what is an assistant controller?
As an assistant controller, you oversee a company's financial and accounting operations. Corporate finances extend far beyond selling products and ordering supplies. Income streams include product sales, stock investments, real estate ownership and licensing deals. Businesses take out start-up loans and incur more debt during economic downturns.
Large companies have significant cash flows that require entire financial departments to manage. As a result, businesses hire controllers to oversee accountants, generate reports, develop budgets, and communicate with CEOs and shareholders. Assistant controllers partner with controllers to supplement their services. With your many years of education and financial experience, businesses can maximize their gains and ensure that financial records meet the standards set by the Canadian Accounting Standards Board (AcSB).
Stakeholders also rely on assistant controllers to protect their investments. Companies need accurate data to make economic decisions and plan for the future. Your reports, audits and forecasts promote business growth, encouraging investors to hold onto their stocks. High dividends make your employer popular on the stock market.
Assistant controllers act as fact-checkers for bookkeepers. When they prepare data, you review the documents and look for discrepancies. If you find an error, you correct the issue before it enters an official report. You also discuss ways to improve the system so that accountants work more efficiently.
Would working as an assistant controller suit your analytical skills and business acumen? Then read on to find out what competencies and qualifications you need to thrive in an assistant controller role.
view jobs near youaverage assistant controller salary
According to Job Bank, the average salary of an assistant controller in Canada is $105,000 per year. This translates to an average hourly rate of $53.85. If you are starting out as an assistant controller, you start with a salary of $77,500 per year. As you improve your knowledge in the field, your earnings increase gradually. The most experienced assistant controllers earn over $195,212 per year.
what factors affect the salary of an assistant controller?
As an assistant controller, your earnings depend on various factors. For instance, your experience determines the complexity of the jobs you can undertake in the company. When you have extensive experience, you negotiate a higher salary due to your expertise in managing financial activities.
The company and industry you work in also affect your salary in Canada. Some industries like retail, investment, financial institutions and telecommunications companies have huge cash flows. You have significant responsibilities managing the company's financial resources. The complexity of the tasks determines your earnings. In a large company, you have complex duties that increase your salary prospects. Smaller companies with fewer financial resources may need more money to pay you a higher salary.
types of assistant controller
Assistant controllers work in a variety of industries, including healthcare, manufacturing, government agencies and non-profit organizations (NPOs). Corporate assistant controllers work for major companies and collaborate with large teams. Each industry requires a specific skill set. For example, a healthcare assistant controller might deal with insurance claims, while a cost controller in manufacturing companies focuses on reducing overheads.
If you're starting out your career, small businesses help you gain experience before you advance to large corporations. Assistant controllers in small companies have fewer responsibilities, as they work in smaller teams and manage fewer people. You could narrow down your services while the company grows and continues to hire more employees.
working as an assistant controller
Assistant controllers help businesses manage their finances. Learn about your possible schedule, responsibilities and work environment.
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what does an assistant controller do?
As an assistant controller, you handle tasks delegated by the controller. Some of the responsibilities and duties in the role include:
- preparing financial reports: as an assistant controller, you are in charge of preparing financial reports. You prepare monthly, quarterly and annual statements. You ensure financial statements are accurate and error-free and provide a true picture of the company's financial health.
- supervising the accounting team: as an assistant controller, you guide the accounting team. Your job is to supervise accountants and finance assistants, streamline work processes in the accounting departments, and ensure the accuracy of the accounting procedures. You also train new accountants and ensure they understand the company policies.
- ensuring compliance: as an assistant controller, you assist the controller with formulating accounting policies and financial reporting procedures. When preparing accounting procedures, you ensure compliance with accounting and financial reporting standards. You also review financial statements to ensure they comply with accounting policies.
- establishing and maintaining internal controls: as an assistant controller, you work with internal auditors to set internal controls. You also oversee internal and external auditors in the company.
- coordinating the budgeting process: as an assistant controller, you assist with financial planning in the company. You oversee the preparation of the company’s operating budgets and ensure the finance department sticks to the budget.
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work environment of an assistant controller
Typically, assistant controllers work indoors in an office environment. Employers range from small businesses and retail stores to large healthcare facilities and corporations with thousands of employees. Large companies emphasize collaboration, while small companies offer more independent work. Periodically, you and your controller travel to different offices.
Some employers offer remote work or hybrid models. If you work from home, you still adhere to their schedule and make yourself available during office hours. Your employer might ask you to visit the office for in-person meetings. Otherwise, you communicate through phone, email, video calls and office platforms.
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who are your colleagues?
Depending on the company you work for, you are likely to work with accountants, accounting technicians and finance managers. You collaborate with accounts payable clerks and finance assistants. You may also interact with department heads, including marketing managers, sales managers and operations managers.
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assistant controller work schedule
Assistant controllers usually work during regular office hours with nights and weekends off. Most assistant controllers work full-time because employers require extensive experience and education. Some workers start with part-time jobs in different roles, then advance to becoming full-time assistant controllers.
You might receive overtime hours if a project experiences delays, especially during the holidays. Overtime hours encompass nights, weekends and early mornings.
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career opportunities as an assistant controller
Assistant controllers have a positive job outlook because businesses prioritize their financial departments. You help companies keep their records straight, avoid liabilities, process payments and fix errors before they become major issues. As you gain experience, employers will seek out your knowledge.
Emerging businesses produce more opportunities. Increasingly profitable companies need a financial team with an assistant controller. Keep an eye out for growing companies and new corporate offices in your region. If you enjoy working as an assistant controller, consider advancing to a full controller position.
Similar jobs include accounts receivable supervisor, bookkeeper, finance manager, tax accountant and internal auditor. These positions tackle each business's finances from different angles. You could continue working for an employer or open a private firm.
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advantages of finding a job as an assistant controller through randstad
Working with Randstad offers you a range of benefits.
- Always a contact person you can fall back on and ask for help from
- Many training opportunities
- A range of jobs in your area
assistant controller skills and education
If you want to become an assistant controller, you need the following educational requirements:
- university degree: get a university degree in a relevant field to become a controller. For instance, start with a degree in business administration, finance or computer science. If you want to work in the technical field, pursue a tech-relevant bachelor's degree.
- work experience: you need extensive work experience in auditing, accounting or finance to work as an assistant controller. Most employers expect you to have an accounting background and professional accounting certifications. Aside from working as an accountant or finance assistant to improve your work experience, consider getting a recognized certification. Most employers prefer Chartered Professional Accountant (CPA) or Certified Management Accountant (CMA) designations.
competencies and characteristics of assistant controllers
Aside from educational qualifications, you require a range of soft skills. Some of the qualities include:
- financial management expertise: as an assistant controller, you oversee financial activities. You require extensive knowledge and expertise in financial auditing, budgeting and financial reporting. Your financial acumen is useful in maintaining the financial health of the company.
- analytical skills: as an assistant controller, you review financial statements and draw meaningful conclusions to assist in financial planning. Evaluating complex financial data requires strong analytical abilities and forecasting skills to make good financial decisions.
- leadership skills: as an assistant controller, you work with a team of accountants and finance assistants. You supervise and guide workers to perform their duties. This requires good leadership skills to inspire and motivate teams and streamline work processes.
- interpersonal and communication skills: as an assistant controller, you work with the finance team, and it is important to have interpersonal skills to collaborate with other workers. Communication skills help you relay instructions to the team members clearly. You can also explain complex finance terms to stakeholders in simple terms.
FAQs
Here, you will find the answers to the most frequently asked questions about the profession of an assistant controller.
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what are the duties of an assistant controller?
As an assistant controller, you support the controller in overseeing accounting activities. You help formulate internal controls and policies governing the preparation of financial accounts. You oversee the preparation of financial statements, manage journal entries and assist with financial planning. You also perform administrative duties, such as hiring accountants and members of the finance team.
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how much do assistant controllers make in Canada?
As an assistant controller, you earn an average salary of $105,000 per year. However, your earnings fluctuate with experience. The starting salary in the role is $77,500 per year and increases gradually to over $195,212 annually. Your earnings depend on experience, educational qualifications and geographical location. Working in large companies increases your salary expectations due to the complexity of the duties involved.
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how many years of experience do you need to be an assistant controller?
To work as an assistant controller, you are required to have at least five years of experience in accounting and finance. You can improve your skills and gain experience through entry-level accounting or finance positions.
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how hard is it to be an assistant controller?
As an assistant controller, you manage work processes in the accounting and finance departments. The complexity of your duties depends on the size of the company. Working in a large company increases your workload, and sometimes, you juggle multiple responsibilities.
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is an assistant controller an accountant?
Yes. To become an assistant controller, you should be an accountant to gain the relevant knowledge and experience for the role. You also require accounting designations to excel in the role, such as CPA or CMA certification.
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how do I find a job as an assistant controller?
Finding a job near you as an assistant controller is easy. Search our job offers. Have you found what you're looking for? Then submit your application using the ‘Apply’ button top right on the page. No jobs available right now? Send us your resume and we'll pass it on to a recruiter who will contact you if an opportunity opens up for you.
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