likely the reason for their substantial yearly salaries.

What Does a Finance Controller Do? 

A Finance Controller, also known as a Controller or Comptroller is like the financial guardian of a company. Their main job is to make sure everything runs smoothly. Here are some of the key things they do:

  • Financial Reports: Controllers make financial statements and reports. These are like financial snapshots, showing how much money is coming in and going out. 
  • Budgets and Predictions: They plan budgets and forecasts. Think of it as planning how much money the company will make and spend in the future.
  • Keeping Things Safe: Controllers set up rules to protect the company’s money and make sure everyone follows them. This helps prevent money problems and mistakes.
  • Dealing with Risks: They check for financial risks and figure out ways to reduce them. It’s like playing it safe with the company’s money. 
  • Taxes: Controllers make sure the company pays its taxes correctly. They also work with tax experts to find the best tax strategy.
  • Numbers Analysis: They look at financial data to see trends and find ways to do better. 
  • Helping with Audits: They work with outside experts to make sure the company’s financial statements are correct.

What Are Their Responsibilities?

A Finance Controller has multiple responsibilities to provide financial stability and growth. Their tasks are like the pillars that support a solid financial structure. Here’s what they do:

  • Money Watch: They keep an eye on financial transactions to ensure everything is right and follows the rules.
  • Cash Flow: Controllers watch the money flow to make sure the company always has enough cash to pay its bills.
  • Planning: They help the company make financial plans for the future. It’s like setting goals for saving money.
  • Playing by the Rules: Controllers make sure the company follows all the financial rules and laws.
  • Strategies: They work with top management to come up with financial strategies that match the company’s goals.
  • Leading Teams: Some Controllers manage financial teams, showing them the way and giving guidance.
  • Tech-Savvy: They keep up with the latest financial technology to make financial work easier and quicker.

Where Can You Find Finance Controllers?

Finance Controllers are in demand in various industries and organisations. Whether it’s a small business or a big corporation, they play a crucial role in keeping the finances in check. Here’s how their role changes in different sectors: 

  • Big Corporations: In large companies, Finance Controllers deal with complex financial stuff. They manage big teams and talk to top bosses. They help plan the company’s financial future.
  • Small and Medium Businesses: In smaller businesses, Finance Controllers do a bit of everything. They handle everything money-related, from counting coins to planning for the future.
  • Nonprofits: For nonprofits, Finance Controllers are the money wizards. They manage money wisely to support their mission. They also deal with special financial rules for nonprofits.
  • In government, Finance Controllers plan budgets, report finances, and follow the rules. They make sure public money is used wisely. 
  • In banks and investment firms, Controllers focus on risks, rules, and reports. They keep the financial world honest and safe.

In a nutshell, Finance Controllers are like the financial heroes of the business world. They keep finances healthy, follow the rules, and help companies grow. As businesses and financial rules change, Finance Controllers adapt and make sure everything stays in good financial shape. 

The field demands analytical skills, interpersonal skills, risk assessment & management, data visualisation, accounting skills, record keeping & data representation skills.

Hence, pursuing a course in Finance Management will prove beneficial for any fresher or veteran. If you wish to become a successful Finance Controller, then pursuing a Post Graduate Diploma in Finance Management will help you achieve your personal goals.

MIT School of Distance Education (MITSDE) is an AICTE (Govt. of India) approved and recognized institute that imparts distance learning courses in various specialisations. Considering the current skill gaps in the market, MITSDE brings you a top PG Diploma in Finance to help you understand the basics of accounting & finance. 

The online PG Diploma in Finance course covers the basics of finance, financial modelling, financial markets, mergers and acquisitions and international finance and hands-on training in the latest tools and techniques.