what does a controller do?
Controllers or financial auditors are senior executives who work as accounting managers, overseeing the preparation of financial reports, including income statements and balance sheets. They are also responsible for ensuring the accurate recording of incoming funds and eliminating errors. Banks, government agencies, and large corporations all employ controllers.
Controllers work closely with the organization’s budgeting, audit, accounting, and other finance-related departments. They are responsible for preparing reports that determine the company's long-term financial outlook. Their task is to ensure the accurate and timely delivery of monthly financial statements. Controllers also handle the submission of necessary documents to regulatory authorities, maintaining transparency, efficiency, and accuracy within the company. Additionally, they are expected to improve process efficiency across all departments to meet reporting deadlines.
The controller may also be responsible for personnel matters; however, in smaller companies, it’s common for the controller to be the only accountant. This role often has an IT component and can also involve business development. They report directly to the president or the board of directors to provide insights and make recommendations on managing the company’s budget. These recommendations must always be communicated clearly and understandably.
Based on the skills required for the role, individuals with strong analytical thinking are most likely to succeed in this position. Good controllers are often inspiring and flexible in their approach to learning. Their adaptability in handling such a challenging role will be reflected in how they respond to unexpected changes and evolving expectations within the company.
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average salary of a controller.
Our salary calculator allows you to explore salary ranges, so you can see how much a beginner or experienced controller earns. The compensation package typically includes additional benefits, and it's not uncommon for some companies to offer annual bonuses as well.
how can you earn more as a controller?
As an auditor, the salary package depends on experience and the size of the company. Extensive experience typically commands a higher salary, which reflects the skills and expertise utilized on the job. During salary negotiations, relevant qualifications can also carry significant weight. Holding a master's degree and other certifications that demonstrate advanced specialization can position you in a higher salary bracket compared to a candidate with only a bachelor's degree.
In a smaller company, you can expect a lower salary since the company's budget is more limited, and the tasks are generally less complex compared to a company with a straightforward financial strategy. In larger corporations, the work tends to be more specialized due to the complexity of financial data.n a cég költségvetése is szerényebb és általban a feladat sem olyan összetett egy egyszerű pénzügyi stratégiával rendelkező vállalatnál. Nagyvállalatoknál a munka a pénzügyi adatok összetettsége miatt általában specifikusabb.
Want to know how much a controller earns? check out our salary calculator!
salary calculatortypes of controller job roles.
A controller is most commonly specialized in one of the following areas:
- Financial controller: the financial controller leads the accounting team responsible for overseeing daily financial operations. Their duties include managing accounting functions and ensuring the company's records and reports are accurate and up-to-date. In addition to analyzing accounting data, they must understand the business activities to provide precise analyses that support strategic business decisions.
- Credit controller: the credit controller analyzes the company's available credit facilities and assesses the company's debt levels. They handle credit approvals, prepare payment plans, and maintain accurate financial records and repayment terms for all creditors. They also ensure that the company receives payments from its creditors on time.
working as a controller.
A controller oversees the company's entire financial resources and assists management by developing financial strategies. Learn more about the responsibilities of a controller.
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the controller's responsibilities
The main responsibilities of the controller are as follows:
- Managing accounting and cash flow: the controller's responsibilities start with daily bookkeeping tasks, such as handling incoming and outgoing invoices and processing payroll. For small businesses, they also oversee daily cash flow activities and eliminate any issues related to improper cash management.
- Accounting policy implementation: the controller assists small businesses in developing their accounting policies and official accounting procedures. If the company already has an accounting policy, the controller helps ensure that it aligns with the company's growth strategy. This involves modernizing the strategy so that the company adopts the best accounting practices suited to its business activities.
- Financial reports to management: the controller provides important financial reports to assist the business owner in evaluating the company's current balance sheet. At the end of each accounting period, they prepare financial statements that help analyze the company's financial position. They also produce monthly reports to support decision-makers in developing strategies to improve cash flow.
- Internal audit execution: the controller recommends the most appropriate times to conduct internal audits, ranging from checking individual departments to a comprehensive review of the entire company. Sometimes, it is their responsibility to carry out the audit or oversee the auditing team. They may also prepare the company's financial records for an external audit.
- Business budgeting and forecasting: controllers assist financial management by providing forecasts based on historical data and market trends. They also handle financial planning for the entire organization, developing budgets and allocating resources across departments.
- Risk assessment and due diligence in the case of a merger: the controller identifies and analyzes potential events that could negatively impact the company's financial statements. They also review the company's investment opportunities and merger transactions.
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work environment
A controller typically works in an office environment. They participate in important meetings to discuss the company's financial policies with senior management, which may occasionally require travel for larger corporate meetings and training sessions. The controller can also work remotely and perform their duties from home; however, for key discussions and meetings, in-person attendance is usually necessary.
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who does a controller work with?
Depending on the employer, employees can include accountants, financial analysts, and auditors. The controller may work alongside sales managers and accounting administrators, as well as other professionals such as loan officers, financial clerks, and office managers.
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working hours schedule
Most controllers work a single-shift schedule, 40 hours a week, during office hours. It’s possible that they may need to work after hours or on weekends if their employer requests their presence for professional meetings or seminars. Fortunately, most companies offer flexible working hours for controllers, allowing them to work full-time or part-time as their responsibilities require.
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development opportunities
The controller oversees the entire accounting team, including accountants, payroll, finance, and tax managers. Due to the supervisory nature of the role, it provides an easy pathway to senior-level executive positions. For example, some controllers advance to roles such as chief financial officer, treasurer, or CEO of the company. Others specialize in a specific sector or business function, such as credit controlling or financial controlling.
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why it's worth looking for a controller position through randstad
- a consultant with a strong understanding of the financial sector of the labor market supports the selection process
- you can find a wide range of job opportunities on our website
- whether you're looking for a fixed-term or permanent position, we help you find the job that best fits you
required studies and skills.
You can start a career as a controller by obtaining the following qualifications:
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a specialized degree
To qualify for a controller role, a Bachelor's degree in finance, business administration, or accounting is required. Such a degree provides the necessary skills to perform various accounting tasks. Some employers may also require a master's degree, as controllers often work at a senior level in most companies.
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work experience
Typically, with 2-3 years of financial experience (primarily gained in accounting), you can successfully apply for junior controller positions. With 3-5 years of experience as a controller, you will have enough background to advance to a senior controller role. Gaining experience can start with entry-level bookkeeping and controller assistant tasks.
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permits and certifications
A degree in economics is fundamentally required to fill this position, along with proficiency in accounting. When applying for the role, candidates with REFA international controlling training and knowledge of international accounting standards (IFRS, US GAAP) may have a competitive advantage.
skills.
A controller should have, among other skills, the following:
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financial acumen
A good controller must possess strong financial sense to interpret and analyze the company's financial data. With financial knowledge, they can assess the company's financial position and evaluate the risks associated with investment opportunities.
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problem-solving skills
The controller must handle issues that arise during the preparation of accounting data. With strong problem-solving abilities, they can anticipate risks and find ways to mitigate problems before they escalate.
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team leadership and managerial skills
A controller overseeing a large accounting team must command respect and inspire action within their team. Strong team management abilities can improve internal efficiency, as everyone will be working at their optimal level.
frequently asked questions.
We have compiled the most frequently asked questions regarding the controller position.
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what is the controller's responsibility?
A controller helps manage a company's financial activities, such as preparing budgets and overseeing financial reports. They may also handle basic tasks related to payroll and evaluating investment opportunities.
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is being a controller a tough profession?
Being a controller can be quite challenging, as it requires overseeing the entire organization’s financial activities. Sometimes, it’s difficult to track every transaction and assess the risks associated with business operations. But with a strong team leading the way, everything runs smoothly.
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what’s the difference between a controller and a chief financial officer (CFO)?
The CFO develops a long-term strategy by exploring the company's growth opportunities. The controller oversees daily financial activities within the accounting department and does not make strategic decisions.
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what are the controller's daily responsibilities?
Daily tasks depend on the size of the company. In a small business, the controller handles daily cash flow and accounting activities. In larger corporations, they oversee departments and lead accounting teams.
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what skills does a controller need?
Having a solid level of financial knowledge and a good financial instinct is essential for a controller to make the best decisions for the team. Additionally, strong problem-solving skills are crucial for effectively addressing any issues that arise.
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how can I apply for a controller position?
Applying for a controller position is easy: create your profile on Randstad, and browse our job offers near you. Once logged in, you can apply with just one click for the opportunity that interests you on our website!
