What support does my business need?
Financial controller
A financial controller runs the day-to-day finance operation: closing the books each month, keeping financial controls and approvals in place, and managing the people who do the bookkeeping.
The short answer
A financial controller makes sure the finance work gets done properly and on time. They run month-end, check the bookkeeping, set up who can approve payments and spending, and may manage a small finance team. They sit between a bookkeeper, who keeps the records, and a finance director, who plans and advises. You can employ one, or buy some of their time part-time or through an outsourced finance firm.
What they do
- Close the books each month, so the figures are complete and checked.
- Produce or review the monthly management accounts.
- Set up and run financial controls and approvals: who can pay suppliers, sign off spending and change bank details.
- Reconcile the bank, payroll and VAT, and fix errors.
- Manage the bookkeepers or finance assistants.
- Prepare the information your accountant or auditor needs at the year end.
Where the role sits
Job titles in finance are used loosely, and we have not found a professional body definition of a financial controller. Treat this as a rough guide to how the roles fit together:
| Role | Main question it answers |
|---|---|
| Bookkeeper | Are the records up to date? |
| Financial controller | Are the figures right, on time and properly controlled? |
| Management accountant | What do the figures say about how the business is doing? |
| Finance director | What should the business do next, and can it afford it? |
In a smaller business one person may cover two or three of these. A financial controller may also do the management accounts, and a finance director may do some controller work.
In-house or part-time?
| Option | May suit | Things to weigh up |
|---|---|---|
| Employ one | Businesses with enough finance work to fill the week and a team to manage | Salary, employer costs and recruitment; cover for holidays and absence |
| Part-time or interim | Businesses that need the role for some days a month, or for a fixed period | Less day-to-day presence; agree the days and what gets done in them |
| Through an outsourced finance team | Businesses that also want bookkeeping and management accounts from the same provider | Check who the named controller is and how much of their time you get |
Who it may suit
- Businesses where month-end figures arrive late or keep needing correction.
- Businesses with several people paying bills or spending money, and no clear approval rules.
- Businesses with a bookkeeper or two who need someone to check and manage their work.
- Businesses getting ready for an audit, a lender's review or a sale, where the figures need to stand up.
Qualifications
We have not found a qualification that is required for the job title. Some financial controllers hold a professional accountancy qualification, and some have come up through bookkeeping or finance roles with experience instead. Ask what they hold and what they have done before.
What it costs
We have not found a reliable published source for financial controller salaries or part-time rates in the UK, so we do not give a figure. Ask a part-time controller for their rate and how many days they think you need, in writing.
Questions to ask before you hire one
- How soon after month-end will we have checked figures?
- What financial controls and approvals would you put in place first, and why?
- Have you managed bookkeepers or a finance team before?
- Do you hold a professional accountancy qualification?
- How will you work with our accountant and, if we have one, our finance director?
When a smaller step may be enough
If your records are up to date and your accountant already produces monthly figures, you may not need a controller. A good bookkeeper with clear approval rules, plus management accounts from your accountant, may cover it. A controller may make sense when there is more finance work than one bookkeeper can manage, or when errors keep reaching the figures.