A financial controller -also known as a controller-is a professional who oversees a business’s day-to-day financial operation.
Financial controllers typically run the accounting function of the business and are responsible for the business’s books and records.
Senior living communities are always in need of the services of a talented financial controller. The most common types of senior living communities are:
1- Independent living
An independent living facility is a housing arrangement designed exclusively for older adults, generally those aged 55 and older.
2- Assisted Living
Assisted living facility is a type of housing designed for older adults who need various level of assistance of medical and personal care.
3- Memory Care
Memory care is a specialized long term care facility that provides intensive, specialized care for people with memory issues.
What are the Duties of a Financial Controller?
The duties of a financial controller revolve around ensuring that a senior living community is operating effectively and efficiently. Depending on the size of the community, a financial controller has a wide number of duties.
Financial controller duties are to manage accounting and to monitor internal controls. Furthermore, the financial controller responsibilities include banking and finance activities, proper reporting and payment to all taxing authorities, insurance recommendations and related purchases and corporate documentation.
Here is a list of the main duties for a financial controller:
1- Accounting Operation Management: Manage the daily accounting operations including billing, A/R, A/P, GL, Cost Accounting, Inventory Accounting and Revenue Recognition as well as managing accounting staff and personnel and give them yearly evaluations.
2- Reporting & Analysis: Preparation, consolidation, and publishing of month-end financial reports (profit & Loss, balance sheet, and cash flow) as well as variance reporting and analysis. Profit & Loss statement or report will show all revenue and expenses for the month and how the facility is doing versus the monthly budget (called variance analysis).
3- Forecasting and Projections: Develop cash flow forecasts and provide updates regularly as well as financial forecasts based on marketing projections.
4- Business Plan Development: Develop and manage the annual business plan or budget as well as the forecast process, including monitoring actual performance against budget.
5- Develop Internal Controls: Develop, implement, and oversee all accounting internal controls including but not limited to cash handling, receipts and purchasing, disbursements, employees’ mileages, expandable/fixed assets inventories, payroll, and employee records.
6- US GAAP Compliance: Ensure that financial reports are prepared in compliance with the US GAAP as well as other accounting principles and standards.
7- GL & Chart of Accounts Maintenance: Monitor and manage the maintenance of General Ledger and Chart of Accounts.
8- Staffing: Ensure that accounting department is staffed with qualified and properly trained financial personnel capable of meeting the objective and responsibilities of the community.
Common qualifications and skills required for financial controllers?
Financial controllers must possess certain skills and qualifications in three aspects of their career: education, experience, and licensure (optional).
Education: Most financial controllers have a bachelor’s degree in either accounting, finance, or business administration or another closely related field as a minimum requirement in order to pursue and advance their career.
Experience: A good working experience or background for financial controllers can be working as a bookkeeper, AP, AR, staff accountant, budget analyst or any field in the finance or accounting where they have exposure to a financial system such as QuickBooks, Microsoft tools (Word, Excel, & Outlook). Also, any exposure to the accounting cycle (recording transactions, journalizing transactions, producing Ad-Hoc reporting) is greatly helpful in attaining a higher-level accounting positions.
Licensure: It is always advantageous to have a license working in the finance or accounting field such as a CPA license, but believe it or not if someone has a four-year accounting degree or even two-years and is very knowledgeable in the whole accounting cycle and GAAP, then working your way up to a financial controller position in senior living facility is very attainable.
Skills needed to be a Successful Financial Controller
Knowledge
Every financial controller should make sure the facility’s financial reporting and accounting policies comply with US GAAP.
Technical
Experience with Microsoft Office products (Excel, word, PowerPoint), Google Docs, Google Sheets as well as accounting software such as QuickBooks.
Leadership
Work well with the accounting team personnel and enable them to become their best in achieving the overall facility’s goal.
Multitasking
Ability to handle deadlines while paying attention to details such as during the month-end closing process.
Team-building
Experience with team-building and mentoring individuals to develop their skills and grow professionally.
Communication
Significant interaction and communication whether it is internal or external is required such as with community’s owner, president, board of directors, residents of the community, outside CPA, banking, and various agencies such as ACHA and Veteran Affairs. Also, supporting departments’ managers/directors (dining, marketing, maintenance, Activity, HR, as well as facility’s directors like memory care, assisted living, and independent living).
Conclusion
Senior living facilities’ financial controllers are senior managers, and they report directly to executive directors, presidents, or owners of the facility.
The main job of the financial controller is to oversee the accounting operations of the facility, closing the books, produces end-of-month financial reporting package as well as ensuring the financial data presented is accurate, on time, and within the rules set by the facility.
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