The importance of hiring an FC

The-importance-of-hiring-an-FC

If you own or run an SME type company, you might think that it’s unnecessary to have a financial controller on your team. In fact, you might be of the opinion that multinational companies are the only organisations that need controllers. If you are the type of business owner with this mind-set, it’s time for a change in your thinking as a good financial controller is an important part of any management team, no matter the size or sector of the business.

So, regardless of if you run a small, medium or multinational sized company, it is imperative to hire an experienced and reliable financial controller, at least in a part time role. In this article we’ll be explaining what a financial controller is and why it’s so important for SMEs to hire one.

What is a Financial Controller?

The financial controller is the individual responsible for your company’s accounts, prepares the financial reports and controls the working capital in your business (i.e. The cash!). It is so important to stay on top of all your business accounting and finances, including your monthly payroll and invoicing, and having an experienced financial controller to handle your books will ensure that you do exactly that. If the business is starting to grow, this might become too time consuming for the business owner or a single accountant to monitor and assess.

Financial controllers bring with them a lot of attributes to a company, some of which include:

Knowledge of Accounting and Taxes

Your company accountant will take care of your year-end accounts and annual tax returns but not your everyday accounts and monthly payroll, so where does a financial controller come in? It’s simple – your financial controller will oversee this area of the business and keep the long-term vision and plan of your company in mind with every decision they make. They can also help you analyse your data in order to make better decisions in the future, which will help you save money and increase your profits in the long run.

Professionalism

Having a part-time financial controller working for your business can be very valuable as your company starts to grow and you have to make and maintain strong external connections with banks, investors, lawyers and auditors. A well-respected FC with experience and a great reputation in the industry will be able to represent you in a professional manner. They will immediately give your business more credibility through their professionalism and expertise.

Team Leading Qualities

A good financial controller will not only have strong accountancy skills but he/she will also have soft skills, which are extremely important given that teamwork is such a crucial part of this role. It can be a great advantage to have a controller with strong leadership and team work skills on your team as they will be competent enough to take care of many of the tasks you had to take on when first starting out. This will free up a lot of your time that you can then use to focus on other areas of your business such as product development, sales and marketing.

Experience

When hiring a part time financial controller for your business, always make sure they have a lot of experience in the field, so they can represent your needs well. If you run a growing business it can be a great asset to have a part time financial controller on your team, as they can apply their previous commercial experience to your business, and give you great advice on how to expand or accelerate growth. They will know the ins and outs of regulations and laws and should be up to date with the latest changes.

The qualities that a financial controller can bring to your company should not be overlooked, regardless of the size and nature of a business. Are you ready to invest in your business and avail of the above benefits and more?

If you’re looking to hire an FC for your business, get in touch with EFM Ireland today. Our nationwide team of part-time finance professionals are on hand to support your team and help your company thrive. To find out more information, contact EFM Ireland via info@efmireland.ie or call 01442 8176.