Controller Job Description Salary, Duties, Skills, Certification & More

A high level of pride-of-ownership in the accuracy and timeliness of the company’s books, combined with four-star ethics, are necessary characteristics of successful controllers. In other words, it’s important to successful controllers that their resultant financial data be right — and they’ll stop at nothing to make it so — because it must be trusted by senior executives. The controller plays a large role in formulating company budgets and ensuring that expenses are in line with projected revenue. The job requires ensuring that the company makes accounts payable payments on time and that debt is serviced properly.

However, in some cases, even that plus a slew of experience won’t be enough. Some companies view a Master’s degree as being an appropriate minimum. This is especially true for larger corporations with complex financial operations. Most assistant controllers come from auditing or cost control backgrounds, and many already have CPA certifications. Most assistant controllers need to demonstrate strong competency in the use of financial management software.

For example, controllers may be asked to quantify quarterly spend on headcount, but they may be left out of executive meetings on organizational restructuring initiatives. Studies show that nearly 50% of controllers hope to be CFOs someday, but fully half see financial controllership as their career pinnacle. It’s this combination of hard and soft skills that make financial controllers so important to businesses. No hard and fast educational requirements exist for those wishing to become company controllers. A controller must often have around at least 10 years of professional experience, though larger public companies will often require more.

• Controller functions vary across companies owing to the size and complexity of the business and the industry.
• Okay, let’s say you have those technical capabilities covered, putting you at the front of the pack.
• CPA licensure requirements vary by state but usually include a bachelor’s degree and at least two years of accounting experience.
• As a result, having a few can strengthen your position, increasing the odds you’ll land an interview and, potentially, the job.

Alright, it’s true that the controller job description above is incredibly vague. Luckily, by taking a deep dive into a controller’s responsibilities, the picture gets a lot clearer. The second is to execute an operational strategy for the finance team. Typically, the controller is a senior manager, with a sharp acumen for numbers and formal training in accounting. The controller reports to either a CFO or CEO and supervises staff accountants and bookkeepers.

Why Are Financial Controllers Important?

However, this is just the median number, and among the 50% who make more than this, many make a lot more. Controllers at Fortune 500 companies regularly earn well into six figures and sometimes more than $250,000. However, the advantage to working for a small business is that high-ranking employees, such as controllers, often get to share in the growth of the company.

• But the challenge is maintaining a balance, especially when circumstances tip the scales to favor traditional tasks.
• One uses revenue as a measurement, with multiple studies coalescing around a $25 million threshold, while others recommend $50 million to $100 million.
• One such position is the controller (sometimes spelled “comptroller,” but always pronounced “controller”), who is the person responsible for a firm’s accounting-related activities.
• This may range across all finances departments including accounts payable, purchasing, vendor management, treasury, financial reporting, and financial planning.
• A controller and comptroller simply have similar roles in different industries.
• In the accounting profession, details are crucial, and even small mistakes can be costly.

Also, a company may employ a junior status to candidates that must first demonstrate proficiency in the role before getting promoted. Bank reconciliation is another of the controller’s responsibilities. During a reconciliation, the person performing the process ensures that every debit or credit on a bank statement or credit card bill is accurate and accounted for. This way, the company can protect themselves against embezzlement or other kinds of fraud. It also protects the company from honest mistakes on the part of the bank or financial institution. Often, when it’s time to adjust the service menu or add a new product to the lineup, a company’s controller plays a vital role.

Key Differences Between a Controller and a CFO

Some controllers also come from auditing or cost control backgrounds. Bureau of Labor Statistics (BLS), financial management careers—which include financial controllers—typically pay above-average salaries and see strong demand. A controller’s responsibilities extend beyond performing calculations and generating financial records. Since controllers contribute to their organization’s overall financial strategy, they need sharp analytical skills to extrapolate actionable meaning from raw numbers. Regarding education, becoming a financial controller almost always requires at least a bachelor’s degree in accounting, finance, business administration, or a similar field.

A CFO’s purview covers overall market conditions, competitive analysis — in some cases — and the company’s equity structure. The controller, also referred to as a comptroller in government and nonprofit businesses, is responsible for maintaining accurate books and records and for running the day-to-day activities of the accounting department. Financial management careers offer solid job security, strong salary potential and plenty of room for advancement. In the accounting field, these senior finance professionals lead accounting departments and help shape financial strategy at organizations of all sizes. Accounting professionals who make it to the controller position enjoy above-average salaries. According to the Bureau of Labor Statistics, as of May 2019 the median annual income for a controller (listed as financial managers) is $129,890.

Understanding Financial Controllers

We are based in the USA, and offer the world’s fastest pro controllers. With over 10 years of pro controller manufacturing, we helped invent the competitive controller industry as you know it today. The number of accounting and auditing jobs in the United States is only expected to increase by 4% between 2019 and 2029. Together, those techniques will help you craft meaningful, engaging, story-driven answers. That makes it more likely that your responses will be relevant and interesting, increasing the odds that they’ll provide the hiring manager with genuine value. If you want to add some spice to your interview answers, wander on over to the company’s website.

This report provides information on factors that can have a more positive impact, provide more value, and help professionals in the controllership function evolve into strategists and catalysts within their organizations. Earnings for financial controllers depend on the size of the company, the industry, whether the company is public or private, the number of staff supervised and where the position is located. Median annual salaries range from $90,000 to $110,000 per year, according to various studies.

What Are a Controller’s Duties & Responsibilities?

CFOs and controllers are both seasoned professionals, with backgrounds in accounting or finance. In small companies where there is only one role, responsibilities tend to blur together, based on the needs of the company and its CEO. When there are distinct roles, their respective duties tend to line up as follows. At smaller companies, the same individual might act as both controller and CFO.

NOW CFO is a “roll-up our sleeves” full service consulting firm with a singular focus on outsourced CFO, Controller, accounting, and finance needs. Accountants of all stripes serve as bookkeepers or analyze the work of other bookkeepers. They work to prevent fraud and maintain accuracy for their co-workers, investors, creditors, and regulators. Many become Certified Public Accountants (CPAs) and are held to a strict code of professional ethics, not unlike those in the medical industry. Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom. Some employers also place a high priority on experience in their industry.

As organizations increase in size, the controller may be a senior manager reporting to the CFO or CEO. At larger companies the controller may be assisted by other accountants. Those assisting could have have titles such as assistant controller, accounting manager, cost accounting manager, tax manager, accounts payable manager, credit manager, payroll manager, and so on. These managers may then be supervising accountants and accounting clerks. While the steward and operator are defined within a more traditional role, the strategist and catalyst roles provide a value-add opportunity for controllers within an organization. A CFO is the top financial executive in a firm, responsible for its overall financial strategy.

When you outsource with Paro, you can define the role to your company expectations and gain a leader who will provide the financial expertise needed to help your business grow. Outsourcing with Paro can also save money on recruiting, overhead and other costs. The median annual salary for financial credit memorandum updated overview, definition and example banking and finance managers—which includes controllers—was $134,180 in 2020 according to BLS data. In some industries, the term “comptroller” indicates an even more senior position and, ostensibly, an even higher salary. Often, the controller has one or two assistant controllers at their disposal.

What is the difference between a controller and a CFO?

While large companies have more robust accounting departments, at a smaller company, the controller may be the only accountant on staff. These controllers take on a variety of duties and execute more day-to-day accounting tasks like bookkeeping. At larger companies, the controller usually reports to the chief financial officer (CFO).

The role of the financial controller varies with the size of the business. Controllers in small companies, whether internal or contractors, are mostly involved in detailed accounting tasks that are beyond the skills of the company’s bookkeepers. In midsize enterprises — where responsibilities are broadest — financial controller duties are likely to include project management, technology, insurance and compliance functions. In large enterprises, financial controllers work with chief financial officers (CFOs), chief accounting officers (CAOs), finance managers and treasurers to control the finance and administration function.