Building Your Career Path: How to Transition from Internal Audit to Finance Business Control

Introduction: From Internal Auditor to Finance Business Controller

Hey there, fellow internal auditors! As someone who's spent over a decade in finance business controller roles and often gets asked for advice on transitioning from an internal auditor to a finance business controller role, I’d like to share some tips to help you succeed.

Tip 1: Develop a Robust Analytical Skillset

First and foremost, a robust analytical skillset is critical. You'll be working with complex financial data, so being comfortable with financial statements and models is essential. Additionally, developing finance business acumen will help you interpret financial data and provide insights to your team.

Tip 2: Effective Communication is Key

Next, effective communication is also critical. Clear communication is essential for building trust and credibility in your new role. You'll need to be able to explain financial concepts to non-finance colleagues and executives in a way that's easy to understand.

Example: How Effective Communication Can Drive Financial Performance

In a previous role as a Controller, I realized that achieving the Annual Targets would be challenging as we had significant order delays with a key Customer and no significant opportunities to compensate for this delay. Discussing with the Business Leader, I flagged two main issues. First, in the pipeline, we had just enough opportunities to meet the target, but not every opportunity would be successful. Second, we depended on 5 Customers to deliver 70% of our financials. The remaining 30% were with Customers with small Order values, which made deal closures challenging as our limited Pre-Sales resources remained stretched. We added a weekly pipeline review discussion with our Cluster Leads to address these issues to drive pipeline growth and improve Pre-Sales resource effort planning. In the subsequent year, with our pipeline coverage doubled, we saw new Customer wins and improved financial performance.

Tip 3: Strategic Thinking is Essential

Strategic thinking is another essential skill. You'll need to be able to identify trends, risks, and opportunities and develop strategies to drive business growth and profitability. This requires a big-picture mindset and thinking creatively to solve complex problems.

Tip 4: Building Strong Relationships and Collaborate Effectively

Developing strong relationships and building trust with colleagues will help you succeed in your new role. Teamwork and collaboration are also critical. You will be working with a variety of stakeholders across the organization, so being able to work effectively with others is essential.

Example: How Challenging the Customer Credit Rating Process Benefited Business

Challenging the customer credit rating process for the Enterprise business, I highlighted differences between the Enterprise business and the Traditional Service Provider business (rather than a few large customers, Enterprise had many large and small customers, including multiple routes to market) and proposed to centralize the credit rating process for Enterprise business. Specifically, I emphasized the need for a simplified process with reduced overheads for Enterprise. The proposal was accepted globally across the seven markets. When this project was implemented, it helped ease the workload of the Customer Business Controllers supporting the Enterprise. It also resulted in faster and more consistent rating decisions by a few specialized experts, which helped the business make more informed decisions about customer credit.

Leveraging Your Internal Audit Experience for a Successful Transition

As an internal auditor, you already have a strong foundation in analytical skills and financial acumen. By building on these skills and seeking out opportunities to collaborate with other departments, you can position yourself for a successful transition into a Finance Business Controller role.

And remember, you don't have to go it alone. Stay up-to-date on industry best practices, don't be afraid to ask questions, and most importantly, believe in yourself! Seek mentors who have transitioned before and ask for their advice.

Potential Benefits and Drawbacks of Transitioning to a Finance Business Controller Role

The benefits of the transition include the potential for career advancement, increased responsibilities and influence, and the opportunity to contribute to the organization’s growth and success in a more strategic way.

While there are many benefits to transitioning from an internal audit to a finance business controller role, there are also potential drawbacks to consider. As an internal auditor, you are often the watchdog of the organization, ensuring that financial controls are in place and working effectively. In a finance business controller role, you may be more involved in creating those controls and managing the financial operations of the company, which means less independence and objectivity. Finance business controllers are responsible for financial planning, analysis, and reporting. This can be a high-pressure role, especially during busy periods such as end-of-quarter or end-of-year reporting. Additionally, the role involves making decisions that can significantly impact the company's financial performance, which can add to the pressure. The transition to a finance business controller role may require competing with other candidates who have a more traditional finance background. While your experience in the internal audit may be valuable, some employers may prefer candidates with more direct finance experience.

Conclusion: Continuous Learning and Development for Career Success

Whether you choose to pursue a transition to a finance business controller role or not, the advice in this post is applicable to any career path. Continuously developing your skills, seeking mentorship and guidance, building relationships, and staying up-to-date on industry trends and best practices can help you achieve your career goals and succeed in any role. Remember to weigh the potential benefits and drawbacks of any career transition carefully, and don’t be afraid to take that first step toward exploring new possibilities.

Share your transition story and tips in the comments below, and connect with me and other finance professionals for career advice and insights!