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Role of a Financial Controller - What Does a Financial Controller Do? - YouTube
Channel: Your Best Designed Career
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Curious about what a financial
controller does and what their
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day-to-day job duties are I spent years
as a controller and in this video I'm
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going to tell you what you can expect.
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now a controller position is going to
look slightly different depending upon
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the size of the company that you're at
but for the most part these are the ten
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main job functions I performed when I
was a controller and you can expect to
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be doing those when you're a financial
controller so number one is ensuring
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proper internal controls now what you'll
do is you'll develop and update
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accounting policies and procedures that
are going to ensure things like the
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separation of duties approval of
disbursements and any other control
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that's going to help prevent fraud in
the company now for publicly traded
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companies this is going to include all
the Sox requirements as well all right
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number two is you will lead the
accounting team unless you're at a
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really small company where you are the
entire accounting department you will
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have staff supporting you so you'll be
responsible for training and developing
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your staff as well as making sure that
all of your staff is cross trained of
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course with staff comes personnel issues
now this includes interviewing and
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hiring your staff dealing with conflicts
that may come up performance issues as
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well as employee evaluations now if
you're one who doesn't want to supervise
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others what you'll want to consider is a
position at a smaller company where you
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either won't have staff or you'll have
very minimal staff now number three is
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overseeing all of the accounting
functions you'll be responsible for all
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of the accounting operations now this
includes accounts payable accounts
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receivable general ledger functions
financial reporting and in the case of
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smaller companies the payroll related
activity
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as well so to break this down you might
be the one who reviews invoices and
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ensures proper general ledger coding you
will ensure that vendors are being paid
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and customers are being billed and
collections are being made on those
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invoices and again if it's a small
company you'll be the one that oversees
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the payroll functions as well okay
number four is overseeing the financial
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statement closed process now one of the
main responsibilities you're going to
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have is to produce monthly financial
statements and you're going to produce
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them on time so you'll be responsible
for handling all of the month end as
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well as a year-end closed processes so
plan on the first few weeks of your
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month certainly the first several days
being very busy you may be making
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journal entries reconciling accounts
reviewing the general ledger for coding
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errors or you may be reviewing the work
of your staff that's performing these
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duties now you'll also be responsible
for assembling any monthly financial
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packets that's required for bank
compliance board meetings or any other
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third party user okay number five is
performing a financial analysis
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typically you'll be doing a fair amount
of analysis on the financials and this
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can include preparing monthly sales and
gross profit analysis and other
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statistical reports this includes
analyzing monthly operating results
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against the budget preparing a month
over month or a year over year vary its
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reporting and also calculating operating
metrics and making recommendations on
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ways to measure their performance of the
company based on the financial results
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okay number six is cash management
now in the absence of someone who
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exclusively handles the Treasury
operations you're the one that will
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handle cash management now this may
include monitoring cash flow on multiple
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bank accounts
it can include preparing cash flow
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forecasts to distribute to executives
the management team so that you can make
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recommendations on Treasury decisions
and also making cash transfers and
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initiating wires when necessary number
seven is budget and forecasting you will
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be deeply involved in the annual budget
process as well as developing forecasts
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and projections number eight is you will
work very closely with outside
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accountants like auditors tax preparers
you'll be heavily involved in any annual
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financial audits including coordinating
with the auditors and really serving as
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their main contact point during the
audit and you'll also be providing
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information to the tax accountants such
as financials fixed asset information
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and finally once the tax returns are
done you'll be given the txt returns a
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review and sign off on them okay number
nine is you'll be handling the
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compliance and tax filings now you may
not be the one that prepares the tax
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returns but you'll be responsible for
the accuracy and the timeliness of all
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returns and end the report filings along
with income taxes and you may be
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responsible for sales tax payroll tax
property tax excise tax w2 and 1099
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reporting and any other tax filings that
may apply and finally number ten you'll
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be working closely with company leaders
now the controller for a large company
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probably reports to the CFO but the
controller for a smaller company may be
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reporting directly to the owner but
either way you'll be working directly
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with leaders at the companies now this
means that you may review financial
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statement and budget variances with
departmental managers and discuss
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material variances or help
to understand trends that you see on the
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financials that will impact their
department also you'll respond to
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questions from senior management
regarding financial results forecasts
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and performance metrics and you'll be
talking a lot to department leaders
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throughout that whole budget process
that you'll be doing every year so those
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are the ten main responsibilities of a
controller I hope this helps you better
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understand what a financial controller
does so comment below and let me know
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which one of the ten duties interests
you the most if this video was helpful
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let me know by liking it and please
share with others who have careers in
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accounting as well also for more
accounting career videos consider
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subscribing and click the bell so you'll
be notified when I post a new video
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thanks so much for watching I'll see you
next time
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you
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