Key Responsibility Areas (KRAs) & Key Performance Indicators (KPIs) for Financial Controller
1. Financial Reporting and Analysis
KRA: Ensuring accurate and timely financial reporting for informed decision-making.
Short Description: Oversight of financial reporting processes.
- Accuracy of monthly financial reports
- Timeliness of financial statement preparation
- Variance analysis of budget vs. actuals
- Adherence to regulatory reporting requirements
2. Budgeting and Forecasting
KRA: Developing and monitoring budgets to achieve financial goals.
Short Description: Budget planning and forecasting.
- Accuracy of budget projections
- Variance analysis of forecasted vs. actual results
- Identification of cost-saving opportunities
- Achievement of budgeted financial targets
3. Internal Controls and Compliance
KRA: Establishing and monitoring internal controls to ensure compliance.
Short Description: Compliance and control oversight.
- Effectiveness of internal control measures
- Audit findings and resolution timelines
- Compliance with financial regulations
- Adequacy of documentation for audit trails
4. Cash Flow Management
KRA: Managing cash flow to meet operational needs and financial obligations.
Short Description: Oversight of cash flow activities.
- Optimization of working capital
- Monitoring cash conversion cycle
- Accuracy of cash flow forecasts
- Minimization of cash flow disruptions
5. Cost Control and Efficiency
KRA: Identifying cost-saving opportunities and enhancing operational efficiency.
Short Description: Cost management and efficiency improvement.
- Reduction in operational costs
- Efficiency gains in resource utilization
- Cost per unit analysis for products/services
- Implementation of cost control measures
6. Financial Planning and Strategy
KRA: Developing financial plans aligned with organizational goals and strategies.
Short Description: Strategic financial planning.
- Alignment of financial goals with organizational strategy
- Development of long-term financial plans
- ROI analysis for strategic initiatives
- Financial scenario planning and risk assessment
7. Stakeholder Communication
KRA: Providing financial insights and reports to stakeholders for transparency.
Short Description: Stakeholder communication on financial matters.
- Clarity and accuracy of financial communication
- Timely responses to stakeholder queries
- Feedback on financial reports from stakeholders
- Effective presentation of financial data to non-finance teams
8. Risk Management
KRA: Identifying and mitigating financial risks to safeguard organizational assets.
Short Description: Financial risk assessment and mitigation.
- Risk identification and quantification
- Implementation of risk mitigation strategies
- Monitoring of risk exposure levels
- Response time to mitigate identified risks
9. Team Development and Leadership
KRA: Building a high-performing finance team through mentorship and leadership.
Short Description: Team development and leadership in finance.
- Team performance and goal achievement
- Employee satisfaction and retention rates
- Professional development opportunities provided
- Leadership effectiveness and team motivation
10. Technology and Process Improvement
KRA: Leveraging technology for financial process optimization and efficiency.
Short Description: Technology integration for process improvement.
- Implementation of financial software/tools
- Process automation and time savings
- Reduction in manual errors through tech solutions
- User adoption rates for new financial technologies
