WHAT DOES A CORPORATE CONTROLLER DO?

Published: September 6, 2024 - The Corporate Controller oversees daily accounting operations, including month-end close and tax compliance reporting. Leads process improvements, leveraging technology to reduce complexity and ensure efficient operations. Collaborates with external auditors, manages technical accounting research, and presents complex financial issues to senior management and the audit committee.

A Review of Professional Skills and Functions for Corporate Controller

1. Corporate Controller Duties

  • Financial Reporting: Review financial statement package and perform flux analyses.
  • Audit Coordination: Main contact with external auditors.
  • Audit Management: Manage quarterly review and annual audits.
  • Request Management: Provide PBC items and address additional requests or questions.
  • Team Leadership: Provide guidance to the accounting operations team.
  • Process Improvement: Improve efficiencies and shorten the close process.
  • Regulatory Monitoring: Monitor and interpret FASB new pronouncements.
  • Standards Implementation: Oversee the implementation of new accounting standards.
  • Technical Accounting: Manage technical accounting and processes related to stock-based compensation, leases, capital expenditures, and clinical trial accruals.
  • Policy Management: Maintain and update accounting policies and procedures in accordance with GAAP.
  • Legal Collaboration: Partner with Legal to prepare Annual Proxy Statements.
  • SEC Reporting: Maintain the SEC filing calendar and strive to achieve completion on time.
  • Executive Support: Support the CFO with the preparation of quarterly audit committee presentations and other audit committee-related reports.

2. Corporate Controller Details

  • Succession Planning: Assist in performing all tasks necessary to achieve the organization's mission and help execute staff succession and growth plans.
  • Financial Tools Development: Develop tools and systems to provide critical financial and operational information for use in formulating strategic goals.
  • Budgetary Oversight: Oversee long-term budgetary planning and cost management in alignment with company goals.
  • Financial Reporting: Oversee preparation of monthly, quarterly, and annual financial statements.
  • Month-End Close: Review monthly closing activities including G/L maintenance, balance sheet reconciliations, and G&A and Overhead allocations.
  • A/R and A/P Management: Ensure proper collection of A/R and payment of A/P.
  • Cash Flow Planning: Oversee cash-flow planning and ensure availability of funds.
  • Internal Controls: Ensure maintenance of appropriate internal control and financial procedures.
  • System Improvement: Enhance and implement financial and accounting systems, processes, tools, and control systems.
  • Budget Monitoring: Develop and monitor financial budgets.
  • Financial Reporting: Prepare and maintain regular financial planning reports to include budget variance reports.

3. Corporate Controller Responsibilities

  • Financial Analysis: Prepare a monthly analysis of financial results.
  • Capital Budgeting: Develop and maintain capital budgets.
  • Audit Practices: Remain up to date in audit best practices.
  • Tax Compliance: Remain up to date in tax law both federal and state.
  • Audit Coordination: Coordinate audits and ensure proper filing of tax returns.
  • Regulatory Compliance: Ensure legal and regulatory compliance regarding all record keeping and financial transactions.
  • Risk Reporting: Report risk issues to the Board of Directors.
  • External Auditor Relations: Maintain relations with external auditors and investigate their findings and recommendations.
  • Executive Relationships: Establish and maintain strong relationships with senior executives.
  • Internal Controls: Ensure that effective internal controls are in place and ensure compliance with GAAP and applicable federal, state, and local regulatory laws and rules for financial and tax reporting.
  • Team Leadership: Supervise, mentor, and develop financial and administration team members.
  • Policy Compliance: Maintain compliance with all company policies and procedures

4. Corporate Controller Job Summary

  • Payroll Management: Prepare bi-weekly and semi-monthly payroll.
  • Cash Management: Coordinate and record cash management activities.
  • Accounts Payable Processing: Perform all accounts payable processing in the corporate office.
  • Corporate and Subsidiary Payables: Handle corporate payables, payables for subsidiaries, and allocations of costs incurred on behalf of multiple entities.
  • Expense Review: Review expenses incurred on behalf of multiple entities such as software (MRI) costs, accounting services, analytical services, etc.
  • Fixed Asset Management: Manage fixed asset records, including depreciation, acquisition, and disposal.
  • Inventory Management: Manage inventory records for raw materials, work in process, and finished goods.
  • Corporate Accounting Policies: Oversee corporate accounting policies and procedures, including invoice processing and cash management.
  • Internal Controls: Implement, document, and maintain adequate and effective internal controls.
  • Process Improvement: Implement, document, and maintain processes to improve the close and reporting cycles for timely and accurate reporting.
  • Regulatory Compliance: Ensure compliance with all applicable laws, rules, and regulations.
  • Analytical Review: Perform proper analytical review of asset operations from a balance sheet, income statement, and cash flow perspective, as well as an overall business perspective.

5. Corporate Controller Accountabilities

  • Financial Reporting: Obtain and maintain a thorough understanding of the financial reporting and general ledger structure.
  • Team Leadership: Hire, train, and motivate Finance staff members, including credit and collections staff.
  • Business Acumen: Acquire a strong understanding of the Company’s business, its products, markets, and customers.
  • Process Improvement: Evaluate, develop, and improve department controls, systems, and procedures to increase accuracy and efficiency.
  • GAAP Compliance: Ensure that all accounting processes align with GAAP and current financial legislation.
  • Financial Analysis: Analyze financial data and create reports that help management, stakeholders, and external parties better understand the Company’s business.
  • Record Maintenance: Maintain accurate and complete financial records and participate in audits or reconciliations.
  • Software Implementation: Implement needed application software to enhance the Finance function within the Company.
  • Project Management: Direct special projects and workflow process improvements.
  • Industry Awareness: Keep informed about the latest developments in the finance industry.

6. Corporate Controller Functions

  • Tax Compliance: Ensure accurate and timely compliance with required Property and Sales Tax reporting.
  • Tax Coordination: Coordinate with outside accountants for the completion of all Federal and State income taxes.
  • Business Partnership: Assume a business partner role in working with other departments as they develop strategies, establish objectives, and make decisions which could have a financial impact on the business.
  • Bank Compliance: Ensure the monthly and quarterly bank compliance activities are performed in a timely and accurate manner.
  • Budgeting & Forecasting: Responsible for budget and forecasting activities.
  • Reporting Guidance: Advise staff regarding the handling of non-routine reporting transactions.
  • Management Reporting: Respond to inquiries from the CEO, Executives, and managers regarding financial results, special reporting requests, and the like.
  • Audit Preparation: Produce a clean and timely year-end audit.
  • Personnel Management: Handle personnel issues relating to staff conflicts, absenteeism, performance issues, etc.
  • Staff Development: Work with each direct report to establish goals and objectives for each year and monitor and advise on the progress to enhance the professional development of staff.

7. Corporate Controller Job Description

  • Team Management: Manages and supervises USA Accounting department personnel.
  • Goal Setting: Establishes goals and objectives required to complete projects to ensure alignment with corporate goals and business strategies.
  • Employee Development: Trains and mentors department employees.
  • Audit Compliance: Manages internal and external audit processes and controls to ensure compliance with State and Federal guidelines and Company corporate policies.
  • Policy Development: Develops, implements, and maintains accounting and administrative policies and procedures, financial accounting, and reporting.
  • Financial Review: Reviews and analyzes monthly financial results to ensure accurate and compliant reporting.
  • Accounts Payable Oversight: Responsible for weekly review and approval of Company accounts payable.
  • Payment Compliance: Ensures process and payments are in compliance with corporate policy.
  • Financial Coordination: Coordinates department financial reporting and analysis.
  • Financial Reporting: Conducts financial analysis and prepares detailed financial reports and statements, key metrics reports, and ad hoc financial analysis.
  • Budget Reporting: Responsible for producing Budget vs. Actual financial reporting by cost center and company.

8. Corporate Controller Overview

  • Accounting Operations: Lead and manage the day-to-day accounting operations, including oversight for several subsidiary companies.
  • Team Leadership: Provide direct and indirect supervisory and leadership oversight of department staff, including Accounting Managers.
  • Month-End Close: Perform month-end financial statement close process, including review of journal entries and account reconciliations.
  • Audit Management: Lead and manage quarterly reviews and year-end audit, acting as point person with external auditing firms.
  • Internal Controls: Maintain and update internal controls by Sarbanes-Oxley and COSO framework.
  • Payroll Oversight: Provide general oversight for bi-weekly ADP payroll processing and compliance.
  • Technical Research: Perform technical research and draft accounting memorandums.
  • Contract Review: Collaborate with legal on the review of contracts/agreements to ensure financial terms are reasonable.
  • Vendor Assessment: Participate in CRO bid/proposals to assess the vendors’ capabilities.

9. Corporate Controller Details and Accountabilities

  • Performance Monitoring: Develops and monitors operational business performance metrics.
  • Report Management: Furnishes internal reports, revises and updates reports to be more useful and efficient, and furnishes external reports.
  • Third-Party Reporting: Responsible for developing and maintaining reporting processes for third parties such as banks, insurance companies, and others.
  • Process Improvement: Assesses current accounting operations and leverages technology to offer recommendations for improving and implementing new processes.
  • Financial Close Management: Oversees the financial close process and ensures accurate and timely preparation of financial statements.
  • Technical Accounting: Acts as the primary resource for technical accounting issues, ensures compliance with GAAP, drives the implementation of new accounting pronouncements, and owns the Company’s accounting policies and procedures.
  • Internal Controls: Ensures an efficient and effective system of internal controls and provides leadership in improving the internal control environment.
  • Financial Oversight: Provides overall financial reporting direction and oversight to the Business Unit Controllers.
  • Audit Coordination: Acts as the primary point of contact with external auditors and coordinates the year-end audit.
  • System Implementation: Acts as the Finance and Accounting liaison for all accounting and finance system/operational implementations.

10. Corporate Controller Tasks

  • System Standardization: Provides oversight to include standardization of systems across the Business Units.
  • Budgeting & Forecasting: Leads the department in preparing budgets and forecasts and in analyzing results throughout the year.
  • Collaboration: Develops and maintains strong and collaborative working relationships with key business leaders and provides solutions for new initiatives.
  • Staff Management: Hires, trains, and retains skilled accounting staff.
  • Variance Analysis: Performs detailed analysis of variances, reviews sales, income, and expenditures of the company.
  • Account Reconciliation: Accountable for monthly general ledger account review and reconciliation, ensuring compliance and accuracy.
  • Credit Approval: Reviews, evaluates, and authorizes all new customers and approves credit limits based on Company policy and analysis results.
  • Banking Management: Manages banking relationships with multiple banks, including online banking and creation of wire transfers.
  • Budget Preparation: Prepares annual company financial budget/reforecast(s) and analysis by coordinating detailed components and consolidating into the final draft.

11. Corporate Controller Roles

  • Accounting Operations: Oversee the day-to-day accounting operations of the accounting group, including month-end close and tax compliance reporting.
  • Process Improvement: Implement process improvements and leverage technology to reduce complexity in the close process.
  • Audit Coordination: Work with external auditors to ensure a smooth audit process and communicate the company’s accounting positions.
  • Technical Accounting: Oversee technical accounting research and prepare memos supporting the company’s accounting positions.
  • Policy Review: Ensure the department reviews and updates the accounting policies.
  • Internal Controls: Maintain appropriate internal control safeguards over financial reporting.
  • Management Reporting: Present complex accounting and tax issues to senior management and the audit committee.
  • Team Engagement: Practice strong engagement with team members by accepting diversity of ideas, sharing responsibility for success, demonstrating honesty and integrity, helping employees solve problems, and showing respect.

12. Corporate Controller Additional Details

  • Consultation Support: Support the management as an internal consultant and sparring partner.
  • Process Responsibility: Responsible for the on-time completion and accurate output of the controlling processes in its areas of responsibility.
  • Process Improvement: Collect and develop suggestions for improving the controlling processes and their tools.
  • Data Analysis: Analyze existing data to identify savings potential and support thematic departments and project groups in data analysis.
  • Planning & Forecasting: Coordinate the planning and forecasting process for its area of responsibility.
  • Financial Reporting: Consolidate, report, and analyze NF BU accounts.
  • System Implementation: Implement sound financial systems and internal control.
  • Variance Management: Highlight variances and gaps, and work with the Head of NF BU for corrective actions.
  • Government Compliance: Ensure government compliance in all tasks.

13. Corporate Controller Essential Functions

  • Financial Consolidation: Responsible for preparing the consolidation and publishing timely monthly financial statements.
  • Close Process Management: Responsible for the month-end and year-end close process.
  • Regulatory Reporting: Coordinate the preparation of regulatory reporting and ensure timely submission.
  • Team Management: Manage and support international controllers and a local team.
  • Accounting Treatment: Determine accounting treatment and financial implications of complex and exceptional transactions.
  • Board Reporting: Actively participate in formal reporting to the Board of Directors.
  • Quality Control: Prepare and maintain control, ensuring quality over financial transactions and reporting.
  • Process Development: Develop and document business processes and accounting policies to strengthen internal controls.
  • VAT Compliance: Ensure the quality of the monthly and quarterly VAT submission for international entities.
  • Audit Coordination: Play a key role in interacting with external auditors locally and internationally, ensuring appropriate controls.
  • Tax Participation: Actively participate in corporate taxes, including recording tax entries, preparing and filing tax returns, and handling tax audits.

14. Corporate Controller Role Purpose

  • Department Oversight: Oversight of General Accounting, Tax, Accounts Payable, Payroll, Treasury (including insurance/risk management), Internal Audit, SOX Compliance, and Financial and SEC Reporting functions, including designing an organizational structure to achieve department goals.
  • Team Management: Oversee business unit accounting and finance personnel domestically and internationally.
  • Regulatory Compliance: Ensure policies and procedures comply with professional standards and state and federal regulatory requirements.
  • Risk Reporting: Present financial reporting and potential risk areas to senior management.
  • Financial Reporting: Produce critical financial reports, profit and loss statements, balance sheets, and cash flow statements.
  • Payroll Processing: Ensure payroll is processed accurately and in a timely manner.
  • Month-End Close: Ensure month-end close is performed timely.
  • Chart of Accounts Management: Maintain the chart of accounts.
  • Accounts Payable Management: Ensure accounts payable vendors are paid timely and discount terms are maximized.
  • Internal Controls: Establish and maintain a system of internal control for the company’s domestic and international business units.

15. Corporate Controller General Responsibilities

  • Financial Reporting: Issue timely and complete financial statements.
  • Audit Coordination: Coordinate the preparation and provision of information to external auditors for the annual audit and ensure the timely issuance of the audit report.
  • Metrics Calculation: Calculate and issue financial and operating metrics in conjunction with the Business Intelligence team.
  • Forecast Coordination: Coordinate and assist in the production of periodic forecasts.
  • Cost Reporting: Provide a system of management cost reports and make recommendations for reducing waste and inefficiencies.
  • Financial Analysis: Provide financial analyses.
  • Debt Monitoring: Monitor debt levels and compliance with debt covenants.
  • Technical Accounting: Conduct technical accounting research and prepare accounting memorandums supporting the company’s accounting positions.
  • Process Improvement: Assess current accounting operations, offer recommendations for improvement, and implement new processes.
  • Software Evaluation: Evaluate the effectiveness of accounting software and supporting databases.
  • Staff Training: Train and retain competent accounting staff.
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