A controller is a senior financial executive who oversees the accounting and financial reporting functions of an organization. The controller job description entails a wide range of financial responsibilities, including overseeing general ledger accounting, accounts payable/receivable, payroll, budgeting, financial reporting, tax compliance, audits, and financial analysis. The controller manages the accounting department and ensures that all financial transactions are properly recorded, reported, and compliant with laws and regulations. They play a key role in helping organizations achieve their financial and operational goals through financial planning, cost control, and providing insights into financial performance. Let’s look at the key responsibilities that are typically part of a controller job description.
Financial Reporting
One of the core duties of a controller is to oversee the preparation and reporting of timely and accurate financial statements. This includes:
- Managing the monthly, quarterly and annual close process
- Reviewing journal entries and general ledger accounts
- Preparing consolidated financial statements and reports for executive management and external stakeholders
- Ensuring financial statements comply with GAAP, IFRS and other accounting standards
- Providing variance analysis of actual performance vs. budget
- Preparing audit schedules and coordinating with external auditors
The controller is responsible for ensuring all financial reporting deadlines are met and reports contain accurate, high-quality information for decision-making. They oversee the reconciliation of accounts and may also coordinate the preparation of regulatory filings.
Budgeting and Forecasting
Controllers play a lead role in budgeting and forecasting processes that set financial targets and help guide business planning:
- Collaborate with executives to develop organizational budgets aligned with strategic goals
- Set budgets and targets for business units and departments
- Establish policies and provide tools for budget preparation
- Review and analyze budget proposals and requests
- Consolidate departmental budgets into an overall organizational budget
- Monitor budget vs. actual results and investigate variances
- Develop financial forecasts and models to project future revenues, expenses and cash flows
Through budget oversight and forecasting, the controller enables data-driven decision making and helps identify opportunities for operational improvements and cost savings.
Accounting Operations
The controller has broad oversight of day-to-day accounting operations, including:
- Managing the general ledger and chart of accounts
- Ensuring timely and accurate recording of transactions
- Monitoring accounts receivable and accounts payable
- Overseeing payroll processing and reporting
- Ensuring policies and controls are in place for cash management
- Managing fixed assets and depreciation
- Overseeing tax accounting, compliance and filing
The controller implements and enforces internal controls, accounting policies and procedures to support accurate financial reporting and maintain regulatory compliance. They identify process improvements in accounting operations to boost efficiency.
External Compliance and Audit Support
Controllers play an important role in facilitating external financial compliance requirements and audits:
- Coordinate the annual financial statement audit with external auditors
- Act as primary liaison and point of contact for external auditors
- Ensure all audit requests and schedules are completed accurately and on time
- Research and address any audit findings or control deficiencies
- Oversee the implementation of internal controls required by Sarbanes-Oxley
- Facilitate any audits or reviews required by government agencies
The controller has oversight of documentation and controls that support audit and regulatory compliance for the organization. They implement necessary process improvements based on audit outcomes.
Financial Planning and Analysis
Controllers often oversee financial planning and analysis to evaluate organizational performance and support executive decision making:
- Analyze financial statements and performance variances
- Prepare management reports and presentations on financial results
- Develop KPIs and other financial metrics to monitor performance
- Research and evaluate the financial impact of business initiatives
- Conduct cost-benefit analysis to support budgeting and forecasting
- Identify opportunities for improved financial performance
The controller provides analytical support to assess where the organization has been, where it is going financially and how executive decisions can influence future financial performance.
Treasury Management
Depending on the size and complexity of the organization, the controller may also oversee treasury management functions:
- Establish treasury policies and internal controls
- Oversee cash forecasting and liquidity management
- Manage debt and equity financing
- Execute capital raising strategies
- Manage banking relationships and treasury technology solutions
- Oversee investment of excess cash
- Manage foreign currency and exchange rate risk
Effective treasury management maximizes liquidity and ensures access to sufficient funding for business operations.
Technology Oversight
Controllers oversee the implementation and optimization of financial accounting systems and technology:
- Evaluate and select enterprise resource planning (ERP) software
- Oversee implementations, upgrades and integrations of financial systems
- Establish and enforce system controls and access
- Manage relationships with software vendors
- Drive adoption and use of accounting software across the organization
- Implement automation tools for efficiency gains
- Oversee data management and integrity in financial systems
Leveraging financial accounting technology and systems is key to efficient and effective accounting operations.
Accounting Department Leadership
As head of the accounting department, controllers manage talent, staffing and performance:
- Recruit, interview and select qualified accounting staff
- Implement training and development programs
- Set department goals and objectives
- Manage workload allocation and accountability
- Establish policies and procedures for department operations
- Conduct performance appraisals
- Coach and mentor staff to improve capabilities
Effective team management and leadership enables the controller to drive department performance and results.
Key Competencies for Controllers
To successfully manage the diverse responsibilities of the controller job, key competencies and skills are required:
- Technical accounting expertise – Thorough knowledge of GAAP and IFRS is essential. The controller should have mastery over complex accounting for areas like revenue recognition, consolidations, and stock-based compensation.
- Attention to detail – Reviewing transactions, financial reports and audits requires diligence and care to spot errors or omissions.
- Analytical skills – The controller should be able to analyze operational data and financial reports to provide business insights and recommendations.
- Leadership – Strong leadership and team management skills are needed to direct the accounting department and work cross-functionally.
- Communication skills – The controller must communicate technical financial information clearly to executives, auditors, regulators and staff.
- Ethics and integrity – Handling sensitive financial information requires a high degree of ethics and integrity.
- Strategic mindset – The controller should understand the organization’s objectives and help guide financial strategy.
Conclusion
The controller plays a critical role in overseeing an organization’s financial health and performance. As a senior financial leader, the controller job description requires technical accounting excellence, unwavering ethics, strong leadership capabilities and strategic financial insights. The controller implements financial controls, reporting processes, policies and technology systems that enable sound decision making. By upholding accounting standards and compliance, the controller helps maintain the integrity of financial reporting that is vital for an organization’s success.