I’m a new controller… What do I need to know?

So you just landed a new exciting job as a controller – congratulations! While you are excited about this new career, you can’t help but feel a little nervous as you have never done this before. Will your team like you? Will others at your new workplace understand and appreciate your talents? What if you make a mistake?  These are all normal reactions to starting this important role. Here are a few helpful tips to get you started:

 

People

Before you do anything, spend some time getting to know your direct reports. Find out what their role is at the company, how long they been there for, what they are hoping to get out of the job, that sort of thing. You should also make an effort to get to know them on more personal level – family, hobbies, etc.

It is a good idea to speak to HR about your team as well.  See what their performance has been like in the past as you will need to know if there are any potential issues that could come up again. With that being said, be careful not to allow old feedback taint your view of the individual. Everyone deserves a fair chance!

The next steps would be to get to know the people you report to as well as others in the company, but make sure to start with your own team and don’t be afraid to take lots of time doing this.

 

Reporting

You will need to get started on the regular reporting that is required from you and your team. Make sure you have a good understanding of what is expected in terms of reports, why it is necessary, and the deadlines in place.

Once you have the reporting cycle down pat, look for ways to improve it. This can be by speeding up the process, adding new useful information, eliminating unnecessary reports, and/or making existing information easier to understand.

 

Governance

As the controller, it goes without saying that people need to trust you as you are the keeper of sensitive and confidential information. This means you will have to hold yourself to a very high ethical standard with your co-workers.

A key piece of good governance is to understand the relationship between the owners of the business and management. In some cases, this will be one and the same, in other cases, owners may have virtually no involvement in the day-to-day operations of the business. No matter the structure, it is extremely important that you know how and when owners take money from the business.

 

Strategy

As you grow in your role, you will no doubt have the opportunity and privilege to provide input into strategic decisions of the company, such as acquiring/selling business units, making major capital investments, and so on.

In order to make valuable contributions, you will need to understand the company as well as the industry it operates in, and not just from a financial perspective. The more you learn, the more balanced your thought process will be, and the more value will be placed on your contributions.

 

While starting this new role can seem like a daunting challenge, it can also be very rewarding! Just makes sure you don’t get so lost in your work that you aren’t taking time for professional development to ensure you are constantly improving your skillset. Feel free to contact myself at 519-822-9933 or jonathan.biffis@rlb.ca if you need any guidance.

 

Interested in joining the team? We have a few openings so head over to our Careers page for more information!

 

Jonathan Biffis is the Chief Operating Officer at RLB Chartered Professional Accountants, where he facilitates the growing operational needs of the firm. Learn more about Jonathan here!