The financial controller’s function (the chief accountant) typically handles the accounting activities such as corporate accounting, tax management, financial accounting and cost accounting. The duties of a financial controller vary depending on the size of the entity, number of accountants in the company and the difficulty of the accounting and financial operations. Their basic role of a financial controller is to be accountable for the accounting operations of the company. In this light they have to develop and maintain timely and accurate financial statements and reports that are appropriate for the users and in accordance with generally accepted accounting principles (GAAP). Financial controller’s financial reporting duties include: a)
Preparation of budgets, forecasts and cash flows designed to mitigate risk, enhance the accuracy of the company's reported financial results. b)
Maintenance of financial ledgers and accounting processes. c)
Preparation of Consolidated Statement of Financial Position and the Comprehensive Statement of Income. d)
Timely production of statutory and internal financial reports. e)
Document and maintain complete and accurate supporting information for all financial transactions. f)
Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, credit control, and petty cash. Financial controllers are responsible for all banking and finance activities. This includes negotiating lines of credit and vendor agreements, as well as reviewing all financial contracts, financing agreements and insurance policies. A controller’s financial analysis skills are essential in assisting with the negotiations and manage the employee insurance and benefits plans. The controller provides financial leadership and is instrumental in forming accounting strategies as the controller provides accurate and comprehensive financial information to executive management for long-term financial strategizing. A...
Please join StudyMode to read the full document