Why an FC is the right choice for your SME

A financial controller can be a beneficial asset for your small business. When business owners find themselves focusing too much on the books instead of their company’s future growth plans, looking to a controller is a smart solution. Your company might not yet be ready to consider hiring a CFO, but an FC could just be the right fit for your growing company.Why-an-FC-is-the-perfect-choice-for-your-small-business

The Duties of an FC

The financial controller is essentially the heart of the accounting function.

An FC’s job can be broken down into the following responsibilities,

  • Ensuring accurate data entry
  • Reconciliation of key financial controls including bank, payroll, VAT and taxes,
  • Management of cash and working capital including credit control
  • Management reporting
  • Budgeting

In many small businesses, the financial controller is serving in a role that larger companies typically reserve for a CFO.

How do you know when your Company will need an FC?

There will come a time when your business has hit a level of growth that you can no longer keep up your duties with managing the budgets, filing taxes and sorting through regulatory issues, without bringing on someone full-time.

Prior to this point, you may have handled the issues by yourself as the business owner or with the help of an outsourced accounting firm. But at some point in your company’s growth, you will need a partner who can fully concentrate on the finances, so that you and the management team can focus more on running and scaling up the company. Certain events may trigger the need for an FC, such as investment capital, cash flow forecasting and management, or even receiving certain public or private business grants.

Tips for Recruiting an FC

When you do make the decision to hire a financial controller, make sure you find someone who understands the accounting department’s full functions, while also being familiar with running internal financial controls. This includes negotiating insurance policies, overseeing invoices and meeting with auditors and tax professionals.

On the personality side, you need someone who pays close attention to the details, but also blends in well with your staff. Ensure you find someone who understands your company’s vision and can place that as the top of their priority list. Take your time to find that candidate that’s the right fit.

Hiring a financial controller may feel like a big step for your small business, but it can be a move that ultimately keeps your momentum moving forward. Once you make the decision, you’ll know your financial future is in competent hands, leaving you to focus on your company’s strategy and future growth.

Want to find out how our team of experienced part-time financial controllers and directors can help add value to your company. Get in touch today or call 01442 8176.