Managing finances efficiently is crucial for any business, but as companies grow, managing cash flow, budgeting, and compliance becomes more challenging. Medium to large enterprises, in particular, require a structured approach to financial management to maximise efficiency and minimise unnecessary costs.
A financial controller plays a pivotal role in ensuring a business remains financially healthy and operates smoothly. But what exactly do they do, and how can they help your business save time and money?
Strategic Financial Management
Financial controllers are integral to developing and implementing financial strategies that align with your company's objectives. They oversee budgeting, forecasting, and financial planning, ensuring resources are allocated effectively to support growth initiatives.
By providing detailed financial analysis, controllers help identify areas where costs can be reduced without compromising quality or performance.
A study by Ernst & Young indicates that 39% of financial controllers are shifting their focus towards value creation, actively supporting business growth by prioritising ways to boost profits and efficiency rather than just tracking expenses.
Enhancing Operational Efficiency
Beyond managing finances, financial controllers analyse operational processes to identify inefficiencies and implement improvements. By scrutinising key performance indicators and financial metrics, they pinpoint areas where the company can streamline operations, reduce waste, and enhance productivity.
A 2024 PYMNTS Intelligence report found that 60% of small and mid-sized businesses (SMB) struggle with cash flow management. In the UK, more than a quarter of SMBs have up to £20,000 in overdue invoices, while 36% face late payments each month.
With late payments and overdue invoices being common challenges, financial controllers help businesses improve cash flow by optimising payment schedules, strengthening financial planning, and ensuring better liquidity management.
Leveraging Technology and Data Analytics
The modern financial controller also utilises advanced technologies, including artificial intelligence (AI) and data analytics, to provide actionable insights. A 2024 EY financial controller survey revealed that 89% of surveyed controllers have already adopted AI, with 65% frequently using generative AI tools.
By adopting AI tools, controllers can thus automate routine tasks, allowing them to focus on strategic activities that drive value.
Ensuring Regulatory Compliance and Risk Management
Navigating the complex landscape of financial regulations is crucial for medium to large businesses. Financial controllers ensure compliance with relevant laws and standards, mitigating the risk of legal issues and potential fines. They establish robust internal controls and conduct regular audits to safeguard the company's assets and reputation.
Driving Sustainable Growth
Financial controllers help businesses grow while keeping sustainability in mind. Adding environmental, social, and governance (ESG) factors to financial planning builds a stronger reputation and helps attract investors, meet regulatory requirements, and appeal to environmentally conscious customers.
In today’s world, where technology and sustainability shape success, larger businesses gain the most by making these a priority.
Take Control of Your Finances with Sanay
At Sanay, we specialise in providing expert financial controller services tailored to meet the needs of medium to large businesses. Our team is dedicated to helping you achieve financial excellence and sustainable growth.
Contact us today to learn how we can support your business in saving time and money.
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