Polly Brightman - Financial Acountant

Financial Controller

Nationality

British

Current location

United Kingdom

Work category

Accounting and Finance

Education

Masters/PostGrad

Polly Brightman's Blog

The Financial Controller – Changing Attributes

on 14 Mar 2011 15:18 | Viewed 1006 times

Great post first wrriten at http://www.controllerfocus.com/?p=35

As accounting function has to be managed by persons with accounting knowledge, a competent financial controller needs to have strong knowledge on accounting, taxation, control and finance. However, as the business has changed the competition rules that require faster and better response to the marketplace.

The financial controller cannot focus only on accounting department matters. He/She needs to develop more new skills and capabilities to be successful in the new dynamic management environment. The following are some new trends:

* Knowing Other Functions – The knowledge of accounting and finance alone is no longer enough for a financial controller (FC). As the FC has to deal with financial part from transactions initiated by other departments, he/she needs to unnerstand the objective, reasons and challenges other departmental personnel are heading for. For example: he/she needs to understand the reasons for introducing promotions campaign by the marketing and sales people, the neccessity of working overtime by the production people, and so on. This kind of understanding will help the company move towards the same direction when the whole team clearly undertsand the operations and strategies.

* Having Companywide Relationship – The FC cannot work quietly at the back office anymore. He/she needs to publish the results and work generated by the accounting team so that every one can understand what has been done to serve the total company’s acheivement. Some kind of actions relating to the control assurance may cause misunderstanding and suspicion by others. It is recommended that before any new things are implemented, an effective communication and explanation should be done to avoid unwanted failure. So tell others what you have done is better keep everything under the “confidential” stamp.

* Using More Business Senses – Some accountants cannot get into the business point of view. They are too concerned about the correctness of the figures and accounting records. This can be the cause of non-productivity and inefficiency. Accountants should join other departmental meetings to understand the overall business objectives and background. They also need to keep updated on business movement and its impact to the company. This also includes what competitors are doing better than us or what can become threats to us. The company’s future is on everybody’s hands not merely a single unit or person.

* Involving in Front-line Operations – By participating in the front-line activities, FC can get better ideas for how to help improve the company’s operations. This includes production, sales and marketing. So do not hind yourself at the back, raise up your hand and move to the front.

* Always Developing People – This is the all time necessity for all successful companies. Even though we seem to know it but our actions may not be in line with the required reslts at the right time. Lacking of successors can cause big damages to the company. Do not consider this as a far away matter. You need to do it now to make sure your people are being developed to serve the future growth.

By Yanyong Thammatucharee


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