In a rapidly changing financial landscape, controllers play a crucial role in maintaining an organization’s financial health. A recent research article, „Current Issues Faced by Controllers“ by Anthony C. Bucaro, T. Jeffrey Wilks, and Christopher G. Yust, delves into the current challenges encountered by controllers, shedding light on key issues and their implications.
The study involved interviews with controllers and chief accounting officers from major public and private companies, including Fortune 500 firms. Through these interviews, researchers pinpointed the challenges faced by these professionals and mapped them to the Institute of Management Accountants (IMA) Management Accounting Competencies framework.
The research highlights three key competencies that weigh heavily on the minds of controllers:
- Collaboration, Teamwork, and Relationship Management: Controllers increasingly work in cross-functional teams, requiring effective communication and collaboration skills.
- Information Systems and Technology: In the digital age, controllers must be tech-savvy, leveraging advanced tools for data analysis and financial reporting.
- Talent Management: Attracting and retaining top talent is crucial for building skilled and motivated finance teams.
This research underscores the evolving nature of controllership. It’s no longer just about number crunching; controllers must possess a diverse skill set. For accounting students, the study highlights the importance of a well-rounded education that includes collaboration, technological proficiency, and leadership skills alongside traditional accounting principles.
To explore this research further, you can access the full article here. It’s a must-read for controllers, accountants, educators, and anyone interested in the evolving role of controllership in today’s business landscape.