Why Your SME Needs a Financial Controller – Not Just an Accountant

When managing the finances of your small or medium-sized enterprise (SME), the distinction between an accountant and a financial controller is often blurred.

Both roles are essential, but a financial controller provides strategic oversight by managing financial reporting, reporting, internal controls, compliance, and leading the accounting function. In addition to maintaining accurate records, they act as the lead accountant and oversee daily accounting activities.

Where financial controllers shine is value optimisation - 46% focus on cost-saving strategies compared to 34% who prioritise growth opportunities like using data insights for strategic recommendations.

In this post, we’ll break down why having both an accountant and a financial controller can make a big difference for your business.

The Core Difference: Accountants vs Financial Controllers

An accountant’s main job is to handle essential financial tasks like bookkeeping, tax filings, and creating financial reports.

A financial controller, on the other hand, bridges the gap between routine financial management and strategic leadership. They analyse financial data, identify trends, and provide insights to support business decisions. During audits, financial controllers work closely with external auditors and accountants to ensure a smooth and compliant process.

Research shows that SMEs in the UK with financial controller services see an average revenue increase of 11.5% and save an average 9.1 hours per week - proof of their value in both time and profitability.

Why Your Growing Business Needs a Financial Controller

If your SME is expanding, securing investment, or planning major growth initiatives, a financial controller can bring immense value. Here’s how:

• Stronger Financial Planning and Forecasting: By creating detailed forecasts and cash flow analyses, they help you anticipate challenges before they arise.
• Enhanced Cost Control: Growth phases often lead to rising costs. Financial controllers implement budget controls and monitor spending to keep profitability on track.
• Compliance and Risk Mitigation: They ensure you stay compliant with regulations and flag potential financial risks early.
• Financial Strategy: Beyond daily reports, they offer insights for long-term planning, aligning financial operations with your business goals.

Notably, 25% of “confident controllers” already use technology to drive value creation, showcasing their role in modernising financial practices.

Signs You Need a Financial Controller

Many SMEs resist hiring financial controller services, assuming it’s a luxury reserved for larger organisations. However, if you’re experiencing any of the following, it may be time to make the investment:

• Struggling to create clear financial forecasts
• Cash flow inconsistencies
• Rapid growth that complicates financial management
• Limited internal expertise to guide financial strategy

If these challenges resonate, a financial controller can enhance your financial processes to support sustained growth. According to 2024 data, 88% of financial controllers use data to provide strategic insights - highlighting their pivotal role in driving informed business growth.

Partner with Sanay for Financial Clarity and Finance Function

At Sanay, we specialise in providing finance function and financial controller services tailored to the needs of growing businesses across all sectors.

If your business is scaling and requires expert oversight to drive financial performance and strategic growth, we’re here to help. Get in touch today to explore how Sanay’s expertise can help your leadership team and streamline your financial operations.