The Importance of a Financial Controller to Small and Medium-sized Businesses

Owners of small and medium-sized businesses (SMBs) can often feel overwhelmed by the sheer scope of their responsibilities. Depending on the size and structure of their organization, their direct responsibilities may include hiring and managing employees, developing marketing and growth strategies, and building client relationships—all while ensuring that their business remains profitable and that daily activity is captured for financial, regulatory, and tax compliance purposes.

As a SMB continues to grow, the task of capturing day-to-day activity becomes increasingly complex, and finding the right level of financial and accounting support can present a significant challenge. In most cases, a financial controller is the best solution to help the owner of a SMB execute their financial strategy and continue to drive the success of their company. And the first step in finding the right financial controller is having a basic understanding of the role and its responsibilities.

Although the specific details of everyday tasks will depend on the size and complexity of a business; in general, a financial controller is responsible for everything accounting related—including financial reporting, regulatory and tax compliance and managerial accounting. A financial controller is tasked with monitoring the financial condition of a business and reporting back to the business owner through monthly, quarterly and annual financial statements. They prepare budgets and projections, and establish key performance indicators in order to provide insight and clarity to the SBM owner on business operations and performance. Financial Controllers also work to establish, monitor and enforce internal controls over financial reporting and the related functions and systems to ensure compliance and meet the reporting requirements of financial institutions.

Finding the right financial controller can be a difficult task for a SMB owner, as the role requires a precise amount of practical knowledge in addition to strong communication skills and problem solving-abilities.  Please contact your trusted advisors at S+C Partners LLP if you require assistance finding a financial controller who has the correct depth of industry experience to help your company continue to grow.