Finances are the life blood of an organization. The plant controller is a type of financial manager who is focused on managing the costs of an industrial plant. Industrial plants are facilities that produce products that are sold at stores and through a variety of other channels. The plant controller must examine all of the finances related to the industrial plant and provide expert insight into possible methods for cutting costs.
Complex Money Issues
This plant controller performs financial analysis so that the industrial plant can make appropriate financial decisions, especially in regards to cost reduction. The plant controller engages in cost accounting, ensuring that plant costs are minimized and that revenue can be maximized. The plant controller presents month-end closes. External auditors such as financial analysts and IRS agents communicate with the plant controller. According to the U.S. Bureau of Labor Statistics,financial managers such as plant controllers usually work 50 or even 60 hours a week.
Degrees and Certification
Plant controllers usually have educational backgrounds in accounting, often with several years of prior experience in accounting. Some plant controllers have a bachelor’s degree in finance, economics or mathematics with an emphasis in accounting. Although certification is not required, it is available from several organizations.
Important Skills and Characteristics
Verbal and written communication skills are essential since these plant controllers must be able to explain the finances of the plant to both upper management and external auditors. Time management skills are essential since plant controllers will need a high level of productivity in order to complete all accounting work. Critical thinking skills are also important. Plant controllers must work very well with others since they work with several other parties on the plant’s finances.
What's In Store
The need for financial managers is expected to grow by nine percent between 2012 and 2022, according to the BLS. Growth in the need for financial managers in the industrial plant sector will be driven by a growing number of consumers overseas. However, this growth will be slowed by a declining manufacturing industry domestically.
Earnings Can Vary
The BLS reports a median salary for financial managers of $109,740 in 2013. Indeed.com reports an average annual salary of $80,000 for financial controllers in 2014.
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