As the CEO of your organisation, it is important to make sure you have the right financial professionals on hand to help manage your company's finances. One decision you may need to make is whether you should hire a finance manager or a finance controller for your team. Let's take a closer look at what each position entails so that you can make an informed decision.
What Does a Finance Manager Do?
A finance manager typically oversees daily financial operations within an organisation. This usually includes responsibilities such as budgeting, forecasting, and analysing financial data. In addition, they typically handle compliance and risk management activities, as well as helping the organisation with strategic planning initiatives. The finance manager’s primary goal is to ensure that there is sufficient cash flow available to meet the company’s needs while also optimising profits.
What Does a Finance Controller Do?
The role of a finance controller is more senior than that of a finance manager. Their primary focus is on developing strategies for long-term growth and profitability for their organisation. A finance controller typically has more authority over decisions related to financial operations than does the finance manager; this includes overseeing investments, mergers and acquisitions, debt financing, and corporate banking relationships. The finance controller also works closely with other departments within their organisation to ensure that all decisions are made in accordance with the company’s financial objectives.
Conclusion:
As the CEO of your organisation, it is important to understand the differences between hiring a Finance Manager versus hiring a Finance Controller in order to determine which one would be most beneficial for your business needs. Both positions are essential in helping manage finances within an organisation; however, each brings different skillsets and levels of authority when making decisions related to financial operations. Ultimately, it comes down to evaluating which type of financial professional best fits into your team dynamic and will be able to provide the most value for your organisations bottom line.
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