Jobs in finance and controlling

The main objective of every company is to achieve financial gains and operate profitably. To determine and optimize profitability, there are departments that deal with the systematic recording, monitoring and preparation of all operational performance processes and the resulting cash and service flows. The focus here is on analyzing and optimizing processes in order to keep costs low and increase earnings.

These tasks belong to the area of accounting (often abbreviated to RW or REWE), which is divided into four sub-categories:

1. External accounting
2. Internal accounting (controlling)
3. Statistics and comparative accounting
4. Planning accounting

The tasks in the field of finance and controlling are very diverse and often closely linked to the decision-making processes of the management, which means that they have a direct impact on the success of the company. Specific training or degrees in this professional field are therefore essential. In external accounting, strict legal and tax regulations must be adhered to. In internal accounting, analyses and forecasts are prepared that directly influence management decisions, which is why business management know-how as well as mathematical and statistical knowledge are required. This is the only way employees in this area can grasp, analyze and present the complex interrelationships.

Many positions in finance therefore require completed academic training in areas such as finance/controlling, business administration, economics or similar courses of study. For positions with a focus on data analysis, fields of study such as mathematics, statistics or new courses such as data science offer excellent entry-level opportunities.

The daily tools of controllers, accountants and the like are ERP programs (enterprise resource planning software, e.g. SAP) as well as tools for data analysis and preparation such as Excel, Access or Power BI. Corresponding user skills are therefore in high demand.

Although this professional field is highly complex, not every position requires a degree. Traditional commercial training is sufficient, particularly for tasks in accounts payable, accounts receivable and payroll accounting. In some cases, IHK-certified additional qualifications in accounting are required.

One thing is clear: the professional field of finance and controlling is extremely varied. A meticulous way of working and an affinity for figures provide an excellent basis for a career in this field.

External accounting deals with the execution of payments, their documentation and the preparation of all values that contribute to the assets of a company. The aim of external accounting is to realistically present the actual asset situation. It is subject to strict commercial and tax regulations, which is why many tasks can only be carried out by trained specialists. Specific activities can be derived from the sub-areas included:

Internal accounting, also known as controlling, is derived from the English term "to control", which means to steer, regulate, direct and monitor. Controlling therefore monitors the company's internal cost situation. In contrast to external accounting, it is not subject to strict government regulations. It is used exclusively for the internal planning, control and coordination of company processes with the aim of maximizing the company's future success. The current situation of the company is recorded in order to draw conclusions for an improved target situation in the future. Controlling often works closely with the management and provides a fact-based basis for decision-making.

In larger companies, there is often an additional category in accounting: business statistics and comparative accounting. In this area, internal key figures from internal and external accounting are analyzed for comparison purposes. Market figures, for example from competitors, or the company's own key figures from previous business periods, such as from the previous year, are used as a benchmark. This helps to better classify the company's financial situation and make well-founded decisions.

In the planning calculation, specific budget plans for the coming financial period are drawn up on the basis of available data from previous years. These budget plans are used to determine the cost framework for investments and expenditure and to prepare forecasts for future results. The aim is to use financial resources effectively and to manage the company's economic development in a targeted manner.