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Poor Financial Planning and Unexpected Expenses are Making People File for Bankruptcy

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The global economy has been affected due to the prevailing circumstances of COVID-19 health crisis. It has made it difficult for businessowners to conduct business in an effective manner. Due to the loss of business, many entrepreneurs are choosing the path of bankruptcy to get rid of accumulating debts. However, there are other reasons too that are leading them to choose the path of bankruptcy.

Its poor financial planning and unexpected expenses and of course a loss of revenue that are making people file for bankruptcy. Especially, inexperienced entrepreneurs are now finding it difficult to run their business during difficult times. Due to the lack of financial knowledge, they are unable to run a profitable business.

Moreover, the unexpected expenses are affecting their business on a large scale. It is making it difficult for them to run their business well and hence they are opting for the path of bankruptcy. Not just the business people, but many individuals are also claiming bankruptcy to get rid of huge debts accumulated due to poor financial planning.

The expenses are increasing on a large scale and this has made it difficult for people to plan their finances well. The loss of employment, overuse of credit, relationship breakdowns, student debts, and unexpected expenses have now become common reasons for people to go bankrupt.

People are hiring financial experts to claim bankruptcy in the right way. More Australian’s are contacting Bankruptcy Experts to get some professional advice about claiming bankruptcy pros and cons Australia to make the right decision on this subject. The prevailing economic conditions have unveiled the need to gain practical financial knowledge for people to overcome difficult financial times.

Jenny is one of the oldest contributors of Bigtime Daily with a unique perspective of the world events. She aims to empower the readers with delivery of apt factual analysis of various news pieces from around the World.

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World

Reasons to Pursue a Career as a Financial Controller

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Do you love working with finances, numbers, and business? Do you enjoy the prospect of strategizing for a company to create a successful financial future? If so, you may want to consider a career as a financial controller. 

Financial controllers are more involved than accountants

There’s nothing wrong with being an accountant. It’s a great career, and many people find it’s perfect for them. However, if you’re forward-thinking, you’ll probably be happier with a career as a financial controller.

Financial controllers perform some of the same duties as accountants, but while accountants only focus on current and past finances, financial controllers create financial strategies to support an organization’s future. Future planning is vital for making sound financial decisions.

Requirements to become a financial controller

To become a financial controller, you’ll need at least a bachelor’s degree in finance. You’ll also need to pass the CMA certification exam. 

While the certification exam is difficult to pass by studying on your own, passing becomes monumentally easier by taking a CMA prep course. Specifically, a prep course will help you retain the information and prepare you with practice exams that mimic what you’ll encounter on the real exam. 

Once you have your degree and certification, you can start applying for jobs that will support your career as a financial controller. You may need to start with entry-level positions in finance to gain enough experience to become a financial controller. It’s worth the wait and the effort.

More education, degrees, and experience often means a higher salary

You’ll find that organizations often have different requirements for financial controller positions. Some will require a basic finance degree and CMA certification, while others will require multiple degrees along with professional certification.

To increase your salary potential, continue to pursue your education to meet additional requirements. Companies requiring further education and work experience usually pay higher salaries to their financial controllers.

You can work in a variety of industries

What industry do you find appealing? Industrial machinery? Clothing? Cosmetics? Packaged food? Restaurants? In whatever industry you like, there’s a financial controller.

Some people think financial controllers are only for banks and other financial institutions. However, all companies need financial oversight. Without the expertise provided by a financial controller, a company won’t get far. Any large and successful organization — regardless of industry — will have a financial controller.

You’ll be part of the foundation that creates success

As a financial controller, you’ll be part of your organization’s foundation of success. Organizations need financial controllers to:

  • Strategize finances for the future
  • Oversee internal financial records and bookkeeping processes
  • Execute financial strategies for finance teams
  • Create custom strategies to help an organization achieve set financial objectives
  • Oversee internal audits to identify errors and fraud
  • Manage payroll
  • Manage accounts payable and accounts receivable
  • Facilitate communications between company departments

All of these tasks are big responsibilities, and that’s why high levels of education and experience are required for the position. 

A career with high-level responsibility is extremely rewarding

There are plenty of careers you could pursue in the financial industry. The most common career is becoming an accountant or a CPA. These are both perfectly acceptable careers for those who are satisfied with having low-level responsibility in a company. In fact, you’ll need to work in these fields to get the experience required to become a financial controller.

For example, as a controller, you’ll need a firm grasp on business and accounting, along with years of experience performing detailed accounting and auditing. Being a controller is a highly analytical position and expertise depends on extended, direct experience in accounting and auditing.

If you’re driven to take on high-level responsibility where you are directly responsible for a company’s financial success (or failure), you’ll find that as a financial controller. 

How you can become a financial controller

To begin your career as a financial controller, get your educational requirements in order. If you already have your degree, pursue CMA certification. If you’re already certified, search for a position as an assistant controller. Last, if you don’t have a master’s degree, continue your education to get an MBA.

While you’re searching for an assistant controller position, take some online courses to learn financial management software in-depth. You may have gotten by with the basics until now, but as a controller, you’ll need to know your software inside and out.

You won’t become a financial controller overnight. In fact, it takes between 12 and 20 years to earn the title. However, if the position calls to you, then it’s worth every ounce of effort.

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