As companies grow — adding positions and moving parts — syncing financial reporting across departments becomes more complex. To maintain compliance with UK law and accounting principles, it’s imperative to have a central figure to oversee all financial operations.
That’s where a financial controller comes in. Think of them as the lead accountant in a company. The role is especially important for scaling businesses because a key part of the financial controller’s job is to ensure compliance.
This guide explores the financial controller’s duties, how the role differs from chief financial officers (CFOs) and accountants, and how Moss can help controllers improve workflow efficiency.
Financial controller job description
A financial controller is a senior member of the finance team who’s responsible for a company’s financial reporting and internal compliance.
Financial controllers handle day-to-day oversight of financial operations, including accurate preparation of financial reports, risk management, and strategic support. Their exact responsibilities and role in the finance department depend on company size and structure, but typical duties include:
- Preparing financial statements
- Oversight of the accounting department
- Developing and overseeing budgets
- Internal and external compliance
- Working with government agencies, such as His Majesty's Revenue and Customs (HMRC) and auditors
- Using financial data to help drive strategy↗
Skills and qualifications for becoming a financial controller
Financial controllers need to have a strong background in finance and accounting. In the UK, this usually includes a bachelor’s degree in accounting or a related field. Employers also value professional certifications from bodies, like the Chartered Institute of Management Accountants (CIMA) and the Association of Chartered Certified Accountants (ACCA).
While financial controllers aren’t required to have a Certified Public Accountant (CPA) licence in the UK, obtaining one can be beneficial. While CPA is a North American credential, it’s widely recognised and demonstrates a high level of expertise in accounting and finance. It can open doors for aspiring financial controllers, especially those looking to work with multinational firms or North American clients.
Beyond degrees and certificates, financial controllers need:
- Strong analytical and organisational abilities to manage and interpret complex financial data
- An eye for detail and professional knowledge to make sense of different types of financial statements and compliance documents
- Effective leadership and communication skills for managing a wider team
- The ability to advise and mentor less experienced co-workers as the accounting team lead
Key responsibilities of a financial controller
The financial controller must have the ability to spot discrepancies in the books, work out ways to correct them, and ensure that the same mistakes don’t repeat in the future. That's their overarching role in any organization.
In larger companies, the financial controller generally assumes these responsibilities:
- Financial reporting and analysis: The financial controller prepares accurate and timely financial records, such as balance sheets and cash flow statements. Their job is to ensure the financial accounts align with generally accepted accounting practice (GAAP) and regulatory requirements in the UK
- Budgeting and forecasting: The financial controller runs point on budgeting, working with department heads to create and manage budgets that line up with organisational cash flow and P&L objectives.
- Cash flow management: In the day-to-day, the financial controller verifies that the company has enough cash and liquidity to satisfy its ongoing obligations. They have oversight on spending accounts, manage foreign exchange issues, and oversee accounts payable and payroll.
- Internal controls and compliance: The financial controller develops and monitors internal protocols to guard against fraud and inappropriate use of funds. Externally, they maintain compliance with HMRC and other government institutions on taxes and financial reporting.
- Risk management: The financial controller manages operational risk. This includes monitoring credit risk and the audit process, often in collaboration with external auditors.
Financial controller vs. CFO: What’s the difference?
In companies with large executive teams, the financial controller often reports to the CFO↗. The controller manages broader financial operations to improve efficiency, including reporting and budgeting. In contrast, the CFO has a more strategic role of guiding high-level financial strategy and investment decisions. They serve as the public figure in external communications, such as earnings reports and analyst calls.
Scope of responsibilities
The financial controller manages internal accounts and ensures accuracy in all financial reporting. The CFO takes a more strategic or even visionary role, constructing and implementing capital structure, guiding investor relations, and dealing with investment decisions, such as mergers and acquisitions.
Reporting hierarchy and decision-making authority
Whereas the financial controller reports to the CFO, the CFO reports directly to the CEO and the board of directors. The CFO holds final decision-making authority on most aspects of financial strategy and capital allocation. While the financial controller owns the day-to-day, the CFO tends to have the right to make the final call on both accounting and financial operations.
Salary and compensation
Given the higher-level, strategic capacity of the job, CFOs are paid considerably more than financial controllers. In the UK, CFOs typically earn↗ between £80K and £365K. Financial controller salaries↗ tend to come in lower, ranging between £60K and £160K.
Financial controller vs. accountant: Similarities and differences
Accountants are primarily concerned with day-to-day financial transactions, including recording, classifying, and summarising where a business spends its money. They provide the foundational data that supports reporting. The financial controller oversees financial strategy and management of a company. This includes developing and implementing long-term financial plans↗, analysing business performance, and deciding how funds should be allocated.
Task-level differences
An accountant is responsible for transactions, such as reconciling accounts and processing invoices. They might confirm and process payroll and help manage budgets. A financial controller oversees these areas, creating and disseminating internal and external reports. Financial controllers construct and manage the systems that accountants operate within.
Skill overlaps
Accountants and financial controllers have similar skill sets — knowledge of accounting and financial principles, reporting know-how, and attention to detail. However, the accountant focuses more on procedure. With more of a leadership role, the financial controller requires higher-level skills in internal and external communication and compliance.
When to hire each role
Many businesses need an accountant to handle basic bookkeeping and tax reporting from the get-go. Financial controllers typically come in later as a company scales and financial complexity increases. It’s a telltale sign that your business needs a financial controller when the CEO and CFO no longer have the time to oversee accounting due to expanding headcount, international operations, and growing reporting demands.
How much does a financial controller earn?
The exact financial controller salary in the UK varies widely by company size and location. The typical range is between £60K and £160K, with financial controllers in London and in larger companies coming in the high end of that spectrum. While salaries vary considerably by sector, companies in highly regulated spaces, such as pharmaceuticals and healthcare, often pay their financial controllers bigger salaries. ACCA or CIMA certifications can also help increase the salary paid to this position.
Financial controllers generally receive a full benefits package that includes a retirement plan, paid time off, and a bonus structure. Exact bonus amounts are not widely published, likely for competitive reasons, but they’re tied to individual performance and hitting financial targets.
When should a business hire a financial controller?
It all comes down to scale. When a growing business needs tighter internal controls due to increased financial complexity and reporting, adding a financial controller makes sense. A maturing firm typically situates the financial controller position between its accounting team and the CFO suite. Other companies opt to hire part time for the role, outsource it, or shift financial controller duties to a finance manager or the accounting department.
It might be time to hire a controller if:
- Your accountant is overwhelmed due to a growing number of transactions.
- Your CEO and CFO spend too much time overseeing accounting and correcting errors.
- Your business is scaling in size or geography, adding additional reporting and compliance responsibilities.
How Moss can support financial controllers
As a company scales and its financial data, internal controls, and reporting responsibilities become more complex, hiring for a controller position becomes imperative. Having a financial controller to oversee accounting and support the CFO not only ensures accuracy and compliance, but also frees time for the executive team to focus on financial strategy and larger business goals.
Moss helps finance departments↗ work with more speed and accuracy. By centralising your company cards, invoice payments, and reimbursements on one platform, Moss helps you monitor and analyse outgoing expenses in real time and keep them aligned with your budgets.
For financial controllers, Moss reduces manual finance workflows by centralising company spend, streamlining approvals, and providing export-ready data for your accounting system. It offers real-time visibility into outgoing expenses and budget actuals, and provides the structured data and workflows you need to reconcile your Moss wallet and payments with the general ledger on a regular cadence.
Automate your accounting with Moss↗ to reduce manual work and speed up month-end close.
