Financial controller

Sansera Engineering is an engineering-led integrated manufacturer of complex and high-precision forged and machined components for the automotive and aerospace sectors, primarily supplying to original equipment manufacturers in India and internationally that are critical for engine, transmission and other systems for the two-wheeler, passenger vehicle and light and heavy commercial vehicle verticals in the automotive sector and non Automotive sector. 

Are you considering a career as a financial controller? This role is crucial within a company, as it involves overseeing all financial activities and ensuring compliance with regulations. If you are interested in this dynamic and important role, you may be wondering what exactly a financial controller does on a day-to-day basis. In this blog, we will outline the typical roles and responsibilities of a financial controller.

Key Responsibilities:

1. Financial Accounting & Reporting:

• Oversee day-to-day accounting functions, ensuring accurate and timely financial reporting.
• Prepare and review monthly, quarterly, and annual financial statements in compliance with accounting standards.
• Ensure reconciliation of all ledger accounts and timely closure of books of accounts.

2. Audit Management:

• Lead statutory, internal, and tax audits, ensuring compliance with audit requirements and timelines.
• Liaise with auditors and resolve audit queries promptly.
• Implement recommendations and corrective measures from audit findings.

3. Budgeting and Financial Planning:

• Assist in preparing budgets and forecasts in alignment with organizational goals.
• Monitor budget variances and provide analysis for decision-making.
• Collaborate with stakeholders to optimize financial performance.

4. Regulatory Compliance & Taxation:

• Ensure compliance with all statutory requirements, including GST, TDS, income tax, and other applicable laws.
• Prepare and file statutory returns and reports within prescribed deadlines.
• Keep abreast of regulatory changes and update processes accordingly.

5. Process Improvement & Internal Controls:

• Develop and implement robust accounting processes and internal controls to safeguard organizational assets.
• Streamline financial workflows to improve efficiency and accuracy.
• Foster adherence to organizational policies and procedures across financial operations.

6. Team Leadership & Stakeholder Management:

• Lead and mentor the finance and accounts team, ensuring skill development and productivity.
• Collaborate with cross-functional teams, senior management, and external stakeholders.
• Provide strategic inputs for financial decision-making and long-term planning.

Roles and Responsibilities:

1. Financial Reporting: A financial controller is responsible for preparing and presenting financial reports to the senior management team. These reports provide an overview of the company's financial position and performance, including income statements, balance sheets, and cash flow statements.

2. Budgeting and Forecasting: The financial controller plays a key role in developing and maintaining the company's budget, as well as forecasting future financial performance. This involves working with department heads to set realistic financial targets and monitoring actual performance against those targets.

3. Managing Financial Risk: A financial controller must assess and mitigate financial risks, such as market volatility, currency fluctuations, and credit risks. This may involve implementing risk management strategies, monitoring financial markets, and ensuring compliance with risk management policies.

4. Internal Controls and Compliance: The financial controller is responsible for establishing and maintaining internal controls to ensure the accuracy and integrity of financial data. They must also ensure compliance with relevant regulations and accounting standards, such as GAAP or IFRS.

5. Cash Management: Managing the company's cash flow is a critical responsibility of a financial controller. This includes monitoring cash reserves, overseeing cash disbursements and receipts, and developing cash management strategies to ensure the company's financial stability.

6. Audit and Tax Compliance: The financial controller is often the point of contact for external auditors and tax authorities. They must ensure that all financial records are accurate and up to date, and facilitate audits and tax filings.

7. Staff Management: Depending on the size of the company, a financial controller may oversee a team of finance professionals. This involves hiring, training, and supervising staff, as well as providing guidance and support to help them perform their duties effectively.

In conclusion, the role of a financial controller is multifaceted and demanding. It requires a high level of financial acumen, as well as strong analytical and leadership skills. If you are considering a career as a financial controller, these roles and responsibilities provide insight into what you can expect in this challenging and rewarding role.