The word “controller” may not make so much sense to you as in the context we want to discuss it in this article. But not to worry, I’m going to walk you through it. I’ll show you who a controller is and what a controller job description is.
Just ensure to come with me as we walk through this journey. But before we delve in, here’s the table of content for an overview of what to expect in this article.
So let’s get started…
Table of contents
Who is a Controller?
A controller, sometimes known as a comptroller, is in charge of financial statements like balance sheets, invoices, accounts payable, and accounts receivable.
Directing Accounting Managers and department operations, generating financial reports based on financial statements, and executing financial reporting standards and procedures are among their responsibilities.
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What Does a Controller Do?
Controllers often work for organizations to ensure that financial records are kept up to date and accurate for future reference. They collaborate closely with higher management to find cost-cutting opportunities and obligations that must be paid off before the end of the year.
Their responsibility is to ensure that their organization abides by financial regulations. They also examine financial statements to gauge the financial health of their company and take appropriate action.
They may also be in charge of overseeing payroll papers to ensure employees are paid the correct amount each paid month.
Below are some of the duties of a controller:
- Assist management in making critical financial decisions.
- To comprehend the financial health of the business, prepare financial papers such as business reports, financial projections, and statements.
- Supervise staff who assist the controller in the preparation of financial reports and budgets.
- Examine a company’s financial data and look for methods to save expenditures.
- Maintain an understanding of the financial market in order to maximize revenues and identify new avenues for expansion.
- Understand a company’s financials in order to meet legal requirements and keep the company’s financial state in good standing.
Qualifications and Skills for a Controller
To be a successful controller, a candidate needs to have particular qualities, such as the ability to cooperate with others and multitask well. Among these qualifications are:
- The capacity to successfully communicate with coworkers and management about the business’s finances and justify particular financial recommendations.
- Basic math abilities are required to create accurate calculations and estimates.
- Excellent knowledge of international finance
- Project management and organization
Education and Training Requirements for Controllers
Basically, a bachelor’s degree in economics, business administration, accounting, or finance is required as an education for this position.
In the same vein, some Controllers may also hold a master’s degree in a related discipline, which allows them to hone their analytical talents even further. A controller applicant who has a financial degree may meet the academic requirements.
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How Much Does a Controller Earn?
How much a controller earns may depend on a number of factors, which may include: level of experience, education, and geographical location. Ideally, a controller makes an average of $86,545 per year.
Controller Job Description Template
According to Betterteam.com, here below is a typical template of a controller job description.
Sample of Controller Job Description
We are seeking a results-driven corporate controller to oversee our financial operations. You will be performing financial planning, optimizing financial processes, and preparing budgets and reports.
To ensure success as a corporate controller, you should demonstrate in-depth knowledge of financial management principles and extensive experience in a similar role. A first-class corporate controller will be someone whose expertise translates into optimized financial operations and increased profitability.
Corporate Controller Responsibilities:
- Guiding financial decisions by developing and monitoring policies and procedures.
- Evaluating and enhancing financial controls and tax return procedures.
- Analyzing and interpreting balance sheets, income statements, cash flow, and liabilities.
- Performing internal audits and financial risk assessments, as well as facilitating intervention strategies.
- Preparing annual budgets, forecasts, and reports, as well as reviewing journal entries and account reconciliation.
- Monitoring closing processes, billing, invoicing, expenses, reimbursements, and payroll administration.
- Maximizing returns on excess cash balances and improving closing and reporting cycles.
- Coordinating and recording investments and maintaining fixed asset records.
- Overseeing financial and accounting staff and analyzing profit center performance metrics.
- Documenting processes and ensuring compliance with financial management and accounting regulations.
Corporate Controller Requirements:
- Bachelor’s degree in accounting, finance, or a similar field.
- A Master’s degree with a focus on corporate financial management is preferred.
- At least five years’ experience as a financial administrator, or similar.
- Advanced competency in financial management and accounting software, such as Idu-Concept and FreshBooks.
- In-depth knowledge of accounting standards and industry regulations.
- Extensive experience in corporate finances, auditing, and performance management.
- Superb organizational and time management abilities.
- Excellent leadership, communication, and collaboration skills.
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Frequently Asked Questions on Controller Job Description
A financial controller is the head of an accounting unit, while the financial director is a financial lead in a company.
Financial controllers prepare and manage financial reports, while finance directors oversee financial activities in a company as their primary function.
The controller is tasked with several job responsibilities. But basically, here are some of what they do;
Typical duties of a controller
Planning, directing, and coordinating all accounting operational functions.
Managing the accumulation and consolidation of all financial data necessary to account for consolidated business results accurately.
Organizing and preparing internal and external financial statements.
The Controller reports directly to the CFO. CFO simply means Chief Financial Officer.
We aim that this controller job description template helps you learn of what to expect from your job as a controller. We hope it guides you properly to find what you’re really looking for. Cheers!
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