A day in the life of Group Financial Controller Michelle Hau
I’m a single mother of two primary school-aged boys, and a Group Financial Controller, so my mornings are go, go, go! I wake up at 7:00 am. Then, I make the boys packed lunches while getting them ready for my mum to take them to school.
Once the boys have left, I make tea or coffee and a smoothie before starting my working day.
I decided to pursue a career in finance after completing an A-Level in Accounting. I found the course really interesting and love working with numbers.
After completing a degree in Accounting and Finance at the University of Brighton, I joined an Accountancy Practice. Here, I completed my ACA (Associate Chartered Accountant) studies and gained solid technical accounting knowledge and experience. These skills included bookkeeping, producing financial reports, management accounts, preparing VAT returns, audit, and tax work.
Then, I moved into industry roles away from practice to gain greater exposure to new experiences. I chose to work for SMEs (small to medium-sized enterprises) in sectors including education, retail, and manufacturing, where I could make a difference.
The great thing about working for an SME is you get closer and much more involved with all aspects of the business. It is interesting to see how business decisions affect different areas of the business.
I joined Veritek as a Financial Controller around five years ago. As I learned more about the business, I became the Group Financial Controller, becoming more involved with the overseas finance teams.
What a Group Financial Controller role involves
I’m responsible for Veritek’s day-to-day financial operations.
I manage the UK finance team and support the Group Financial Director, other departments and our three European regional finance teams.
Also, I report on financial performance and ensure processes are efficient.
Skills needed to do my job
Being organised and able to prioritise tasks is crucial in my role, as is the ability to keep calm under pressure. My job requires me to work to specific time frames and deadlines. So, I keep a detailed timetable on Outlook each month to keep me on track.
My biggest challenges relate to the volume of work during peak month-end and when audits take place. In addition to carrying out daily tasks, at month-end, my team needs to ensure we’ve got all the data and that it’s accurate so that I can rely on it to produce reports.
Because my job is data-driven, I must know how to analyse what the data tells me.
If the data is inaccurate or incomplete, I need to be able to problem-solve to find out why. This action leads me to examine processes and how to improve them.
The numbers must be accurate because they’re used by the senior leadership team and other external stakeholders to make business decisions and appraise the group’s performance.
After that, external auditors use my information and reports to provide objective, independent evaluations of the business and its performance. A typical audit takes a few months to complete.
In the run-up to International Women’s Day, I should point out that women are known for their strong analytical skills, attention to detail and problem-solving. All of which are valuable attributes in my role.
Managing business growth
The Veritek business has grown significantly over the last two years, which has been exciting and challenging in equal measures.
Over the last year, revenues increased by about 17%.
More customer contracts mean more engineers. Our headcount has increased by 15% groupwide.
As the business grows, I must record, file, and report all financial activities properly. And ensure that reporting is compliant with financial regulations.
While simultaneously managing an increased volume of transactions, reporting and dealing with everyday queries from various colleagues relating to payroll and expenses.
Continual learning is part of the job
Regular CPD (Continual Professional Development) training keeps me current with accounting standards.
My ICAEW (Institute of Chartered Accountants in England and Wales) membership gives me access to good reading materials and webinars on its website. Beyond that, I source articles online. I tend to avoid reading printed trade publications.
Depending on my job type, the ICAEW sets the number of hours of CPD training I need to do.
Currently, I need to do about 20 hours of CPD in a year.
Because Veritek supplies goods and services and operates internationally, its accounting operations are complex. Hence, keeping my technical knowledge up to date is vital.
No day is typical
The nature of my job means I do not have a typical and structured day. My to-do list depends on the time of the month, time of the year and ongoing projects.
Generally, my job involves reviewing funding levels and updating cash flow forecasting.
In addition, regular tasks include payroll, reviewing transactions, producing month-end reporting packs, data analysis, ad hoc reporting and completing audits.
Beyond that, I work with external partners, including our banks. Plus, I support our engineers, Fleet and HR on various items including expense advances, payroll deductions, and pension queries.
I’m supported by two UK finance reports for whom I set objectives and resolve queries.
Lunch on the go
I’ll make a sandwich, sometimes toasted, or eat a salad or leftover hot meals at lunchtime. I eat at my desk and multitask.
Best tools for my job
Microsoft Excel is the number one tool for accountants. I rely on it to produce various reports in the required format and as I want them.
When you become proficient in Excel, you learn formulas and macros that automate and check tasks. No matter how proficient a user is of Excel, there is always so much more to learn due to its power and regular updates.
Automating and making sure I have checks in place saves me time.
I use accounting and expense software, banking portals, and a business management solution for our field service business elsewhere.
Collaboration
Like many companies, post-pandemic, Veritek uses Microsoft Teams to collaborate with other teams and colleagues. Teams calls are much more engaging than email. Finance is complex. If I can see people’s faces, I can determine whether they understand what I’ve tried to communicate. I value that human interaction. Especially now that I spend a lot of my time working remotely.
Decision making
My decision-making approach is based on the priorities and objectives set by Veritek’s Group Finance Director.
After that, I make decisions based on my methodical thinking, skills and experience.
Projects I’m most proud of
Reviewing processes for efficiency is my speciality. When I joined Veritek, I found many of its processes were too manual and inefficient. So, I automated and updated them to reduce time and errors and to make them more efficient.
As the business grows, I need to accommodate the increasing complexity and scale of the Group. I need to consider expanded reporting and analysis, regulatory compliance, and team management, among other things.
Leveraging technology and automation helps me adapt and keep up with the Group’s financial objectives.
To illustrate, Veritek recently rolled out a new accounting system, for which I was the project lead. The project required a thorough understanding of Veritek’s business requirements and the ability to assess functionality for suitability. First, I had to ensure the system would integrate with existing systems, including our banking portals. Then if it could scale alongside our business growth. After that, I needed to ensure data security and compliance. Finally, I had to choose a vendor who would give me adequate support.
Elsewhere, during COVID, companies worldwide had a tough time. Veritek was no exception. I was involved with researching government help packages available to Veritek, such as maximising the ever-changing furlough scheme.
Measuring success
My performance is measured using KPIs (key performance indicators) and reporting time frames.
Also, debtors and creditors days (how quickly people who owe us money pay us. Conversely, how quickly we pay our suppliers).
Plus, the accuracy of my information.
How I manage my team
Managing a team requires good communication skills.
First and foremost, I set clear expectations, including task deadlines. After that, I encourage collaboration and communication. If my team have questions, I encourage them to message me or jump on a call. Another facet of my role is to provide support and guidance.
What keeps me motivated?
The most rewarding aspects of my role must be the variety and intensity of my work. Also, being in a role central to shaping the direction of the business.
I work with every department within the business and stakeholders, including our multinational OEM customers, suppliers, financiers and regulatory authorities.
Being a financial controller is about more than just number crunching. It’s a combination of intellectual challenges, communication, continuous learning, and the ability to make a meaningful impact on the financial health of my company.
Considering a career in finance?
I recommend you study for a professional accountancy qualification that is recognised internationally.
Doing so will give you many career options and recognition, from working in an accountancy practice to industry-based and specialist roles, including tax and audit.
As my day draws to a close
After I’ve finished work, I spend at least two hours helping my two boys with their homework and playing games before getting them ready for bed.
Then it’s tidy-up time before I sit down to relax with a good TV show, movie, or gaming and catching up with friends.
I’m a fan of The Apprentice. As an accountant, it amuses me. Because the participants never look at the numbers properly!