WHAT DOES AN ASSISTANT CONTROLLER DO?

The Assistant Controller ensures accurate and timely processing of supplier invoices, conducts detailed analyses of expense invoices, and manages cash disbursements. This role also encompasses the reconciliation of bank and general ledger accounts, preparation of financial statements, and tracking of various taxes. Additionally, the position involves coordinating payroll functions, administering group insurance benefits, and maintaining employee records.

A Review of Professional Skills and Functions for Assistant Controller

1. Assistant Controller Duties

  • Communication Enhancement:  Improve system for manager communications related to client payments and develop metrics/standards for aging receivables.
  • Financial Reporting: Support the monthly close process to ensure the issuance of timely and complete financial statements.
  • Financial Analysis: Provide financial analysis.
  • Payroll Management: Ensure payroll is processed accurately and in a timely manner.
  • Regulatory Compliance: Oversee the process of establishing and maintaining state and local business and payroll tax registrations, reporting, and updates for workers' compensation insurance coverage in each state.
  • Profit Distribution: Produce profit-sharing statements quarterly for funding 401(k) match.
  • Funds Management: Transfer funds as required between company accounts, after obtaining approval.
  • Research and Reporting: Produce financial research and reporting.
  • Audit Support: Provide all assistance needed for the annual audits: Financial Statement, 401(k) audit, and Form 5500 preparation, workers' compensation insurance audit, and all internal audits.
  • Accounts Payable: Ensure that payables are processed and paid in a timely manner.
  • Financial Preparation: Maintain balance sheet reconciliations and process journal entries in preparation for month-end.

2. Assistant Controller Details

  • Leadership: Support Controller overseeing Accounting, Accounts Payable, Treasury, Tax, and Payroll departments.
  • Efficiency Optimization: Monitor and analyze department work to develop more efficient processes and use of resources while maintaining a high level of accuracy.
  • Analytical Support: Assist with the development, analysis, and interpretation of accounting data.
  • Compliance Review: Review internal controls testing (RISMA).
  • Relationship Management: Establish strong working relationships with brand employees and Group Controlling.
  • Year-end Support: Provide support for year-end tax binder prep and year-end close process.
  • Knowledge Sharing: Cross-train for all department roles to provide for consistent coverage.
  • Project Management: Handle special projects as may be assigned from time to time.
  • Quality Assurance: Lead and ensure the group maintains a high degree of accuracy and timeliness in the processing of accounting data.
  • Team Engagement: Work to ensure the team is engaged and excited by listening and developing individual goals to meet department objectives while also providing opportunities for them to grow.
  • Financial Compliance: Responsible for compliance with loan documents to foster strong relationships with existing lenders to provide the financial capability and resources the company needs to grow.

3. Assistant Controller Responsibilities

  • Accounting Support: Support daily accounting records including AP/AR, budgeting, and invoicing.
  • Financial Analysis: Assist CFO in P&L function, in preparation for the annual audit.
  • HR Management: Maintain HR Systems and compliance, prepare payments for signature by CFO.
  • Employee Relations: Assist in the intake and resolution of staff concerns, Payroll processing.
  • Benefits Administration: Answer questions regarding benefits, timecards, and onboarding.
  • IT Support: Assist CFO in IT function including supporting ERP and other company software.
  • Policy Development: Participate in the development of standard policies and procedures.
  • Research: Perform technical research for complex areas, such as acquisitions, debt, and equity transactions, etc.
  • Standards Implementation: Assist with accounting research, documentation, and implementation of new accounting standards and policies, and subsequently monitor adherence to such policies.
  • Process Improvement: Lead process improvement projects for the Company’s Shared Service functions, including A/P, Credit and Collections, and Accounting.
  • Tax Preparation: Prepare year-end LLC income tax reporting package.
  • Audit Coordination: Coordinate with external tax providers, serve as a liaison to external auditors.
  • Compliance Management: Update and maintain internal control documentation.

4. Assistant Controller Job Summary

  • Close Management: Lead the monthly close process and timeline, working collaboratively across the accounting department to ensure accurate and timely delivery of financial statements.
  • Reconciliation Oversight: Prepare or approve various entries and reconciliations, including timely research and resolution of reconciling items.
  • Data Integrity: Monitor data integrity for accurate and timely financial reporting.
  • Process Optimization: Identify and develop process improvements to streamline processes and improve team efficiency across the organization.
  • Audit Support: Prepare insurance and other key financial data for job audit support, inclusion in bid proposals, and other similar packages.
  • Financial Analysis: Perform complex research and reconciliation of differences and errors, ensuring financial transactions are properly recorded, resolving issues in a timely manner.
  • Reporting: Prepare accurate and comprehensive financial reporting packages.
  • Variance Analysis: Update and communicate key business issues and provide insightful variance analysis, including commentary.
  • Controls Implementation: Maintain and coordinate the implementation of proper accounting processes and internal controls.
  • Documentation: Ensure written documentation of daily/weekly duties and applicable month-end close processes and procedures.
  • Audit Assistance: Assist with the annual financial audit, preparing accurate audit support schedules, reports, and deliverables in a timely manner.
  • Budgeting Support: Assist in the preparation of the annual budget process.
  • Technical Compliance: Serve as lead regarding technical accounting compliance, research memos, and internal controls.

5. Assistant Controller Accountabilities

  • GAAP Compliance: Monitoring accounting in accordance with US-GAAP, month-end closing processes.
  • Entity Management: Responsibility for the subsidiary and other entities.
  • Consolidation Oversight: Responsible for the consolidation process and preparing financial statements.
  • Financial Analysis: Conduct financial analysis of monthly, quarterly, and yearly results for P&L and BS.
  • Regulatory Compliance: Ensure compliance with local law and taxes, undertaking ad-hoc financial tasks.
  • SOX Management: Managing the SOX process for the entire group.
  • Team Leadership: Manage and develop a growing accounting team.
  • Profit & Loss Management: Ownership of Accounting and P/L for multiple site locations.
  • Local Compliance: Ensure that each entity is fully compliant with local licenses, taxes, and insurances.
  • Reporting: Prepare accurate financial statements, business reports forecasts, and statements to internal stakeholders and senior leaders.

6. Assistant Controller Functions

  • Financial Oversight: Oversee the preparation of consolidated financial statements in accordance with the generally accepted accounting principles prescribed by the regulatory authorities in the jurisdictions in which it files its financial disclosures.
  • Compliance Assurance: Ensure compliance with the reporting standards and procedures mandated by the regulators.
  • Disclosure Coordination: Compile and direct the preparation of the MD&A and parts of the related press release, ensuring completeness, accuracy, and quality of the disclosures.
  • Document Preparation: Assist with the preparation and finalization of the company’s other continuous disclosure documents such as press release, AIF, sustainability report, and Circular.
  • Report Management: Manage and improve a monthly internal report focused on providing financial and operating summaries of the Company’s performance delivered to senior executives.
  • Variance Analysis: Explain results and trends, interpret variances from plans/expectations, and prepare a written analysis of any findings.
  • Controls Review: Review and enhance the state of internal controls framework at the corporate office and at the Company’s sites.
  • System Evaluation: Determine the reliability and effectiveness of financial systems and controls and compliance with SOX Section 404.
  • Policy Enhancement: Assist with maintaining and enhancing accounting policies and process standards, as well as accounting interpretation of complex accounting issues.
  • Accounting Leadership: Oversee the corporate accounting function and provide necessary coaching and support.
  • Audit Support: Oversee the preparation of supporting documents and working papers to the external auditors for quarterly review and annual audit.
  • Team Development: Assist the Controller with executing the department objectives and the supervision, evaluation, and development of the accounting team.

7. Assistant Controller Job Description

  • Financial Reporting: Prepare all financial reports, trial balance forecasts, profit and expense statements, and other reports supporting cost control.
  • Interdepartmental Coordination: Communicate with all department managers to complete daily, weekly, monthly, and year-end reports for operations and division management.
  • Strategic Assistance: Assist in strategy development in the operation to ensure financial integrity.
  • Continuous Improvement: Push continuous improvement and best practices deployment throughout the operation.
  • Strategic Planning: Organize financial vision and strategies that are in alignment with the overall strategic direction of the corporation and in compliance with generally accepted accounting principles (GAAP).
  • Business Analysis: Provide business analysis on trends, issues, and developments that could impact the operation.
  • Performance Analysis: Consolidate and analyze daily plant performance trends.
  • Results Analysis: Consolidate and analyze monthly operating results.
  • Capital Reporting: Report on capital spend and customer-paid tooling.
  • SAP Proficiency: Become an SAP expert user after 6 months in the position.
  • Project Management: Undertake special projects, DOS savings validation, and reporting.

8. Assistant Controller Overview

  • Invoice Processing: Accurately and timely process invoices for suppliers on a regular basis.
  • Expense Analysis: Conduct analysis of expense invoices.
  • Cash Management: Perform cash disbursements for invoices, petty cash reimbursements, and other cheque requisitions as requested.
  • Bank Reconciliation: Update and reconcile bank statements on a monthly basis.
  • Account Reconciliation: Reconcile general ledger accounts, e.g., property taxes, mortgages, and interest accounts, and balance inter-company accounts on a monthly basis.
  • Financial Reporting: Prepare and analyze financial statements.
  • Tax Management: Track sales tax, employee health tax, corporate tax, Source Deduction, and WSIB Remittance.
  • Payroll Administration: Accurately coordinate and administer payroll functions for hourly and salary employees on a bi-weekly basis.
  • Wage Calculation: Prepare, calculate, and disburse wages, deductions, overtime payments, incentive earnings, and garnishments.
  • Payroll Support: Answer inquiries regarding payroll, assist in annual audits.
  • Benefits Administration: Process and administer group insurance benefits.
  • Record Keeping: Maintain employee files and database.

9. Assistant Controller Details and Accountabilities

  • External Reporting: Responsible for the accurate, timely completion of monthly, quarterly, and annual reporting requirements of the External Reporting operation.
  • Report Production: Responsible for the accurate production of reports issued by the External Reporting operation, ensuring compliance with all reporting requirements.
  • Regulatory Research: Oversees the research of all relevant reporting environments, new or changing reporting requirements, and the development of corresponding new processes, ensuring issues are communicated appropriately to senior management.
  • Control Framework Management: Responsible for the establishment, maintenance, and continuous improvement of an internal control framework that ensures accurate, timely, and compliant financial reporting.
  • Advisory Role: Acts as an advisor to the various business functions or other departments, that the team may have to collaborate with or could impact reporting capabilities through upstream business or system changes.
  • Systems Interdependency: Understands the interdependencies of financial systems, prioritizing and implementing enhancements and planning appropriately for changes.
  • Strategic Oversight: Has the vision and insight to recognize emerging trends and organizational changes and can set strategic direction for the work unit.
  • Improvement Leadership: Fosters an environment of continuous improvement, initiating and/or leading cross-functional projects to improve efficiency or effectiveness.

10. Assistant Controller Tasks

  • Staff Development: Provides training, supervision, and support to accounting staff.
  • Financial Review: Reviews accounts payable, receivables, and reconciles banking.
  • Ledger Reconciliation: Reconciles sub-ledgers to the general ledger.
  • Accounting Functions: Performs a wide variety of general accounting functions including preparation, review, and approval of journal entries, mid-month, month-end, and year-end closing processes.
  • Reporting: Prepares various financial reports and spreadsheets.
  • Analytical Support: Provide analytical support to Controller with supporting data.
  • Internal Controls: Understand the ARAMARK internal control environment and ensure full implementation of internal controls.
  • Policy Compliance: Understand and ensure compliance with ARAMARK accounting policies.
  • SOX Compliance: Ensure SOX controls are fully implemented and effective.
  • Contract Management: Understand the contract for the location and monitor compliance with all financial aspects.
  • IT Systems Understanding: Understand the fundamentals and linkages between all IT systems used in the location.
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