what is a business controller?
As a business controller, your goal is to improve the operations of the company you work for. You use financial data as well as what you learn from the day-to-day operation of the business to increase efficiency. You report to the highest levels of the company: the chief executive officer (CEO) and chief financial officer (CFO).
With your knowledge of key financial indicators and office performance, you can monitor productivity. As a business controller, you make important decisions about the company's budget and future. Aside from developing business strategies to boost growth, you also oversee daily accounting operations. Your duties include managing accounts payables, payroll activities and preparing financial reports.
Your background and education in business, finance or economics help you increase your success in accounting and financial analysis. Collaborating and planning with the finance team and demonstrating your business-savvy talent is part of your everyday routine.
As a business controller, you need strong analytical skills to analyze the company's finances and maintain financial records. Your knowledge of other aspects of business operations, like production, sales and logistics, helps you identify various opportunities.
Would working as a business controller suit your analytical skills and business acumen? Then read on to find out what competencies and qualifications you need to thrive in a business controller role.
view jobs near youaverage business controller salary
According to Job Bank, the average salary of a business controller in Canada is $117,348 per year. That means you receive an average salary of $60.18 per hour. Your exact earnings fluctuate based on experience and qualifications. In a junior-level business controller role, you start with a lower salary of $97,500 per year. As a senior business controller, you take home an annual salary of over $193,139.
what factors affect the salary of a business controller?
The earnings of business controllers vary by industry, location and the organization's size. As a business controller with minimal education, you earn a lower salary compared to business controllers with Chartered Financial Analyst (CFA) or Chartered Professional Accountant (CPA) qualifications. These financial certifications showcase your expertise and boost your earnings significantly.
The size of the organization also determines your salary. When you work in a small company, you perform minimal duties due to simpler operations. In a large organization, you earn a higher salary due to the complexity of your duties. The large number of financial resources in large companies also improves your earnings.
types of business controllers
Business controllers typically fall into one of these categories:
- financial controller: in this role, you are responsible for a company's management and financial planning. You work with auditors, managers, and CFOs to ensure tax code compliance and oversee spending and revenue.
- marketing controller: your duties include analyzing and evaluating a company's spending on marketing and advertising. For this role, you need a strong background in marketing and finance.
- human resources (HR) controller: your duties include making top decisions about personnel, including maximizing workforce training and efficiency. In addition to optimizing employee programs and benefits, you also support salary reviews and help obtain or retain good personnel.
working as a business controller
If you are interested in becoming a business controller, read on to discover the duties, work schedules and work environments in the role.
-
what does a business controller do?
Business controllers spend their workdays doing the following tasks:
- financial reports: as a business controller, you oversee the preparation of financial reports and statements. Since you generate data from the reports, you should read them carefully. It is your job to check for accuracy and use the information provided to make major decisions for the company.
- interpreting financial reports: as a business controller, you interpret financial reports and draw inferences based on the information provided. These processes involve checking the business's cash accounts, assets, liabilities and expenses. You can determine the company's financial health from the financial reports.
- asset control: as a business controller, you are responsible for securing and safeguarding corporate assets. Your duties include protecting assets from fraud with routine audits and blocking unauthorized users. You also monitor the operating costs of maintaining the assets and ensure assets are utilized to generate income.
- financial oversight: your role as a business controller involves financial oversight. As a controller, you are the head accountant for your company. That means you develop a budget and work with your team to ensure the company follows the spending plan. You also make sure that the company complies with financial policies and procedures.
- technology: business controllers are expected to know company software. In your role, you use financial software to ensure accuracy when developing and clarifying financial reports. Sometimes, you are expected to train other workers to use new finance or accounting software.
- supervision: as a business controller, you oversee a team of accountants and monitor daily company operations. You may be asked to forecast future spending and enforce current compliance standards. It's your job to ensure accountants comply with government regulations when preparing financial statements.
- risk management: in a large corporate setting, your duties may include risk management, which means you identify, assess and minimize risks in company investments. You advise the company on the investments to undertake.
-
work environment of a business controller
As a business controller, you spend most of your days working in an office or remotely. You may work in the private sector or for non-profit organizations. Expect to work with the latest financial software to ensure accuracy. At times, you communicate with other team members to discuss budgeting and spending. You meet with company managers and the finance department to discuss fiscal issues or make decisions based on the company's financial status.
-
who are your colleagues?
Depending on your employer, you are likely to work with financial analysts, operations managers and finance managers. You also work with business analysts, data analysts and other professionals, including accounting managers and financial controllers.
-
business controller work schedule
As a company grows, so does the demand for better financial reporting and greater fiscal outcomes. This increases pressure on teams to develop solutions that will take companies in the right direction. As a business controller, this means long work days. You may be asked to work remotely or in an office to collaborate with managers and the finance department. Most business controllers work a 9-5 work schedule during the week, but the type of business, industry and company culture determines actual hours.
-
career opportunities as a business controller
As a business controller, you can specialize in other controller positions, working your way to become the human resources controller, cost controller or financial controller. With your knowledge in financial management, you have the skills to progress to higher roles in finance, like director of finance or chief executive officer.
-
advantages of finding a job as a business controller through randstad
Working with Randstad offers you a range of benefits.
- always a contact person you can fall back on and ask for help from
- many training opportunities
- a range of jobs in your area
business controller skills and education
To become a business controller, you need the following educational requirements:
- bachelor's degree: to qualify for the position of a business controller, complete a bachelor's degree in accounting, business administration or finance. These degree programs equip you with business law, managerial accounting and business ethics knowledge. Degree courses take four years, and you can pursue a master's in business administration to improve competitiveness.
- work experience: employers require business controllers to have at least five years of experience in financial management. You can gain practical experience through entry-level positions in accounting or finance. You also require accounting or finance designations, such as Chartered Professional Accountant or Certified Internal Auditor certification.
competencies and characteristics of business controllers
Aside from certifications, business controllers require the following skills:
- financial acumen: as a business controller, you require good financial knowledge. You rely on your deep understanding of financial procedures and operations to complete your duties. You will also need auditing, tax planning and financial reporting knowledge to excel in your role.
- strategic thinking: as a business controller, you should be a good strategist. Being forward-thinking and strategic helps you forecast and make future plans. Your strategic thinking helps you prepare for any issues that may arise.
- analytical skills: as a business controller, you advise the company on various issues and forecast market trends. This requires analytical skills to help you evaluate financial data and interpret complex financial statements. Your analytical thinking helps you identify financial risks and make informed decisions.
- leadership and management: as a business controller, you lead a team of finance and accounting professionals. Your leadership skills help you motivate and inspire workers. Successful business controllers with good management skills can delegate tasks, communicate expectations and build a positive working atmosphere.
- attention to detail: as a business controller, you work in financial management and reporting, where even the smallest errors could have significant implications. Having a good eye for detail helps you find errors in financial reports and ascertain that the financial statements comply with the regulations.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of a business controller.
-
what are the duties of business controllers?
As a business controller, you analyze the company's financial data and identify market trends. Your job is to identify opportunities for expansion and manage risks. You also use your financial analysis skills to predict market trends and create forecasts for investments. Other duties include reviewing financial reports to ensure they are correct and complete.
-
what is the difference between a business controller and a finance controller?
Business and financial controllers help executives make informed decisions by reporting on different aspects of the company's operations. However, business controllers report on the company's operations. They review key performance indicators (KPIs) and provide recommendations to improve efficiency and enhance business operations. Financial controllers report on the company's financial operations. They ensure businesses have operating finances by creating budgets and managing operational budgets.
-
how much does a business controller make in Canada?
The average salary of a business controller is $117,348 per year. Your earnings fluctuate based on experience and qualifications. For instance, in an entry-level role, you earn a salary of $97,500 annually, while the most experienced business controllers earn over $193,139 annually.
-
is business controller a good career?
Working as a business controller is a great career with promising prospects. Aside from the lucrative salary, you also have multiple opportunities for career growth. Most business controllers become chief operating officers or chief executive officers.
-
what makes a good business controller?
A good business controller has great analytical skills to analyze the company's operations and find growth opportunities. You also require good communication skills to communicate clearly and professionally with stakeholders.
-
how do I find a job as a business controller?
Finding a job near you as a business controller is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
meet a recruiter
Make sure your resume is up-to-date, including information about your technical skills and certifications. Then share it with us to connect with a recruiter and be matched with job opportunities.
