What Does A Controller Do?

WHAT DOES A CONTROLLER DO?

Published: September 25, 2024 - The Controller entails maintaining strict confidentiality, accurately managing financial data, and ensuring adherence to communication protocols regarding sensitive information. Responsibilities include overseeing all aspects of financial management, including monthly variance reports, cash flow forecasting, and the maintenance of financial transactions in compliance with GAAP. The role also involves optimizing internal processes, ensuring compliance with financial policies, and providing strategic financial advice to enhance organizational efficiency and effectiveness.

A Review of Professional Skills and Functions for Controller

1. Controller Duties

Financial Management: Monthly close process, full-cycle functions, intercompany reconciliations.
Team Oversight: Oversee the group ensuring controls are followed and staff properly supervised.
Tax Compliance: Completion and review of monthly HST returns; assist with audits.
Accounting Coordination: Accurate completion of year-end working paper files using Caseware; close interaction with the accounting firm.
Process Improvement: Assist in adherence and reengineering of processes to ensure adequate controls are operating and effective.
Financial Planning: Creation, communication, and enforcement of the monthly financial calendar.
Continuous Improvement: Continuous process improvement strategies.
Project Financials: Prepare project proforma and review sales backlog prepared by project accountants.
Cash Flow Analysis: Produce and continuously analyze cash flow projections for projects.
Company-Wide Projections: Assist with a company-wide cash flow projection.
Construction Management: Manage the monthly construction draw process with the cost consultant and construction lender.
Bank Administration: Daily monitoring and administration of all company bank accounts.
Cash Management: Monitor bank accounts and prepare cash management reports to ensure proper cash flow.
Revenue Management: Responsible for revenue recognition, customer invoicing, and collection.
Transfer Pricing: Prepare Transfer Pricing calculations for the group every quarter.
Tax Preparation: Prepare the company’s tax returns

2. Controller Details

Policy Development: Develop, strengthen, and implement general accounting policies and procedures.
Budget Facilitation: Facilitate the budget process for all departments, offering input and guidance to management.
Revenue Forecasting: Ongoing forecasting of revenues and expenses.
Variance Analysis: Work with management to provide appropriate solutions to potential variances and problems.
Cash Management: Analyze cash flow, manage daily cash revenues, and oversee investment portfolios according to policy.
Operational Assessment: Provide evaluations and assessments to the CEO and Leadership Team regarding the operational and administrative infrastructure of the organization.
Regulatory Compliance: Ensure compliance with CRA filings and other regulatory bodies; prepare the charity tax return and other government financial reporting and remittances.
Audit Liaison: Act as liaison to the Audit Committee throughout the year and with external auditors, including coordination of the annual audit.
Team Oversight: Oversee direct reports to ensure timely and accurate completion of required duties, including bookkeeping functions and maintenance of the general ledger, bank and investment accounts, accounts receivable, accounts payable, and payroll.
Service Provider Management: Oversee and provide direction to service providers.
Vendor Relations: Maintain effective relations with office services provided by a third party and similar functions.
Financial Reporting: Execute overall financial reporting, including preparation of financial statements, management reports and dashboards, financial analysis and recommendations, quarterly and year-end results, and forecasting.
Internal Controls: Review, monitor, and enhance internal controls to ensure adequate financial and risk mitigation controls are in place.
Privacy Oversight: Act as Privacy Officer and oversee all activities related to the Chapter’s privacy, ensuring operational procedures follow relevant privacy laws.

3. Controller Responsibilities

Team Leadership: Lead a team of approximately 10 employees with expectations for additional team members as the business grows.
Accounting Accuracy: Ensure the accuracy of accounting records, including technical, operational, and system accounting needs.
Management Reporting: Own the process to prepare monthly management reporting in accordance with Nestlé’s standards and timelines.
Feedback Review: Review and provide feedback to other Nestlé teams and the Pharma business executive team regarding the accuracy and appropriateness of statements and amounts provided in quarterly earnings releases and call scripts.
Subject Matter Expertise: Serve as a subject matter expert on IFRS and Nestlé’s Accounting Standards (NAS).
Financial Controls: Ensure financial controls documentation and practices conform to Nestlé’s requirements, including working directly with third-party providers.
Stakeholder Engagement: Contribute to the materials for, and participate in meetings with, NHSc and Nestlé leaders.
Proactive Resolution: Identify operational, accounting, and other disclosure matters proactively and work closely with subject matter experts to ensure appropriate resolution.
Audit Coordination: Coordinate periodic reviews with internal and/or external auditors.
Process Operationalization: Operationalize changes to financial processes and systems to meet the needs of a growing business, including support for both product offerings and international expansion efforts.
Business Model Implementation: Implement accounting for changes to the business model and operating structure, including legal entity structure, intercompany transactions, and related profit sharing.
Integration Management: Integrate the financial activities of acquired businesses.
Synergy Implementation: Identify and implement synergies with other NHSc and Nestlé businesses.

4. Controller Job Summary

Accounting Management: Manage every aspect of the accounting records, reporting, and systems, including monthly, quarterly, and annual financial reporting.
Balance Sheet Reconciliation: Reconcile balance sheet accounts on a monthly basis.
Cash Flow Analysis: Create and analyze cash flow budgets, projections, and actuals.
Accrual Management: Ensure accruals are managed for proper revenue and expense matching.
Inventory Management: Maintain inventory system, calculate the cost of goods sold, and report findings to management.
Budget Implementation: Implement annual budgets and compare financial results to budgets.
Results Reporting: Report results to management on a monthly basis and make suggestions for improvements.
Financial Reporting: Prepare and deliver monthly financial reporting packages for executive management.
Cash Planning: Possess a thorough understanding of the company’s financial obligations and plan cash requirements accordingly.
Bank Reconciliation: Reconcile bank accounts monthly.
Internal Controls: Establish and maintain internal controls and segregation of duties to protect the financial assets of the company.
Accounts Payable Management: Ensure timely and accurate payment of accounts payable.
Liaison Role: Act as liaison with CPA firm (PwC) and bankers.
Tax Compliance: Assure current filing and payment of all taxes—federal, state, and local.
Payroll Management: Assure timely and accurate preparation of payroll.
Data Entry: Ensure data is accurately entered into a web-based payroll software program.
Deduction Tracking: Track paycheck deductions and reimbursements.

5. Controller Accountabilities

Month-End Close: Own the month-end close process, including closing each accounting segment, ensuring all entries have been posted, and reviewing all income, expense, and balance sheet accounts to ensure all accruals and necessary transactions have been accounted for.
Financial Analysis: Consistently analyze financial data and present financial reports in an accurate and timely manner, clearly communicating monthly, quarterly, and annual financial results.
Inventory Costing: Assist with the tracking and proper costing of inventory and work in process.
Variance Analysis: Compare actual results to the financial budget to identify, explain, and correct variances as necessary.
Performance Metrics: Perform cost-benefit analysis, valuation analysis, and track key performance indicators and other critical metrics.
Compliance Oversight: Oversee all ledgers and reporting systems, ensuring compliance with all appropriate GAAP standards and regulatory requirements.
Leadership Development: Demonstrate leadership skills and experience in managing the finance group through collaboration and teamwork.
Team Mentoring: Develop and mentor the members of the current accounting team, clarify roles and responsibilities, and implement cross-training programs to help them reach their full potential and prepare for increased responsibilities.
Cash Management: Assist with all cash management and treasury responsibilities and help with bank reporting requirements.
Payroll Review: Review weekly ADP payroll processing to ensure correct payments are made to employees and that expenses are properly recorded within the ERP system.
Audit Coordination: Coordinate all audit activity for both financial and 401(k) audit engagements with the company’s outside auditors.
Internal Communication: Provide leadership in strengthening internal communications with employees at all levels throughout the organization.
Work Environment: Create and promote a positive and supportive work environment.

6. Controller Functions

Accounting Policies: Maintain a documented system of accounting policies and procedures.
Team Leadership: Provide leadership and development to the office and accounting team.
Performance Reviews: Provide direct reports with timely and relevant performance reviews.
Control Systems: Implement a system of controls over company accounting and finance transactions to protect assets.
Financial Reporting: Oversee the production of financial reports, ensuring accuracy.
GAAP Compliance: Ensure financial statements comply with Generally Accepted Accounting Principles and established policies and procedures.
Account Reconciliation: Ensure balance sheet account reconciliations are prepared to support the accuracy of records.
Performance Benchmarking: Recommend benchmarks that will be used to measure the company’s performance.
Informational Reporting: Prepare informational reports for management to facilitate timely decisions.
Internal Controls: Ensure company internal controls protect assets and promote operational efficiency and profits.
Strategic Recommendations: Make recommendations for the company in areas including systems, cost containment, efficiency, profitability, and technology.
Budgeting: Produce the annual budget and forecasts.
Budget Reporting: Report significant budget differences to leadership.
Financial Analysis: Provide financial analysis, with emphasis on capital investments, pricing decisions, and contract negotiations.
Audit Support: Work with external auditors and provide needed information for the annual audit.
Regulatory Compliance: Ensure compliance with local, state, and federal government requirements.

7. Controller Job Description

Month-End Oversight: Oversight of month-end close procedures, including account reconciliations, monthly accruals, and the preparation of financial statements and management reports.
Ledger Review: Review and analyze the general ledger and financial statements; prepare appropriate accrual and adjusting entries.
Variance Analysis: Prepare balance sheet and income statement variance analysis for management.
System Implementation: Hands-on implementation of accounting systems.
Process Assessment: Assess current accounting processes and assist in the development and implementation of new procedures and optimization of various systems and processes.
Bill Payment Supervision: Supervise the bill payment process.
Regulatory Compliance: Ensure compliance with local, state, and federal government reporting requirements and tax filings, including sales tax in multiple states.
Banking Management: Manage banking relationships and requirements, including performing weekly cash forecasting.
Audit Coordination: Coordinate external audit activities.
Department Oversight: Oversee the operations of the Accounting department.
Regulatory Compliance Management: Ensure accounting compliance with all regulatory requirements.
Record-Keeping Control: Maintain an accurate system of accounting record-keeping by setting comprehensive controls and documenting processes.
Staff Supervision: Supervise and manage the Payroll, Accounts Payable, and Accounts Receivable staff.
Professional Relationships: Maintain positive working relationships with all outside professional services, including auditors, CPA firms, financial institutions, etc.

8. Controller Overview

Accounting Management: Manage accounting operations, including supervision of A/P, A/R, and credit processes, with direct involvement in all other accounting functions.
Operational Leadership: Lead day-to-day accounting operations, including period and annual financial close, and monthly general ledger account reconciliations of cash, A/R, inventory, inter-company transactions, fixed assets, liabilities, equity, and payroll, ensuring compliance with GAAP standards.
ERP Oversight: Oversee development and maintenance of the current ERP system, including analysis of labor, overhead, and other production costs for new and existing product lines.
Financial Statement Preparation: Prepare and publish monthly and annual financial statements.
Variance Analysis: Work with department managers to research and prepare variance analysis and corrective actions.
Performance Reporting: Analyze, summarize, and report financial performance, key performance indicators & trends, and all areas of revenue, cost of sales, indirect expenses, inventory, and capital expenditures, to provide accurate and timely recommendations for decision-making and support continual improvement and company objectives.
Business Valuation Coordination: Prepare, accumulate, and coordinate information flow for the annual business valuation.
Accounting Resource: Act as a resource to other departments regarding all accounting issues, reporting, and analysis.
Financial Reporting Expansion: Drive the adoption of expanded financial reporting within the ERP system.
Cost System Development: Oversee the development and maintenance of the standard product cost system.
Audit Coordination: Coordinate the flow of information with external professionals to facilitate audits and meet deadlines to ensure compliance with federal and state regulations.
Audit Information Management: Coordinate with internal teams to ensure all information is completed and accumulated for timely completion of the financial audit with minimal audit adjustments.
Internal Controls Review: Review and maintain a system of internal controls to safeguard assets.

9. Controller Details and Accountabilities

Financial Data Management: Responsible for collecting, reviewing, and interpreting financial data to produce accurate and timely financial reports.
Month-End Close: Manage the completion of the month-end close process.
Audit Management: Responsible for effectively handling all company audits, including trade unions, federal, state, local, and insurance-related audits.
Cash Reconciliation: Responsible for the reconciliation of the company’s cash and deposit accounts.
Financial Presentation: Responsible for accurate and timely month-end, quarter-end, and yearly close, along with the presentation of financials to management.
Journal Entry Review: Create and/or review journal entries, account reconciliations, and supporting analysis as part of the month-end close process.
Variance Analysis: Provide detailed account variance analysis to management.
Audit and Tax Oversight: Manage all audit, tax, and budgeting requirements.
Project Participation: Participate in ad-hoc accounting and finance projects.
System Implementation: Identify, implement, and own updated systems and processes around A/P, A/R, collections, procurement, credit card transactions, and T&E reimbursement.
Interdepartmental Liaison: Serve as a point of contact to other departments regarding any accounting-related transactions.
Collaboration: Collaborate with colleagues and management throughout the organization to ensure appropriate controls and processes are operating efficiently and effectively.
Client and Vendor Interaction: Interface directly with clients and vendors in the timely resolution of queries and issues.
Coaching and Development: Provide coaching to direct reports, assisting employees in professional development.
Talent Evaluation: Conduct annual evaluation of departmental team talent.

10. Controller Tasks

Accounting Operations Oversight: Oversee all accounting operations (e.g., A/R, A/P, inventory accounting, fixed asset accounting, payroll and sales commissions, revenue recognition, state taxes, annual tax provisions and filing, transfer pricing).
Treasury Management: Oversee treasury and cash application.
Financial Statement Preparation: Prepare and consolidate monthly and semi-annual financial statements and analysis for domestic and international entities.
General Ledger Management: Manage all aspects of the general ledger, including reconciliation, variance identification, and investigation to ensure compliance with U.S. GAAP and IFRS, and reporting to the CFO.
Internal Controls Establishment: Establish and maintain internal controls, including documentation of accounting policies and procedures and master data governance.
Budgeting and Forecasting Support: Assist with budgeting and forecasting processes led by FP&A partners, focusing on balance sheet and cash flow forecasts and management.
Management Reporting: Prepare management reports and analysis to measure business performance against budgets/forecasts and operational effectiveness via KPIs.
Audit Leadership: Lead all financial audits and liaise with external and internal auditors.
Project Leadership: Perform and lead special projects, driving results through cross-functional teams.
Process Improvement: Embrace continuous improvement (e.g., streamline close cycle), partnering with others to identify and execute process improvement initiatives, including in-flight ERP implementation.
Team Development: Build and develop a high-performing, collaborative team.
Technical Research: Research technical accounting issues for compliance.
Quality Control: Ensure quality control over financial transactions and financial reporting.
Regulatory Compliance: Assure compliance with local, state, and federal government reporting requirements.
Process Documentation: Develop and document business processes and accounting policies to maintain and strengthen internal controls.
External Auditor Relationship Management: Oversee the company’s relationship with outside auditors.

11. Controller Roles

Standard Practices Development: Develop and document standard practices and procedures for all accounting matters.
Implementation Coordination: Coordinate the implementation of those practices and procedures throughout the company, including inventory management, treasury operations, sales, shipping, receiving, and production.
Accounting Records Oversight: Responsible for all accounting records and practices (i.e., approval of new GLs; period-end close).
Financial Transaction Accuracy: Oversee and assure the accuracy of the recording and reporting of all financial transactions by GAAP.
Close Process Management: Manage the period-end close process (month, quarter, and year), which includes preparation and accurate reporting of the financial statements and other financial reports of the company as of a period end.
Operations Management: Manage all accounting operations, including A/R and A/P operations.
Inter-company Reconciliation: Handle inter-company accounting reconciliation and consolidation.
Contract Management: Maintain a record of all contracts and leases.
Budget Preparation Support: Assist in the preparation of the annual budget and subsequent forecast updates.
Variance Reporting: Prepare period (monthly, quarterly, and annual) variance reports that measure actual versus forecasted performance.
Tax Supervision: Supervise all matters relating to taxes.
Tax Filing Coordination: Oversee and coordinate the timely filing of all taxes—state and federal.
Tax Compliance Policies: Develop and administer policies and procedures for compliance with all applicable laws, rules, and regulations related to taxes.
Asset and Liability Management: Responsible for assuring that all company assets and liabilities are properly accounted for and adequately insured.

12. Controller Additional Details

Transaction Management: Identify, track, invoice, and account for transactions with related entities.
Accounting Operations Oversight: Oversee accounting operations, including financial reporting and analysis, accounts receivable/invoicing, collections, payroll, accounts payable, policy and procedures, and GAAP compliance.
Asset Management: Asset management and reporting.
Financial Statement Preparation: Preparation of timely and accurate monthly financial statements.
Policy Development: Development and documentation of accounting policies and procedures.
Key Metrics Reporting: Regular reporting of key metrics.
Internal Controls Implementation: Institution of internal controls around financial reporting.
SaaS Accounting: Accounting for SaaS business model operations.
Staff Development: Recruitment, management, and development of staff.
Ledger Closing Management: Management of monthly and year-end general ledger closing activities.
Balance Sheet Reconciliation: Oversight of the production of accurate monthly balance sheet account reconciliations and analysis.
Audit Process Management: Management of year-end financial audit process, including interaction and correspondence with external auditors.
Variance Analysis: Provision of monthly variance analysis of revenue and expense accounts.
Cap Table Maintenance: Maintenance of a cap table and tracking of phantom stock arrangements (as applicable).
Cash Flow Management: Assistance with cash management by monitoring, reporting, and analyzing ongoing cash flow.
Business Reporting Development: Development of enhanced business reporting and assistance with the annual budget process.

13. Controller Essential Functions

Monthly Close Oversight: Oversight of the monthly accounting close process, including analytical review of monthly operating results and key performance measure reports, ensuring accurate financial reporting and appropriate documentation and support of all financial entries.
Financial Statement Preparation: Preparation and/or review of financial statements and related fluctuation analysis and management reports.
Cash Management: Cash projection analysis and management of cash balances.
Payroll Oversight: Oversight of payroll processing and tracking.
Internal Controls Implementation: Implement, document, and maintain adequate and effective internal controls and processes to ensure timely and accurate financial and management reporting.
Regulatory Compliance: Ensure compliance with all applicable laws, rules, and regulations.
GAAP Guidance: Provide technical accounting GAAP guidance and support to all team members.
Fundraising Coordination: Coordination and distribution of financial data related to equity and debt fundraising due diligence.
Options Tracking Coordination: Coordination of options tracking and related paperwork and accounting.
Insurance Renewal Coordination: Coordination of insurance renewals and financial analysis of related renewals.
Revenue Recognition Management: Responsible for proper timing and application of revenue recognition rules.
Tax Coordination: Coordinate the completion of schedules required by external CPA to prepare Federal and State income tax returns; coordinate the completion of appropriate DE Franchise, property, sales and use, payroll, and other local tax business license filings.
Forecasting and Budgeting: Prepare monthly financial forecasts, annual budgets, and multi-year financial models.
Financial Reporting Package Preparation: Prepare monthly financial reporting package and Board of Director slides.

14. Controller Role Purpose

Confidentiality Management: Maintain confidentiality and understand the level of communication for sharing financial information.
Variance Reporting: Review monthly results and implement monthly variance reporting.
Cash Flow Management: Manage cash flow and prepare cash flow forecasts per policy.
Transaction Documentation: Document and maintain complete and accurate supporting information for all financial transactions.
Financial Statement Preparation: Develop and maintain timely and accurate financial statements and reports that are appropriate for users and in accordance with generally accepted accounting principles (GAAP).
Accounting Oversight: Oversee the accounting function, including maintenance of the general ledger, accounts payable, accounts receivable, and payroll.
Policy Development: Develop, implement, and ensure compliance with internal financial and accounting policies and procedures.
Audit Coordination: Prepare all supporting information for the annual audit and coordinate with external auditors as necessary.
Project Financial Records: Maintain financial records for each project in a manner that facilitates management reports.
Project Reporting: Provide accurate and timely reporting on the financial activity of individual projects.
Risk Management Monitoring: Monitor risk management policies and procedures to ensure that program and organizational risks are minimized.
Financial Advisory: Advise the organization's leadership on financial matters.
Efficiency Recommendations: Make recommendations for modifications to existing procedures to improve efficiencies.
Capital Expense Management: Manage the capital expense approval and reporting process.
Compensation Tracking: Oversee commission and incentive plan compensation computation, tracking, and payment.

15. Controller General Responsibilities

Department Oversight: Oversee the finance/accounting department in a manufacturing environment; food or beverage industry experience is highly preferred.
Report Preparation: Prepare or direct the preparation of reports that summarize and forecast company business activity (financial statements, P&L, business activity reports, financial position forecasts, annual budgets, or reports required by regulatory agencies) and financial position in areas of income, expenses, and earnings based on past, present, and expected operations.
Financial Monitoring: Monitor financial activities and details such as reserve levels to ensure that all legal and regulatory requirements are met.
Cash Management: Monitor and control cash balances, cash forecasts, receipts, disbursements, protection of cash, and compliance.
Software Oversight: Oversee all financial software and make recommendations for improvements.
Insurance Advisory: Advise management about insurance coverage for protection against property losses and potential liabilities.
Tax Advisory: Advise management on desirable operational adjustments due to tax code revisions.
Internal Controls Enforcement: Ensure that proper internal controls are in place, enforced, and reviewed periodically for conformance to accounting and financial best practices, standards, and applicable regulations.
Audit Coordination: Conduct or coordinate audits of company accounts and financial transactions to ensure compliance with state and federal requirements and statutes.
Authority Delegation: Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments.
Closing Process Coordination: Coordinate the month-end and year-end closing process.
Financial Statement Review: Review company financial statements for accuracy and clarity.
Policy Knowledge Maintenance: Maintain current knowledge of organizational policies and procedures, federal and state policies and directives, and current accounting standards.
Employee Supervision: Supervise employees performing financial reporting and accounting.

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