There’s an old joke that a Controller’s job is simple: to do everything the CEO doesn’t want to do.
And there’s a lot of truth in that statement. One of the Controller’s main roles is to be an all-purpose troubleshooter who tackles any problems that come their way: accounting, operations, IT, HR, etc.
But what, exactly, does a Controller do?
If you’re the owner of a growing business and think you might need a Controller some time soon, here’s a list of the things you can expect that person to handle for you.
A Controller can...
- Design your company’s overall accounting system and workflows.
- Close accounting periods and prepare accurate, timely financial reports.
- Oversee bank accounts and manage cash flow to ensure that your business has the resources it needs to operate effectively.
- Ensure your company is meeting all its tax obligations.
- Help you implement new technologies and software that will enable your business to run more efficiently.
- Analyze financial results and track Key Performance Indicators (KPIs) to help you understand how your business is doing.
- Design and maintain your company’s internal control environment.
- Help you plan for the future and pursue larger goals like expanding your business, purchasing major assets, or applying for a credit line or bank loan.
Overall, we’d say that an effective Controller needs to have a blend of skills: about 60% accountant, 30% information systems manager, and 10% jack-of-all-trades. To us, that’s the type of person who has the financial literacy and the nuts-and-bolts practicality to handle the Controller role and take whatever you throw at them.