The Versatile Controller: Why "Going High and Low" Matters

In today’s fast-paced and complex business environment, the role of the controller has evolved significantly. Controllers are no longer simply number crunchers responsible for overseeing financial operations. Instead, they are increasingly required to provide strategic financial leadership while also ensuring operational efficiency. This dual focus is referred to as “going high and low.” Understanding the importance of this versatility is critical for controllers looking to succeed and for companies aiming to thrive in a competitive marketplace.

What Does "Going High and Low" Mean?

“Going high and low” refers to a controller’s ability to operate at both a strategic and operational level.

• Going High: This involves presenting financial information to executive teams, boards of directors, and stakeholders. Controllers must communicate complex financial data in a clear, concise manner and provide insights that inform strategic decisions.
• Going Low: On the other hand, controllers must also be able to dive into the nitty-gritty details of financial operations. This includes tasks such as performing detailed account reconciliations, preparing journal entries, and conducting financial analyses to ensure the accuracy of the organization's financial reporting.

Why is it Important for Controllers to "Go High and Low"?

1. Strategic Leadership

As businesses face increased financial complexity, controllers are expected to provide more than just accurate numbers; they are relied upon for strategic guidance. Whether it's supporting mergers and acquisitions, budgeting, or advising on regulatory compliance, controllers need to deliver insights that drive sound business decisions. They are key players in shaping a company’s financial direction and ensuring long-term profitability.

By “going high,” controllers are able to present this critical information to leadership in a way that aligns with broader business goals. Their ability to synthesize complex financial data into actionable recommendations is essential for making informed decisions in areas such as resource allocation, investment opportunities, and risk management.

2. Operational Expertise

While strategic leadership is essential, operational expertise remains equally critical. Controllers must ensure that the financial machinery of a company runs smoothly. This includes managing day-to-day operations such as cash flow, accounts payable and receivable, and financial reporting.

“Going low” allows controllers to ensure the accuracy and efficiency of these operations. By getting into the details of account reconciliations and journal entries, controllers can identify errors, improve processes, and guarantee compliance with regulatory standards. Mastery of these foundational tasks is necessary for maintaining the financial health of an organization.

3. Credibility and Trust

Controllers play a central role in building credibility and trust with stakeholders. By demonstrating expertise in both strategic and operational areas, they instill confidence in their ability to manage the company’s finances effectively.

Boards of directors, investors, and regulatory bodies expect a controller to not only present accurate financial information but also to understand the underlying operations that generate that data. The ability to “go low” and demonstrate a deep knowledge of financial processes helps build this trust. At the same time, “going high” and offering strategic insights strengthens the controller’s role as a trusted advisor.

4. Adaptability and Versatility

The modern business landscape is dynamic, and controllers need to be adaptable to changing business needs and priorities. Whether it’s navigating an economic downturn, adjusting to new regulatory requirements, or implementing technological advancements like automation and AI, controllers must be versatile.

Automation is transforming the role of accounting and finance professionals, and controllers must adapt by developing new skills, particularly in data management and strategic thinking. As companies integrate AI and automation, controllers who can both “go high” and “go low” are better equipped to maintain relevance and drive business success.

Current Market Trends and Needs

According to insights from leading firms like EY, PwC, KPMG, and Deloitte, the role of the controller is shifting towards a more strategic and adaptable position. Here's a look at some of the latest trends:

• EY: "Today's controllers require a diverse skill set; they must be adept in accounting while also possessing the skills to navigate data, engage in strategic business discussions, and serve as trusted advisors." (EY 2024 Evolving Controller Insights)
• PwC: "Automation and AI are changing the accountant's role, and it's essential to develop new skills to stay relevant." (PwC Global State of Information Security Survey)
• KPMG: "There is a serious talent shortage in accounting and finance, and companies need to develop and retain talent to stay competitive." (KPMG 2022 CEO Outlook)
• Deloitte: "The future of accounting is about being a strategic business partner, not just a number cruncher." (Deloitte Insights)

What are Companies Seeing Across the Industry?

Controllers are increasingly being called upon to handle growing financial complexity, provide strategic leadership, and manage talent shortages in the finance sector. Here’s a deeper look at what companies are experiencing:

• Increased Complexity: Businesses are grappling with more stringent regulatory requirements and financial reporting standards, making it essential for controllers to manage these complexities effectively.
• Need for Strategic Leadership: Companies need controllers who can provide financial leadership, not just operational oversight. This requires a controller who can “go high” and offer strategic insights that support business goals.
• Importance of Operational Expertise: At the same time, controllers who understand the intricate details of financial processes and operations are invaluable. Their ability to manage the day-to-day while also driving improvements ensures that companies stay financially sound.
• Talent Shortage: The accounting and finance industry is facing a shortage of skilled controllers. Companies are looking for professionals who can “go high and low” — those with both strategic vision and operational expertise.

Conclusion

In today’s business landscape, controllers need to be versatile and able to “go high and low” to succeed. They must provide strategic financial leadership, manage financial operations, and build trust with stakeholders. With the right skills, controllers can not only meet the increasing demands of their role but also drive long-term business success. Companies seeking to stay competitive will benefit from investing in controllers who possess this unique blend of expertise, ensuring they are prepared for both current and future challenges in finance.

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