Difference between Finance Controller and Finance Manager
Well, even though both of these terms are mostly encountered in the finance sector, it does not guarantee misuse of these terms to mean the same thing. Both of them are very much vital for smooth running of any organization. They are mostly used alternatively in the finance sector. Let’s take this into our concern and make a final clarity that will go along way in bringing out what these two terms mean from the real business point of view.
Roles of a Financial Manager
This person is the one responsible for all financial risks that an organization undertake. The production of firm records and planning solely lies under the office of the financial manager. The role of informing the management of all the financial steps that are undertaken by the firm is also the function of the financial manager. Assessing of the firm’s performance and future analysis is majorly undertaken by the financial manager. He finances and oversees the decisions that the management has passed.
The other responsibilities that this special office does are to oversee all the expenditures of each department and ensure proper allocation of funds to every sector of the firm. In addition to this person possessing excellent skills in accounting HR skills are also relevant for proper functioning of this office. The roles done by the financial manager are very much important and they cannot be overlooked for better running of an organization.
Roles of a Financial Controller
This person acts as a helper to the financial manager. His overall responsibility is report to the manager of the various steps that are being taken in the financial sector of an organization. He is in charge of all accounting works i.e. accounting, supervising accounts and forwarding the financial statements to the manager. Majorly this office is meant to monitor all the internal control for better performance of an organization. In the United States this office is held by a government official to ensure transparency and accountability in all organizations.
In essence this person oversees the daily financial activities of a firm and he/she is directly answerable to the finance manager. He makes the necessary forecast based on the available data.
In a Nut Shell
Financial controller oversees through the daily operations of a firm and reports it to the manager.
Both the finance controller and manager perform some same roles in the finance sector, but to deeper look, the finance manager is answerable to the management and the financial controller answers to the financial manager in an organization.
The role of forecasting the future financial aspects of a firm is done by the financial controller based on the available data.