The corporate controller is typically in charge of all financial and accounting functions in a company. Budgeting, billing, accounts payable and receivable, forecasting and projecting, reporting, treasury administration, and tax estimation and filing are among the functions he or she will oversee. Furthermore, the corporate controller will collaborate with a team to develop, document, and implement accounting and financial policies. In order to streamline accurate reporting procedures, he or she will also troubleshoot accounting or finance issues and create procedures to resolve them. The position’s overall responsibilities include reducing financial risks, improving accounting and financial process accuracy, and ensuring compliance with generally or internationally accepted accounting principles.
The corporate controller’s job description includes management responsibilities. He or she will maintain documented systems for financial and accounting procedures in addition to supervising accounting and financial staff and processes. In addition, the controller will oversee all outsourced accounting and financial functions contracts. Because the controller is in charge of the accounting department, he or she will ensure that it is structured in such a way that it achieves its goals and objectives efficiently. He or she may also be in charge of the accounting operations of the company’s other subsidiaries.
The corporate controller’s primary responsibilities include transaction management and financial reporting. Accounts payable must be paid on time, accounts receivable must be collected on time, payroll must be processed correctly, banking reconciliation must be completed, and debt payments must be collected on time. The position’s responsibilities include chart of accounts maintenance, accounting filing systems, and systems for controlling and carrying out financial transactions. The job also entails accurate and timely reporting of all financial reports, statements, budgets, and forecasts. Financial analysis is also a necessary job function in order to detect discrepancies and maintain financial health.
The corporate controller may also be responsible for filing quarterly and annual reports with the Securities and Exchange Commission, depending on the size of the company and whether it is publicly traded (SEC). He or she may also take on the role of Chief Financial Officer in smaller companies that aren’t publicly traded (CFO). Compliance is also an important aspect of the job. While taxes are part of the compliance function, the corporate controller will also be responsible for complying with all outside audits and monitoring the company’s debt levels to ensure that they are in compliance with company policy.