This is a two-part series that discuss new trends and concepts the financial controller should begin to execute in order to truly become a valued member of the senior leadership team.

The rapid pace of the evolving technological landscape has promoted changes in how accountants and financial professionals focus attention on strategy and modernize their roles to leverage digital technology. There is increased demand for enhancing flexibility into finance cycles and initiating real-time reporting and insights. These are the core attributes that will assist in transforming the work that controllership function performs.

Is the financial controllership prepared to meet future business demands? The IMA® (Institute of Management Accountants) and Deloitte’s Center for Controllership aimed to better understand the current state of controllership and expectations of future demands for controllers and accounting professionals. They conducted a survey in late 2022 and identified several trends. The survey takes a look at how prepared controllership is to meet future business demands. It also highlights some insights for leaders to consider that may increase their preparedness. It also identified areas of additional insight and questions to answer on the controllership transformation journey.

In this segment, we will go through numerous concepts in detail.

Learning Objectives
  • Discover and review the top areas for prioritization.
  • Identify and prioritize efficiency in the financial close.
  • Explore and examine the basic steps of the financial close.
  • Explore and examine the fast close.
  • Discover and leverage new delivery models.
  • Explore and examine remote work and alternative work models.
  • Explore and examine automation opportunities.
Last updated/reviewed: March 19, 2024

Included In Certifications

This course is included in the following Certification Programs:

22 CoursesThe Controllership Series Certification

  1. The Controllership Series: The Controller Function - Elevating the Role
  2. The Controllership Series: The Controller Function - Strategic and Annual Planning
  3. The Controllership Series: The Controllers Role in Financial Forecasting
  4. The Controllership Series: Future Role of the Controller – Part 1
  5. The Controllership Series: Future Role of the Controller – Part 2
  6. The Controllership Series: The Controller Function - Cash and Investments
  7. ASC 842 Accounting for Leases - Deep Dive
  8. The Controllership Series: The Controller Function - Inventory Part 1
  9. The Controllership Series: The Controller Function - Inventory Part 2 - Inventory Valuation, Physical Inventory Methods and Inventory fraud
  10. The Controllership Series: Overhead, Direct and Indirect Costs and Allocation Methods
  11. The Controllership Series: Financial Statement Preparation and Presentation
  12. The Controllership Series: The Controllers Role in the Procurement Function
  13. The Controllership Series: The Role of The Controller in ESG
  14. The Controllership Series: The Controllers Role in Pro Forma Financials
  15. The Controllership Series: The Controllers Role in Data Analytics and Big Data
  16. The Controllership Series: Introduction to the Financial Close Process
  17. The Controllership Series: Managerial Accounting Basics and Cost Principles
  18. The Controllership Series: Sales, Collections and Customer Credit
  19. The Controllership Series: Addressing Cash Flow and Forecasting Uncertainty
  20. The Controllership Series: The Controller’s Skillset
  21. The Controllership Series: The Controllers Role in Internal Controls
  22. Tools for The Controllership Series Certificate
12 Reviews (72 ratings)

Reviews

4
Anonymous Author
I'm impressed with Ms. Fountain's knowledge of the subject matter. She presents it in a way that is understandable and relatable.

5
Member's Profile
Love the focus on automation and how effectively it can be done by focusing on key parts of a business process rather than huge and time-consuming initiatives-plus a nice reminder of what fast close is (call it cycle time reduction, but the elements of the training include workforce and delivery methods which is more comprehensive). Thank you!

5
Anonymous Author
I really enjoyed the parts about the FAST close and ways to improve that process. I think the remote workforce piece could be paired down, as most people today have lived through COVID and have adapted to what it means to be in a remote workforce.

4
Anonymous Author
I enjoyed learning about how to increase the efficiency of the close process and where tasks might be automated. I also thought the part about remote work was insightful, especially since that environment has changed in the past few years.

5
Member's Profile
Teams looking to improve their close process will benefit from the information in this course. The insight a bout remote employees was very informative.

5
Anonymous Author
This course provides a good overview of the key steps to the financial close process. It also provides criteria for automating processes.

5
Anonymous Author
Another great course with topics relevant to challenges faced by controllers in this fast-paced, dynamic environment.

3
Anonymous Author
Super easy CPE - very general topic but still a relevant reminder to those who are further along in career

5
Anonymous Author
Great follow up to part 1. I encourage all accountants to take this course if they're looking for CPE

5
Anonymous Author
Great course I recommend this to everyone that wants to learn more about this topic

5
Anonymous Author
Good intro to Controllership. I would recommend if you're just getting started.

5
Anonymous Author
Excellent information mostly on automation and including external data

Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required for this course.
Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  An Overview2:26
  Actions3:48
  Prioritize Efficiency in the Financial Close5:04
  Basic Steps in Financial Close Process12:08
  The Fast Close9:08
  Leverage New Delivery Models5:42
  Remote Workforce and Alternative Workforce Model16:06
  Remote Workforce and Alternative Workforce Model Cont'd11:00
  Automation Tools8:40
  Summary1:45
CONTINUOUS PLAY
  Future Role of the Controller Part 21:15:47
SUPPORTING MATERIAL
  Slides: The Controllership Series: Future Role of the Controller – Part 2PDF
  The Controllership Series: Future Role of the Controller – Part 2 Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam