How to Become a Controller

As part of your job, you'll also analyze financial results on a monthly or quarterly basis to prepare reports for the company's management team. You will also prepare quarterly or year-end financial statements, depending on your company's accounting policy. Sometimes your job will also involve acquisitions and mergers, which require knowledge of more complex accounting issues like purchase price allocations.

A controller's main duties are overseeing how an organization spends financial resources and keeping accurate books and records. However, there is a big difference in how different organizations execute the role. The responsibilities of an average controller include:

• Managing all accounting aspects such as billing, payroll, financial statements, and general ledger 
• Maintaining a documented system of all accounting operations and policies
• Overseeing payments of every account
• Ensuring all accounts get paid on time 
• Processing accounts and collecting all payments 
• Overseeing payments made for bank loans, debts, and other large amounts of money 
• Monitoring funding and cash balances 
• Maintaining a proper filing system of all financial statements, transactions, accounts, debts, and payments
• Preparing quarterly or annual financial reports 
• Managing the quarterly and annual forecasts and budgets
• Preparing and organizing financial statements for review and record
• Advising on financial analyses 
• Making decisions regarding pricing, benchmarks, contract negotiations, capital investments, and other matters 
• Defining, benchmarking, and implementing operational best practices 
• Organizing information and financial statements for internal and external audits 
• Ensuring the organization complies with all regulatory and legal requirements

The majority of tools you use as a controller consist of computer software. Here are some of the software applications you should familiarize yourself with:

• FinancialForce – Controllers use this tool to track resource availability, spending, and profitability to predict business moves.
• Xero – This accounting software helps simplify monetary transactions and manage sales and inventory, reducing the need for manual data entry.
• Expensify – A controller uses this expense tracking tool to generate reports, scan receipts, and upload cash expenses from mobile gadgets for convenient expense accounting, rebilling, and reimbursement.
• PlanGuru – This tool allows you to evaluate your budget and capture financial problems before they become serious issues by taking data from cash flow records, balance sheets, and income statements.
• FreshBooks – This cloud-based billing system automates essential accounting tasks, allowing users to create and manage entries effortlessly. It also allows you to access company data from anywhere.

Controllers work in large corporate headquarters, banks, or government buildings. Therefore, you spend most of your time in offices. You attend meetings with other department managers to report financial statements and explain financial policies. You also spend part of your time keeping up with the accounting field by attending professional meetings and seminars. Sometimes, you'll work from home or another remote location to help manage your company or employer's funding and accounting needs.

The role of a controller varies based on the company size. In large corporations, a controller works with finance managers, chief accounting officers, and other company executives to control the finance function. In midsize and small establishments, controllers work with accountants, project managers, and insurance companies. Controllers also work with the company's management, business development experts, and department heads.

A financial controller works from 9 a.m. to 5 p.m. on weekdays. That means these professionals work for at least 40 hours every week. Sometimes, you will work longer hours, especially during busy periods like the end of the economic year. However, you won't get paid for overtime hours, as most controller roles are salaried positions.

To get a job as a financial controller, you need to have years of experience in a financial or business setting. Many companies prefer applicants with at least 10 years of work experience in a business or financial role, while others prefer individuals with at least five years of experience. You can gain work experience in various financial roles such as bookkeeper, accountant, financial analyst, and accounting clerk. Controllers often get on-the-job training with an organization during the first couple of months. This training includes learning the firm's financial systems and software and the organization's procedures and policies.

In addition to getting a degree, you can get certifications from recognized institutions to become more appealing to employers. Popular accreditation options include the Chartered Financial Analyst (CFA) and Certified Public Accountant (CPA) certifications. A CPA certification is suitable for individuals with a degree and at least one year of professional experience. You can also get the Chartered Financial Analyst accreditation with a degree and four years of experience. Effective controllers leverage a broad range of people and technical skills to steer an organization's financial future. Some of these skills include:

• Attention to detail
• Project management and organizational skills
• Basic math skills 
• Understanding of international accounting and finance
• Excellent communication skills
• Technical accounting expertise
• Time-management skills
• Advanced computer skills
• Strong analytical skills
• Creative-thinking skills

A controller is mainly responsible for overseeing the accounting department and providing timely and accurate company reports. They own the company's financial process and produce financial reports and statements that guide decision-making. These professionals are responsible for the company's financial tasks, such as forecasting, analysis, and planning. In big organizations, controllers oversee financial reporting and payroll processing. 

A good financial controller needs good organization skills. They organize the company for success by designing it in a way that supports the business currently and is flexible enough to accommodate future changes. As the leader of the accounting department, you should have the capacity to build and manage a strong team. A good controller hires the right individuals for the role and the accounting team.

Good controllers also understand systems, processes, and the underlying data and work closely with the IT department to get the best out of its technology tools. These professionals communicate well throughout the organization and beyond, knowing that they are part of a collective group that only succeeds together. 

Controllers prepare financial reports such as company balance sheets. They also handle compliance audits, help with budgeting, monitor internal controls, and, to a certain degree, evaluate financial information. On the other hand, CFOs track the company's capital and growth and handle higher-level financial planning and strategies. They provide an analysis of the strong or weak points of the business and develop plans for improvements. A controller's role focuses more on timely and accurate financial reporting, while CFOs are financial planners. 

Applying for a job as a controller is easy with Spherion. You can search for controller jobs on Spherion.com by job title and location. If you don’t see the perfect role, you can submit an open application. Once you submit your contact information and resume through Spherion’s open application, a recruiter from the office closest to you will reach out with details about potential controller roles that fit your skill set and professional goals.