Expertly managing the accounting systems and smoothly running the accounting operations of a company fall under the controller job description. Maintaining all accounting records and financial documentation, installing and applying budget controls, creating scheduled financial reports and issuing them, and assuring the accuracy of all financial records and statements are some of the basic functions covered by the controller position.
Under managerial functions, the controller job description covers overseeing the day-to-day operations of the accounting department. The controller manages the company’s accounting staff. Foremost, the controller designs and implements the company’s accounting processes and policies. The controller also oversees the financial systems, transactions, policies, and processes of subsidiaries.
The basic purpose of the controller position is to increase returns on the company’s financial assets through the comprehensive, doable, and strictly implemented financial systems, processes, and controls. Anything and everything that falls under the purview of company finances falls under the controller job description. In smaller companies, the controller and chief financial officer are one. For publicly-held corporations, the controller prepares and submits the quarterly and annual financial reports required by the Securities and Exchange Commission.
The controller job description also includes transaction duties such as ensuring the prompt schedules of accounts payable and accounts receivable, processing company payrolls, promptly accomplishing bank reconciliations that are scheduled periodically, and promptly accomplishing the payment of company debts. External auditors obtain pertinent information on company finances from the controller. Levels of company debt and the attendant compliance with debt agreements are monitored by the controller. The filing and payment of company taxes also fall under the mandate of the controller.
The controller job description also entails several forms of reporting. After making logical calculations, the controller releases metrics to be applied in the areas of operations and finance. He formulates the company’s annual budget and applicable forecasts, estimates budget variances, and informs management about arising issues related to such. The controller spearheads the preparation of the corporation’s annual report. Finally, the controller installs the system for cost reporting and completion of all financial statements.
The controller job description holds considerable power. Heading the accounting and finance sectors of the company, the controller runs the lifeblood of the corporation. The controller can propose official standards that will be used to measure the operational performance of the different departments. He also supplies the various financial analyses needed in negotiations of contracts, finalization of pricing levels, and capital investments.