Key Takeaways
- Understand the main duties and skills required for a Financial Controller in Australia.
- Learn about the reporting requirements like Australian GAAP and IFRS.
- Discover the difference between a standard and a group financial controller.
- Use our template to create a professional job post for your business.
As a business owner or hiring manager at Righteo, you need to find the right person to manage your money matters. The financial controller job description covers a wide range of tasks that keep a company healthy. This person is the lead for the accounting team and makes sure all financial data is correct. In this guide, you will learn what to look for when hiring for this position in Australia.
Before moving into this senior role, many candidates start in a mid-level position, as seen in our Finance Manager Job Description guide. Moving from a manager to a controller involves taking on more risk and higher levels of reporting.
What does a financial controller do?
You might ask, what does a financial controller do on a daily basis? This person is the head of the accounting department. They oversee the production of financial reports and make sure the books are accurate. They do not just count the money; they explain what the numbers mean for the future of the company.
In an Australian context, this role is about more than just data entry. You will expect them to manage the entire financial close process. They also act as a bridge between the accounting staff and the senior leaders or the board. Their work gives the owners confidence that the business is following all laws and rules.
Main Financial Controller Responsibilities
When you write a controller job description, you must list the core areas of focus. These are the big-picture tasks that the person will own.
Financial Close Oversight
The controller must lead the month-end and year-end close process. This means they check that every transaction is in the right place. They make sure the balance sheet is correct and that all accounts match the bank statements.
Statutory Reporting and Compliance
In Australia, companies must follow specific rules. Your controller will handle statutory reporting. This includes following Australian GAAP and IFRS standards. They also manage tax filings like GST and Fringe Benefits Tax (FBT).
Internal Controls
A big part of the financial controller responsibilities is protecting the company from fraud or errors. They set up internal controls. These are rules and steps that prevent money from being lost or stolen. For example, they might require two people to sign off on any large payment.
Audit Management
When it is time for the yearly audit, the controller is the main contact. They prepare the files for the external auditors. They answer questions and provide proof for the numbers in the reports. This makes the audit process go faster and cost less.
Day to Day Financial Controller Duties
While responsibilities are the big goals, the financial controller duties are the specific tasks done each week. You should include these in your job post to show what the work looks like.
- Preparing the monthly board pack for directors.
- Managing the cash flow of the business to pay bills on time.
- Leading and mentoring the finance team members.
- Reviewing payroll and superannuation payments.
- Managing the budget and looking for ways to save money.
- Working with other departments to help them understand their spending.
- Setting up new accounting software or systems.
Group Financial Controller Specifics
If your business has many different branches or companies, you might need a group financial controller. This role is more complex than a standard controller.
A group controller looks at the finances for the whole set of companies. They do "consolidation," which means they combine the reports from every branch into one big report. They must make sure that money moving between the branches is tracked correctly. This role often involves dealing with different currencies or tax rules if the branches are in different countries.
Qualifications and Skills for the Role
To do this job well in Australia, a candidate needs the right training. You should look for someone with a degree in accounting or finance.
- Professional Membership: Most companies want a person who is a member of CA ANZ or CPA Australia. This shows they have reached a high level of skill and follow a code of ethics.
- Technical Knowledge: They must understand IFRS and Australian accounting standards.
- Leadership: They need to be able to lead a team and give clear instructions.
- Attention to Detail: Even a small mistake in a financial report can cause big problems.
- Communication: They must be able to explain hard financial ideas to people who are not accountants.
Financial Controller Job Description Template
You can use this job description template to help you hire your next team member at Righteo. Simply fill in the details about your specific company.
Job Title: Financial Controller Location: Australia Reports To: CFO or Managing Director
Job Summary: We are looking for a skilled Financial Controller to lead our finance team. You will be in charge of all accounting activities and financial reporting. Your goal is to keep our financial records accurate and help our business grow.
Key Tasks:
- Lead the month-end and year-end close.
- Prepare the monthly board pack and financial statements.
- Make sure we follow Australian GAAP and IFRS.
- Manage the yearly audit and talk with auditors.
- Build and maintain strong internal controls.
- Help with tax tasks like GST and income tax.
- Lead and train the junior accounting staff.
Requirements:
- Bachelor’s degree in Accounting or Finance.
- CA or CPA qualification is required.
- At least 5 to 7 years of experience in accounting.
- Strong knowledge of Australian tax laws.
- Great skills with Excel and accounting software.
Conclusion
The financial controller is a key part of any growing Australian business. They provide the data and the safety checks that allow you to make smart choices. By using a clear financial controller job description, you can find a person who has the right skills and the right fit for your team. At Righteo, we know that having the right people in charge of your money is the best way to build a strong future.
Frequently Asked Questions
What is the difference between a Finance Manager and a Financial Controller?
A Finance Manager often focuses on the daily operations and people management. A Financial Controller focuses more on the accuracy of the reports, the audit, and the technical accounting rules. In smaller companies, one person might do both jobs.
Is a CA or CPA required for this role in Australia?
Most Australian employers prefer or require a CA (Chartered Accountant) or CPA (Certified Practising Accountant) qualification. This ensures the person has the right training for senior tasks.
What software should a Financial Controller know?
They should be experts in Excel. They should also know how to use common accounting systems like Xero, MYOB, or larger ERP systems like NetSuite or SAP.
How does a Financial Controller help with growth?
They help by managing cash flow and finding ways to reduce costs. They also provide the board with the reports needed to plan for the future.
Does a Financial Controller handle tax?
Yes, they usually oversee the tax tasks. This includes GST, FBT, and corporate income tax. They may work with an outside tax expert for very complex issues.