Bookkeeping and accounting may appear to be the same profession to an untrained eye. This is because both accounting and bookkeeping deal with financial data, require basic accounting knowledge, and classify and generate reports using financial transactions. At the same time, both these processes are inherently different and have their own sets of advantages. Read this article to understand the major differences between bookkeeping and accounting.
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Financial controls are the procedures, policies, and means by which an organization monitors and controls the direction, allocation, and usage of its financial resources. Financial controls are at the very core of resource management and operational efficiency in any organization.
In some ways, financial controllership can be a difficult role to define. It straddles the divides between pure accounting, finance strategy, and leadership.
Good financial controllers need to have both keen attentions to detail and the bigger picture in mind. They’re tasked with ensuring accuracy but also improving efficiency – two goals that often butt heads.
And, as with most modern job descriptions, this role is evolving. Companies expect more strategic vision than they used to, and many financial controllers actively seek these challenges.
Responsibilities typically include:
General accounting oversight
Creating internal policies and spend controls
Coordinating external tax accountants
Setting up bank accounts
Ensuring payment is received from customers and other debtors
In some instances, the role also includes a fair amount of project management. In smaller finance teams, the controller may also be the Head of Finance or Chief Financial Officer (CFO). They need to manage both these “control” aspects of the role, as well as creating financial reports, building budgets, and planning company spending.
So, when companies are looking for a financial controller, the scope of the role can vary significantly.
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We help you navigate accounting complexities with ease, freeing up time to focus on your business. Ready to stop hassling with paperwork and worrying about your company’s finances?
Book a Free Consultation