1. Building and Managing an Accounting Team
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.
2. Documenting Policies and Procedures
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.
3. Efficient Month-End Close Process
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.
4. Budgeting and Reporting
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.
5. Delegation and Policy Implementation
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.
6. Cash Management
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.
7. Knowing the Business Inside and Out
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.
8. Attention to Detail and Accuracy
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.
9. Communication and Leadership Skills
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.
10. Flexibility and Problem Solving
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.
