what is a controller?
Controllers are senior-level executives who work as the heads of accounting. Your job is to oversee the preparation of financial reports, including income statements and balance sheets. Controllers are also responsible for ensuring accurate ledgers, tracking money coming into the company and eliminating any mistakes. Banks, government agencies and large corporations employ controllers.
Financial controllers work closely with an organization's budget, audit, accounting and other budget-related departments. You are responsible for producing reports that determine the company's financial outlook over time. You ensure the accurate and timely completion of monthly financial statements. Controllers are also in charge of submitting paperwork to statutory regulatory agencies. This record-keeping promotes honesty, efficiency and accuracy within the company. Companies expect controllers to improve processes within each team to meet reporting deadlines efficiently.
As a controller, you may also be responsible for staff management. However, you could be the only accountant in a small company. You report directly to the president or board of directors to offer insight and provide recommendations for managing the company's budget. When identifying trends for budgets and forecasting purposes, you express ideas in terms that everyone can understand.
Those with analytical mindsets are most likely to succeed in the position. Good controllers are often motivational and flexible in their learning approach. The role may also have an information technology (IT) component and include business development. Your ability to thrive in a challenging role will be reflected in how you respond to unexpected company changes.
Would working as a controller suit your business acumen and analytical mindset? Then read on to find out what competencies and qualifications you need to thrive in a controller role.
controller jobsaverage controller salary
According to Job Bank, the typical salary of a controller in Canada is $95,000 per year. The earnings fluctuate based on various qualifications and experience. When you are new in the role, you start with a salary of $70,000 annually. The most experienced controllers in Canada take home over $196,919 per year.
how to increase your salary as a controller
Your earnings as a controller depend on your experience and qualifications. When you are new in the role, you start with a low salary since you have minimal experience. As you improve your expertise and qualifications, your salary increases gradually. Having certifications and additional qualifications improves your earning prospects.
The industry you work for may also affect your earnings. For instance, controllers working in investment and finance companies have higher salary expectations. Working in technology companies also improves your earning prospects.
The location also affects your salary. When you work in a large city with a high demand for controllers, you earn a higher salary compared to controllers working in smaller towns. The cost of living in major cities also improves your salary prospects.
types of controllers
Some types of controllers include:
- finance controllers: as a financial controller, you lead a team of accountants and oversee day-to-day financial operations. Your job is to run the accounting functions and be in charge of the company's records and books. Apart from analyzing accounting records, you should understand the business operations to provide accurate analysis supporting strategic business decisions.
- credit controllers: as a credit controller, you analyze the company's available credit and assess the debts in the business. You handle credit assessments, develop payment plans, and keep accurate financial records and repayment terms for each creditor. You also ensure the company receives money from its creditors on time.
working as a controller
Working as a controller involves looking at the bigger picture of the company's financial resources and assisting the management with financial strategy. Let's explore the specific duties and tasks of a controller.
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what does a controller do?
A controller's main tasks include:
- accounting and cash flow maintenance: as controller, your job starts with daily accounting tasks like processing payroll, as well as managing accounts payables and receivables. You also oversee daily cash flow tasks for small businesses and minimize inefficiencies in cash flow maintenance.
- implementing bookkeeping policies: as a controller, you assist small businesses with developing bookkeeping policies and official accounting procedures. If the company has existing bookkeeping policies, you help adapt the policies to its expansion and growth strategies.
- financial management reporting: as controller, you help the business owner assess the business's current health by generating key financial reports. When you close the accounting period, you generate financial statements to assist with analyzing the company's financial position. You also provide monthly reports to help decision-makers strategize how to improve cash flow.
- completing internal audits: as a controller, you advise on the best time for a business to perform internal audits, from departmental to company audits. Sometimes, you are required to conduct audits or supervise the auditing team. You can even prepare the company's accounts for an external audit.
- business budgeting and forecasting: controllers assist financial managers with forecasts based on historical financial data and market trends. They also complete financial planning by creating budgets for the entire organization and allocating funds to each department.
- conducting risk evaluation and due diligence in mergers: as a controller, you identify and analyze potential events that will negatively impact the company's financial health. You also review and investigate investment opportunities or merger deals for the business.
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work environment of a controller
Your typical work environment as a controller is indoors in an office. You often work in government buildings or urban settings for private companies. You are expected to attend meetings and discuss financial policies with other executives. Therefore, occasional travel for company conferences and training sessions may be necessary. You can also work remotely from home and perform all your duties except for occasional mandatory office meetings.
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who are your colleagues?
Depending on the company you work for, you collaborate with accountants, finance managers and business analysts. You also work alongside credit managers, accounting technicians and operations managers. Other professionals you are likely to work with include IT administrators, financial analysts and sales managers.
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controller work schedule
Most controllers work more than 40 hours weekly without additional pay because they earn a salary. The typical workweek for this role has an average of 43 hours. However, some controllers work over 10 hours daily, six days a week. Sometimes, you work weekends when your employer asks you to attend professional meetings and seminars. Fortunately, most organizations allow controllers to operate flexible schedules. Therefore, you can work full-time or part-time, depending on the demands of your role.
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career opportunities as a controller
As a controller, you supervise all accounting staff, including accountants, payroll, financial and tax managers. Due to the supervisory nature of your role, you can easily transition to senior-level management positions. For instance, some controllers become the chief finance officers, treasurers or chief executive officers of the company. Some controllers choose to specialize in specific industries or business functions, such as credit control or financial control.
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advantages of finding a job as a 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
controller skills and education
The educational requirements for becoming a controller in Canada include:
- university degree: pursue a university degree in computer science, commerce or business administration to gain relevant knowledge for the role. If you want to be a controller in manufacturing companies or another technical field, ensure you gain relevant qualifications for the field.
- work experience: you require extensive experience to work as a controller. Join entry-level positions and mid-level managerial roles in business services or finance to gain relevant experience. To work as a financial controller, you require a recognized accounting or financial designation, such as a Chartered Professional Accountant or Chartered Financial Analyst (CFA) designation. Additionally, you should apply for membership with a professional accounting institution, like the Certified General Accountants Association of Canada.
competencies and characteristics of controllers
Some of the qualities of a controller include:
- financial acumen: a good controller needs strong financial acumen to interpret and analyze a company's financial data. Financial understanding helps you evaluate a company's financial health and assess the risk of an investment opportunity.
- problem-solving skills: as a controller, you handle issues that arise while preparing accounting information. With your problem-solving skills, you anticipate risks and find ways to mitigate problems before they escalate. You also assist with process optimization to drive efficiency and save costs.
- team management and leadership skills: as a controller leading a large team of accounting and finance experts, you should command respect and inspire them to act. With good team management skills, you improve internal efficiencies since everyone's performance is optimal.
- critical thinking skills: as a controller, you create comprehensive financial plans or operational strategies for various departments. Critical thinking skills help you create the best strategies to meet the organization's objectives.
- analytical skills: as a controller, you use data from various departments to identify patterns and trends in the company. Your analytical skills help you analyze and interpret data and develop effective strategies.
FAQs about controller jobs
Here, you will find the answers to the most frequently asked questions about the profession of a controller.
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what are the duties of a controller?
As a controller, you oversee the financial operations of a company. You can work in finance supervising accounting activities and have the final say in every financial decision, from reporting to budgeting and risk management. In operations, you review company procedures and develop ways to improve efficiency.
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how much does a controller earn in Canada?
As a controller, you earn an average salary of $95,000 annually. When beginning your career, you start with a salary of $70,000 yearly. As you improve your experience and educational qualifications, you can make up to $196,919 per year. Your earnings fluctuate based on the company's size, experience and area of specialization. Taking on technical roles improves your salary prospects.
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is a controller higher than a CFO?
As a controller, you report to the chief finance officer (CFO). That means your position is higher than the accounting manager, finance manager and tax manager. In IT, your position is higher than the operations manager.
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do you need a CPA to be a controller?
You don’t require a Chartered Professional Accountant licence to become a controller. However, to work as a financial controller for a company, you need CPA qualifications or hold Chartered Financial Analyst status.
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how do you become a good controller?
To become a successful controller, you require good analytical skills. Critical thinking and problem-solving skills will help you deal with issues that arise in the company. Additionally, financial acumen is useful for financial planning and reporting.
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how do I find a job as a controller?
Finding a job near you as a 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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