Controller
What Is a Controller and What Does It Do?
A controller is a person who is in charge of all accounting-related operations inside a corporation, including high-level accounting, management accounting, and finance functions. A financial controller normally reports to a company's chief financial officer (CFO), however in smaller companies, the two positions may be merged. A controller's responsibilities include aiding with the formulation of operational budgets, managing financial reporting, and completing critical payroll activities.
The controller is responsible for a variety of responsibilities, including budgeting and monitoring essential budgeting schedules within a business. This comprises financial data collecting, analysis, and consolidation. The controller role analyses variations, analyses trends, and examines budget shortfalls, even if the yearly budget isn't always maintained by the controller. Material budgeting or expenditure variations are reported to management by the controller.
Controllers' Roles and Responsibilities
Because of the size and complexity of the business and industry, controller tasks differ from company to company. A controller is a version of the controller role. A controller is often a higher-ranking post in government or charitable organisations. Smaller businesses require the controller to be more versatile, but bigger businesses can distribute the following job tasks among other personnel, such as the chief financial officer and treasurer.
The organization's controller may participate in the hiring, selection, and training of employees. The role includes evaluating job performance, guiding staff, and enforcing disciplinary measures as needed. Continuing professional education, such as seminars, webinars, or training programmes, is frequently pursued by financial controllers to maintain their educational levels.
The Bureau of Labor Statistics (BLS) forecasts a 15 percent increase in employment prospects for financial managers (controllers) over the next ten years, which is "far quicker than normal."
TAKEAWAYS IMPORTANT
A controller is in charge of a company's financial well-being.
A controller may also be in charge of hiring and training finance department employees, depending on the needs of the organisation.
Controllers are in charge of not just computing the bottom line, but also ensuring that tax, permit, and licensing obligations are met.
Controllers' Requirements
Companies frequently demand candidates to have at least 10 years of direct accounting or finance expertise when hiring for a controller role. A bachelor's degree in accounting, finance, or business administration is sometimes necessary, however a master's degree is desirable. Professional certifications, such as the certified public accountant licence, are not always needed, although they are often desirable.
Particular Points to Consider
The controller collaborates with outside auditors to verify that relevant reporting requirements are followed. In addition, the controller is in charge of establishing, monitoring, and enforcing internal financial reporting controls. The responsibility of public financial disclosures is frequently entrusted to the controllers of publicly listed corporations.
A company's controller keeps track of prospective legislation that affects taxation and operations. This responsibility involves keeping an eye on potential risks and ensuring that the necessary permissions, licences, and operational standards are in place. In addition to completing financial reports, the controller may be assigned tax preparation responsibilities, such as filing state, federal, or industry taxes.
