Frequently Asked Questions about a Controller
What is the difference between a Finance Director and a Controller?
Controllers and finance directors work at the same level in a company, and the two positions are occasionally used interchangeably.
There are a few methods to tell the difference between a Controller and a Finance Director, though.
Controllers, for example, are usually responsible for financial reporting and correct documentation of financial data such as payroll, tax forms, balance sheets, and income statements.
Finance Directors, on the other hand, are focused on formulating long-term financial strategies based on the company’s existing financial situation.
It’s worth noting that controllers and finance directors both give financial information and serve as members of high management, overseeing the finance and accounting teams at lower levels.
What are the responsibilities of a Controller on a daily basis?
A Controller’s usual day begins with checking their email and voicemail in order to reply to time-sensitive messages from the CFO and Accounting or Finance Managers.
They evaluate current financial data such as balance sheets, tax forms, income statements, accounts receivable, and payable to contribute to financial reports throughout the day.
Controllers also attend meetings with the Accounting and Finance teams to discuss the implementation of new financial accounting standards.
They’re also in charge of organizing and storing financial documents for further inspection.
What characteristics distinguish an excellent Controller?
A competent controller has substantial experience as an accountant, financial planner, finance manager, or accounting manager in the finance field.
Their expertise in these positions enables them to efficiently manage a corporation’s financial reporting and accounting activities.
To transmit information between lower-level firm employees and upper-level management authorities, they must have great verbal and writing communication skills.
Controllers should also have an ethical perspective that drives them to examine financial documentation and point out fraud.
To whom does a Controller answer?
A Controller often reports to a corporation’s Chief Financial Officer (CFO) to explain financial reporting requirements or budgeting constraints.
Controllers are often given information by Chief Financial Officers to communicate to lower levels of management.
