10 factors that will change how financial controllers operate in your organization

1. The changing role of the financial function

As the expectations and role of your financial function change, financial controllers will be tasked with taking on more executive-focused concerns like investor relations and financial responsibilities, which were primarily the concern of the C-suite.

The rapid expansion of the CFO’s role means they rely on their finance controllers to take on additional responsibilities they traditionally covered. Some organizations even bypass the controller role entirely, combining their CFO and controller roles, to make de facto executives out of the senior controllers instead.

2. The changing importance of performance reporting

Performance reporting was previously a “scorekeeping” role, but with data tools financial controllers can take a more proactive role in the analysis and reporting of performance.

The financial controller will deliver guidance on the monitoring of business objectives, using the latest tools to find and visualize complex data in easy-to-digest and engaging ways.

The financial controller must consider how they can enhance their strategic interpretation of data with tools that streamline the process and enable greater insight into data, such as Unit4 FP&A.

3. Requirement to provide strategic insight

Organizations increasingly expect you to move beyond your traditional focus on compliance and data accuracy and begin moving into a position that genuinely identifies and utilizes the power of your data and experience. 

It’s down to you to provide a clear mandate for viewing your organization’s financial data, through a single lens, as a dynamic and function-driven toolset instead of simply a fixed reference point. 

Relying on Excel spreadsheets for activities such as financial, planning, and analysis doesn’t cut it. Integrated tools that offer free-up time for analysis and value-added insights are what modern organizations have adopted.

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4. Increased need for cross-functional response and integrated data

As your organization transforms disparate data siloes into a collaborative, integrated single source of truth, it will expect your team to forecast for certain scenarios more frequently, and strategic insights that aren’t just financial insights will become key. 

This requires financial controllers to go beyond financial data and to understand how other drivers such as HR, projects, and more, affect financial performance. This is vital in the modern financial function to align the business’s goals with operations. 

Now financial controllers need to straddle being fixated on details with strong business acumen and the ability to communicate at all levels with effective storytelling skills.

5. Help drive communication and collaboration with other departments

Compelling communication will become the most powerful tool in your arsenal to achieve strategic goals and improve collaboration. Financial leaders are becoming strategic drivers within all departments and functions, as well as the main communicators.

To successfully unite an organization’s departments and arms under one financial strategy, data storytelling and visibility will be key. With Cloud FP&A tools, these functions can gain the ability to draw their own financial reports across an organization, which can in turn reduce data consolidation tasks for the financial function.

6. Focus on building and empowering current talent

As the role of your team evolves, the need for top-quality talent will grow. Yet, the financial function is plagued by shortages of qualified accounting talent, requiring all those in the financial function to focus on working with HR to hone current talent, attract new talent, and ensure talent retention strategies abound.

More than ever, the focus is on finding people who can confront the complex landscape ahead and adapt to a changing context for your roles.

7. The self-service revolution

Many modern roles within an organization expect a keen amount of data visibility and capabilities that enable teams outside of finance to generate reports, like automatically generated employee expense reports and real-time receipt capture. 

But while self-reporting may be more convenient, your oversight as the financial controller is still essential. This means it's down to you to turn employee-generated data into a cohesive, consistent, and compliant report result.

8. Data Gatekeeper to Data Facilitator

Everyone accepts the financial controller's position as keeper of a company's financial data, which remains central to the successful running of any organization. But times change, and tomorrow's integrated organizations need more from their controllers. 

Your 'gatekeeper' position is shifting to encompass becoming the driving force for data analysis and insights. The expectation is that you will lead the creation and implementation of procedures that identify and share valuable data with those who need it - this role will be at the core of your position as a strategic entity within the business.

9. Be ready for what you can’t predict

Recent disruptions and uncertainties have led many in the financial function to accept that these are simply everyday business factors. However, financial controllers must understand that this drives a new focus on tasks that build strategy and prepare and organization.

Scenario planning and risk management aren't simply wishful thinking, they are necessary, and their use will grow as you develop your risk planning. They give you the ability to respond to change and forecast in more extensive and innovative ways so that you're never on the back foot again.

10. Explore the benefits of AI and automation

Jumping on the GenAI bandwagon may seem an easy solution, but there are some very useful potential solutions for financial controllers to make their day-to-day life easier. 

Leveraging AI-enabled automation can help refocus on strategy by eliminating the time users spend on manual tasks like data consolidation or entry. This time saved can be used on value-building strategic tasks. 

In the long term, AI will play a role for financial controllers, and that role will rapidly expand in the coming years as the technology matures. 

Supercharge your financial controller practices with Unit4

Unit4’s integrated and Cloud-based FP&A product modernizes the financial controller’s role, provides security for your finances, allows teams to collaborate seamlessly, and automates manual data entry tasks to allow your current finance personnel to use their expertise to inform corporate strategy. 

Unit4 FP&A helps you to forecast and predict future outcomes accurately. Our Cloud-based software is designed to provide businesses with the tools they need to optimize financial performance and drive growth. Integrating the data in our Cloud through SaaS solutions such as ERP, HCM, and FP&A provides data tools for better agility.