A strong controller knows they can't do it alone. Successful controllers create a skilled team to handle accounting tasks such as accounts receivable (AR), accounts payable (AP), and other critical roles. Depending on the company's size, this may involve leading a small team or managing a large staff. The key is making sure the team is competent, motivated, and capable of tackling daily accounting challenges.

• Recruit and develop talented accounting professionals
• Foster team collaboration and accountability
• Delegate tasks effectively based on team strengths
• Provide ongoing training and professional development

Clear policies and procedures are essential. A great controller ensures these are documented and easy to follow. If something goes wrong in the accounting process, they take responsibility and quickly address it. Regular communication and updates to Standard Operating Procedures (SOPs) are vital to maintain accuracy and consistency.

• Create comprehensive Standard Operating Procedures (SOPs)
• Establish clear guidelines for all accounting processes
• Maintain documentation for audit and compliance purposes
• Regularly review and update procedures for accuracy

One of the most important duties of a controller is managing the month-end close process. They make sure that tasks are clearly assigned, books are reviewed, and all general ledger (GL) accounts are tied to statements or work papers, such as prepaid schedules and fixed asset schedules. An organized and efficient month-end close leads to reliable financial reporting.

• Coordinate timely close process and meet deadlines
• Reconcile all GL accounts with supporting schedules
• Review and verify financial statements and work papers
• Automate close processes to reduce manual errors

Depending on the organization's size, a controller may be responsible for creating budgets, preparing financial reports, and conducting reviews such as variance analyses (flux analysis) to spot trends and areas for improvement. They often look for ways to improve working capital and key financial metrics, ensuring the company's financial health is sound.

• Develop annual budgets and financial forecasts
• Prepare comprehensive financial reports and analyses
• Conduct variance analysis to identify trends and anomalies
• Provide strategic insights to executive leadership

A great controller delegates effectively, balancing oversight and empowerment. They know how to implement policies, improve processes, and ensure everything runs smoothly. By establishing trust and building a strong team, they can focus on higher-level responsibilities without micromanaging.

• Empower team members with meaningful responsibilities
• Implement policies with clear communication and buy-in
• Balance oversight with autonomy and trust
• Focus on high-level strategic priorities

In many organizations, especially medium-sized businesses, controllers are responsible for managing cash flow. This includes making sure that accounts receivable and accounts payable are well-managed to optimize cash flow and financial stability.

• Monitor and optimize cash flow management
• Manage accounts receivable and accounts payable effectively
• Implement controls to prevent cash shortages
• Forecast cash needs and maintain liquidity

A great controller understands the broader business environment, not just accounting figures. They learn how every part of the business works and how different trends impact financials. This deep understanding enables them to make informed recommendations and improve decision-making.

• Develop deep knowledge of business operations
• Understand industry trends and market dynamics
• Connect financial data to business outcomes
• Provide strategic recommendations for growth

Controllers need to be accurate and detail-oriented. Whether it's ensuring accounts are reconciled, overseeing financial statements, or preparing reports, even small errors can have major consequences. Maintaining a high level of accuracy builds trust and confidence with executives, shareholders, and other stakeholders.

• Implement rigorous quality control processes
• Verify accuracy of all financial records and reports
• Conduct thorough reconciliations and reviews
• Build confidence through error prevention and transparency

A great controller is not just a numbers person—they're a leader and communicator. They must explain complex financial concepts to non-financial people, guide their teams effectively, and work with people across all departments. Good communication and the ability to lead and inspire are key to getting buy-in on policies and meeting goals.

• Communicate complex financial concepts clearly
• Lead and inspire accounting teams effectively
• Build cross-functional relationships across departments
• Present financial data in accessible formats for stakeholders

Problems will arise, from unexpected issues in the books to miscommunication between departments. A great controller is flexible, calm under pressure, and ready to own and solve issues. They see challenges as opportunities to improve processes and strengthen their organization.

• Adapt quickly to changing business conditions
• Remain calm and focused under pressure
• Take ownership of problems and drive solutions
• View challenges as opportunities for process improvement