what is a controller?
Controllers are senior-level executives who work as heads of accounting in companies. They oversee the preparation of financial reports, including income statements and balance sheets. They are also responsible for ensuring accurate ledgers and eliminating any accounting mistakes. Banks, government agencies and large corporations employ controllers.
As a financial controller, you work closely with an organisation's budget, audit, accounting and other accounts-related departments. You are responsible for producing the reports that determine the company's financial outlook over time. You ensure the accurate and timely completion of monthly financial statements. Controllers are also in charge of submitting paperwork to statutory regulatory authorities. This record-keeping promotes honesty, efficiency and accuracy within the company. Companies expect controllers to improve processes within each team and meet reporting deadlines efficiently.
As a controller, you may also be responsible for staff management. In smaller companies, you may be the only accountant. You report directly to the president or board of directors to offer insight and provide recommendations for managing the company's finances. When identifying trends for budgeting and forecasting purposes, you express ideas in terms that everyone can understand.
People with analytical mindsets are most likely to succeed in the position. To be a good controller, you will be motivated and flexible in your approach to learning. Your role may also have an IT component and include business development. Your ability to thrive in this challenging role will be reflected by how well you respond to unexpected changes and expectations within the company.
Would working as a controller suit your financial and business acumen? Then read on to find out what competencies and qualifications you need to thrive in a controller role.
view jobsaverage salary of a controller
According to Payscale, the average annual salary for a financial controller in India is ₹1934034 and the average salary for a corporate controller in India is ₹1350000. Your compensation package usually includes some allowances and non-monetary benefits. Some companies also offer annual bonuses.
how to increase a controller’s salary
Your compensation package as a controller depends on your experience and the company’s size. When you have extensive experience, you can command a higher salary to match the skills and expertise you bring to your employer. Your qualifications are also relevant when negotiating your salary. When you have extra certifications or a master's degree, you will probably earn more than controllers with an undergraduate degree.
When you work in a small company, you have lower salary prospects due to your employer’s limited resources. In addition, your duties may not be as complex in a company with a simple financial management policy. In large organisations, your compensation package reflects your increased specialisation and the complexity of the financial data you work with.
types of controllers
Some types of controllers include:
- finance controller: as a financial controller, you lead a team of accountants overseeing day-to-day financial operations. Your job is to supervise accounting functions and you are in charge of the company's records and books. Apart from analysing the accounting records, you need to understand your company’s business operations to provide accurate analysis that supports strategic business decisions.
- credit controller: as a credit controller, you analyse the company's available credit and assess its business debts. You manage credit assessments, develop payment plans and keep accurate financial records and repayment terms for each creditor. You also ensure the company receives money from its creditors on time.
working as a controller
Working as a controller involves looking at the bigger picture of the company's financial resources and assisting the management with financial strategy. Let's explore the specific duties and tasks of a controller.
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duties and responsibilities
A controller's main tasks include:
- accounting and cashflow maintenance: as controller, your job starts with daily accounting tasks like managing accounts payable and receivable and processing payroll. In small businesses, you also oversee daily cash flow tasks and minimise inefficiencies in cashflow.
- implementing bookkeeping policies: as a controller, you assist small businesses with developing bookkeeping policies and official accounting procedures. If the company has existing bookkeeping policies, you help them adapt the policies to their expansion and growth strategies.
- financial management reporting: as controller, you help businesses assess their current financial health by generating reports. When you close an accounting period, you generate financial statements to analyse the company's financial position. You also provide monthly reports to help decision-makers develop strategies for cashflow improvements.
- completing internal audits: as a controller, you advise on the best times for a business to perform internal audits, from departmental audits to audits of the whole company. Sometimes, you are required to conduct audits or supervise the auditing team. You may be asked to prepare the company's accounts for an external audit.
- business budgeting and forecasting: controllers assist financial managers with forecasts based on historical financial data and market trends. They also complete financial planning by creating budgets for the entire organisation and allocating funds to each department.
- conducting risk evaluation and due diligence: as a controller, you identify and analyse potential events that will negatively impact the company's financial health. You also review and investigate investment opportunities and merger deals for the business.
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work environment
A controller's typical work environment is indoors in an office. You often work in government buildings and urban settings. Controllers are expected to attend meetings and discuss financial policies with other executives. Therefore, occasional travel for company conferences and training sessions may be necessary. A controller can also work remotely or from home and perform all their duties except for occasional mandatory office meetings.
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who are your colleagues?
Depending on your employer, your colleagues might include accountants, finance analysts and auditors. You might also be working in close proximity to sales directors and bookkeepers, as well as other specialists that could include credit managers, accounting technicians and office managers.
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work schedule
Most controllers work more than 40 hours weekly, with an average workweek of 43 hours. However, some controllers work over 10 hours daily, six days a week. Sometimes you are required to work at weekends if your employer asks you to attend professional meetings and seminars. Most organisations allow controllers to operate flexible schedules. Therefore, you can work full-time or part-time, depending on the demands of your role.
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job outlook
As a controller, you supervise all accounting staff, including accountants and payroll, finance, and tax managers. Due to the supervisory nature of your role, you can easily transition to senior-level management positions. For instance, some controllers become the chief finance officers, treasurers or chief executive officers. Some controllers choose to specialise in specific industries or business functions, such as credit control or financial control.
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advantages of finding a controller job through Randstad
Finding your controller job through Randstad provides important advantages, such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid on a monthly basis
- temporary and permanent contracts
Looking for a permanent role? A temporary job as a controller is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers, thanks to a temporary job found through Randstad.
education and skills
Some of the key steps for becoming a controller include:
- a relevant degree: a bachelor's degree in finance, business administration or accounting is essential for becoming a controller. Your degree equips you with the skills you need to perform various accounting functions. Some employers also require a master's degree since you will be working at a senior level in the company.
- work experience: controllers have over five years of experience in financial roles. To build your skills, you can gain experience through entry-level accounting and assistant controller roles.
- licences and certifications: as a controller, you fulfil the requirements of professional bodies to gain a certification as a Chartered Accountant, Certified Public Accountant or a Certified Financial Analyst. After acquiring your licence, you must keep it in good standing.
skills and competencies
Some of the qualities that will help you excel as a controller include:
- financial acumen: a good controller needs strong financial acumen to interpret and analyse the financial data of a company. Financial understanding helps you to evaluate a company's financial health and assess its investment risks.
- problem-solving skills: as a controller, you manage any issues that arise while preparing accounting information. With your problem-solving skills, you can anticipate risks and find ways to mitigate problems before they escalate. You also assist with process optimisation to drive efficiency and save costs.
- team management and leadership skills: as a controller leading a large team of accounting and finance experts, it is essential to command respect and inspire your team. With good team management skills, you improve internal efficiency since all employees perform optimally.
FAQs about working as a controller
FAQs about working as a controller:
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what is the purpose of a controller?
A controller assists with managing the financial operations of a business. You prepare budgets and oversee financial reporting. You also perform essential duties related to payroll and evaluating investment opportunities.
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is controller a difficult job?
Being a controller can be challenging since you oversee all financial activities in the organisation. Sometimes, it can be challenging to keep track of all the operations and risks associated with business activities. However, your work will be seamless if you have the right qualities and experience and a great team.
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what’s the difference between a controller and a cfo?
A Chief Financial Officer (CFO) is in charge of strategising the company's financial future through expansion opportunities. A controller is concerned with the day-to-day financial operations in accounting departments and is not involved in strategic decision-making.
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what are the day-to-day duties of a controller?
Your daily tasks depend on the size of your company. When you work for a small business, you will be involved in daily cash flow and book-keeping operations. In large companies or government organisations, you supervise departments and manage accounting teams.
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what skills should a controller have?
Your technical accounting knowledge and financial acumen enable you to make the best decisions as a controller. Problem-solving skills help you manage any issues that crop up.
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how do I apply for a controller vacancy?
Applying for a controller job is easy: create a Randstad profile and search our job offers for vacancies in your area. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
