They make sure that the organization’s accounting system complies with generally accepted accounting principles (GAAP) and legislative requirements. In effect, the financial controller is the chief accountant of the company.
Comptrollers are responsible for the company’s financial and accounting procedures. They establish and maintain cash controls and reconciliation of bank statements and general ledgers. They assist senior management in the preparation of the organization’s annual budget and annual audit. They are in charge of maintaining and controlling the system for purchase orders. They make sure that all financial policies and procedures follow what management has implemented. Comptrollers are also responsible for supervising cash reserves and investments. They prepare and maintain accounts of all contractors and suppliers. They make sure that all credit card transactions are secure and verified. They are tasked with the preparation of income statements, monitoring of financial transactions, and entering them into to the accounting system. Financial controllers are responsible for the classification and maintenance of monthly balance sheets and financial statements as well as quarterly reports. They reconcile all accounts receivable and payable, and prepare journal summaries. They are responsible for maintaining records of all financial systems, issuing receipts for all transactions involving accounting. They are also in charge of maintaining the filing systems, making sure that all documents are secured. They also review payroll reports, calculate salaries, and the employee’s contributions and deductions, if applicable. When necessary, they make adjustments to the payroll. They administer benefit entitlements and payments. They also make sure that new employees are entered into the accounting system.
Financial Controllers (Comptrollers) need to have a bachelor’s degree in business administration or accounting, although most employers prefer those who are Certified Public Accountants (CPA) or Certified Management Accountants. Some may even require candidates to have master’s degree in accounting or finance. Candidates should also have wide experience and knowledge of accounting software, payroll procedures, and management systems. They should have highly developed skills in the verification and interpretation of financial records and data. They should have excellent verbal and written communication skills, as well as organization and time management skills.
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