The Controller's Playbook
As businesses face challenges, finance departments play a crucial role in ensuring survival and growth. The roles of financial controllers and CFOs have changed significantly, with CFOs taking on strategic responsibilities and controllers assuming traditional CFO duties.
Controllers now handle financial planning, analysis, risk management, and technology selection. They require leadership, communication, and collaboration skills. This expanded role provides a broader perspective and understanding of the business. Their priorities now include team development, supporting strategy, analyzing performance, and leveraging technology for efficiency and growth.
How to help controllers balance process and strategy as their role evolves?
Here are 7 practices to implement:
While controllers have always exhibited logic, attention to detail and a process-centric mindset, their expanded role requires a reliable financial management solution like NetSuite that offers all of the functionality they need to adapt to a rapidly changing environment.
NetSuite simplifies or even eliminates many time-consuming tasks to calculate the growth rates of various metrics and then compare them to one another which gives the entrepreneurs a more complete picture of their business’s trajectory.
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