Ledger Legends in the Making: EY's Playbook for Full-Stack Financial Controllers

Financial controllers should become analysts, collaborators, innovators, storytellers and leaders — strategic advisors who act as exceptional business partners.

Technology is advancing at breakneck speed, redefining expectations for professionals in every industry. 

CFOs have already felt this shift, watching their roles evolve from financial stewards to strategic leaders. But now, their closest partners, controllers, are beginning to confront the same reality.

Here’s why: with the rise of new technologies, increased risks, and ever-tightening compliance demands, traditional approaches to reporting and budgeting are becoming outdated. For many controllers, this brings a sense of uncertainty. They’re asking themselves: How will my role evolve? What new skills will I need to stay ahead in this changing landscape? The answers could reshape the future of their careers.

EY’s latest report, the DNA of the Financial Controller Survey, gathered insights from over 1,000 controllers and senior finance leaders, highlighting the exciting opportunity for controllers to rethink their role!

This research defines the DNA of the future financial controller — someone who mitigates risk, drives innovation, turns data into action, and shapes the future with confidence.

This is where the idea of the "full-stack financial controller" comes in.

What does “Full-stack” mean to a Financial Controller?

The "full-stack financial controller" is the next evolution of this role.

Just like full-stack developers handle both the front and backend of applications, full-stack financial controllers will manage traditional tasks while also driving “value creation”.

This means they will be involved in strategic planning—providing insights and leading key initiatives that support the company's goals.

In fact, 86% believe that the shift towards becoming ‘Value Creators’ has already begun!

Finance controllers have always focused on two main roles: protecting value (internal controls and regulatory compliance) and optimizing value (wise resource allocation for driving efficiency). While these roles will still continue to be important in the future, Controllers should also take on a new role: creating value.

According to the report:

• Most controllers agree that their jobs have already started to change.
• 86% think their role will change significantly in the next five years.
• 26% believe they will need to learn completely new skills.
• When asked how their job role will change, 40% answered that controllers will not only protect and optimize value but also “create value”.

How does "Value Creation" expand the scope of traditional responsibilities?

The role of financial controllers has evolved significantly over time, expanding from traditional responsibilities to a more strategic and advisory position within organizations. This transformation can be seen in two key areas:

• Value Creation: According to the EY report, value creation in finance encompasses a broad range of activities that contribute to business growth and success. This expanded definition reflects the increasing importance of financial controllers in driving organizational strategy.
• Shifting Responsibilities: The table below illustrates the contrast between traditional and new expanded responsibilities of financial controllers:

Traditional Responsibilities	New Expanded Responsibilities
Protecting value through internal controls	Developing and funding business activities
Ensuring regulatory compliance	Ensuring business decisions are based on solid financial facts
Optimizing value through wise resource allocation	Advising CEO and top managers
Driving efficiency	Leading finance projects supporting company's strategic goals

How will Data and AI contribute to value creation?

The report presents two schools of thought on this front: the need to upskill the current talent pool in advanced data analytics and the growing need for these skills in the job market.

Both correlate to the need for implementing data analytics in legacy accounting practices to ultimately reduce manual efforts and foster a high-agency attitude toward data-driven decision-making.

But there is a caveat!

Only 32% use Data Analytics at a company-wide level

Controllers know they have a big opportunity to unearth here.

Although 89% say they use data extensively to find strategic opportunities and 73% lead data analytics and reporting in the finance department, only 32% do so at the company-wide level.

This means they have a chance to get more involved in overall company analysis by working with other departments. This can help make better business decisions and build trust with external stakeholders.

Controllers love AI—almost 89% have already adopted AI

According to the report, nearly all (89%) respondents said they have adopted AI to simplify their work. When asked about generative AI (GenAI) technologies, 65% claim to be using them.

What's even more interesting is that, at an organizational level, most companies are running small pilots or experimenting with AI.

"Autonomous agentic AI systems," as the report mentions, can undertake real-time budgeting, forecasting, and scenario analysis, freeing up controllers to focus more on strategic activities.

On the other hand, generative AI can be used to predict market trends, monitor competitors' performance, assess whether the enterprise is making the best possible use of its R&D tax credits, and generate multiple economic scenarios that highlight potential risks and opportunities.

Technology plays a crucial role here as an enabler, helping controllers work with confidence, in-line with the CFO’s vision. The report extensively discusses this paradigm. Let's delve deeper into this concept.

How does EY Define "Confidence" and a “Confident Controller”?

To understand how financial controllers fit with CFOs' future plans, EY created a scoring system. This system looks at how many controllers value key areas like technology, data analysis, sustainability, and innovation. These areas are what CFOs think are most important for improving their finance departments over the next three years.

EY asked controllers to rate how important they think these areas are for their job today. They gave each controller a score from 0 to 100. The top 25% of scorers were called "confident controllers". This group seems to be the most in line with what CFOs want for the future.

Key findings about confident controllers:

• 72% invest in data-driven decision-making and technology use (vs. 65% of other controllers)
• More likely to focus on team development, sustainability reporting, and finance innovation
• 37% lead innovation initiatives (vs. 25% of other controllers)
• Resources available to confident controllers:
• Additional budget (29%)
• New staff with innovation skills (13%)
• Mentoring and coaching opportunities (73%)

Realizing the "Full-stack Financial Controller" vision

Controllers are like the right-hand person to CFOs, making sure everything in accounting runs smoothly and all legal requirements are met. They're the go-to experts for data and processes, even if they aren't usually the ones leading big transformation projects.

As full-stack financial controllers, they'll take on even more responsibilities. They'll remain crucial due to stricter regulations and fast-paced tech changes, ensuring accurate reporting and compliance. But they'll also dive into strategic planning, providing insights and leading key initiatives that support the company's goals.

They'll need to wear many hats: analysts, collaborators, innovators, storytellers, and strategic advisors to the CFO, CEO, and board.

In essence, full-stack financial controllers will blend their traditional roles with new, strategic functions to drive the company's success.