what is a controller?
Controllers, also known as controllers, are senior-level executives who work as the heads of accounting and oversee the preparation of financial reports, including income statements and balance sheets. They're also responsible for ensuring accurate ledgers for money coming into the company and eliminating any mistakes. Banks, government agencies and large corporations employ controllers.
Financial controllers work closely with an organisation's budget, audit, accounting and other budget-related departments. They are responsible for producing reports that determine the company's financial outlook over time. They have to 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.
A controller may also be responsible for staff management. However, the controller could be the only accountant in small companies. They 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, the controller must 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. Their role may also have an IT component and include business development. A controller's ability to thrive in a challenging role will be reflected by how they respond to unexpected changes and expectations within the company.
Would working as a controller suit your financial and business acumen? Then read on to find out what competencies and qualifications you need to thrive in a controller role.
controller jobsaverage salary of a controller
According to ONS, the average salary of a controller in the UK is £29,944 per year. When you are new to the role, your earnings begin at £23,653 annually and increase as you improve your skills and experience. Controllers at the peak of their careers take home £55,382 per year. The compensation package usually includes some allowances and non-monetary benefits. Some companies also offer annual bonuses.
how to increase a controller's salary
As a controller, your compensation package depends on your experience and company size. When you have extensive experience, you can command a higher salary to match the skills and expertise you bring to your employer. Your qualifications also tip the scales when negotiating your salary. When you have extra certifications and a master's degree, you will probably earn more than controllers with a degree.
When you work in a small company, you have lower salary prospects as the company cannot afford to pay more. Besides, your duties may not be complex in a company with a simple financial management policy. In large organisations, your job is specialised due to the complexity of the financial data.
types of controllers
Some types of controllers include:
- finance controller: as a financial controller, you lead a team of accountants overseeing day-to-day financial operations. Your job is to run the accounting functions, and you are in charge of the company's records and books. Apart from analysing the accounting records, you need to understand the business operations to provide accurate analysis that supports strategic business decisions.
- credit controller: as a credit controller, you analyse 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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controller job description
A controller's main tasks include:
- accounting and cashflow maintenance: as controller, your job starts with daily accounting tasks like managing accounts payables and receivables and processing payroll. You also oversee daily cash flow tasks for small businesses and minimise 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 them adapt the policies to their expansion and growth strategies. That means you update the policies, and the company evolves to ensure they are on top of the accounting procedures for the type of business.
- 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 analysing the company's financial position. You also provide monthly reports to help decision-makers strategise 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 audits to audits of the whole company. 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 organisation and allocating funds to each department.
- conducting risk evaluation and due diligence in mergers: as a controller, you identify and analyse 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
A controller's typical work environment is primarily indoors in an office. They often work in government buildings or urban settings for private companies. Controllers are expected to attend meetings and discuss financial policies with other executives. Therefore, occasional travel for company conferences and training sessions may be necessary. A controller can also work remotely from home and perform all their duties except for occasional mandatory office meetings.
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who are your colleagues?
Depending on your employer, your colleagues might include accountants, finance analysts and auditors. You might also be working in close proximity to sales directors and bookkeepers, as well as other specialists that could include, but not be limited to, credit managers, accounting technicians and office managers.
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work schedule
Most controllers work more than 40 hours weekly without additional pay because they earn a salary. Their typical workweek has an average of 43 hours. However, some controllers work over 10 hours daily, six days a week. Sometimes they must work on the weekends when an employer asks them to attend professional meetings and seminars. Fortunately, most organisations 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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job outlook
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 specialise in specific industries or business functions like credit control or financial control.
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advantages of finding a controller job through randstad
Finding your controller job through Randstad provides important advantages such as:
- a wide variety of training and development opportunities
- an experienced contact person to provide help if needed
- a range of opportunities in your area
- get paid weekly or monthly, depending on the job
- temporary and permanent contracts
Want a permanent contract? A temporary job as a controller is often a stepping stone to an attractive permanent job. Every year, thousands of people earn a permanent contract with great employers thanks to a temporary job found through Randstad. What's more, many companies recruit their permanent employees through Randstad too!
controller education and skills
The key steps for becoming a controller include:
- earning a relevant degree: to become a controller, you need a bachelor's degree in finance, business administration or accounting. The degree equips you with the skills you need to perform various accounting functions. Some employers also require a master's degree since you will be working at a senior level in the company.
- gaining work experience: you need over five years of experience in financial roles to become a controller. To build your skills, you can gain experience through entry-level accounting and assistant controller roles.
- licences and certifications: as a controller, you need to meet the requirements of professional certifications to become a Certified Public Accountant or a Certified Financial Analyst. After acquiring the licence, you need to keep it in good standing.
skills and competencies
Some of the qualities of a controller include:
- financial acumen: a good controller needs strong financial acumen to interpret and analyse the financial data of a company. Financial understanding will help you evaluate a company's financial health and assess an investment opportunity's risks.
- problem-solving skills: as a controller, you need to handle issues that arise while preparing accounting information. With your problem-solving skills, you can anticipate risks and find ways to mitigate problems before they escalate. You also assist with process optimisation to drive efficiency and save costs.
- team management and leadership skills: as a controller leading a large team of accounting and finance experts, you need to command respect and inspire them to act. With good team management skills, you improve internal efficiencies since everyone's performance is at an optimal level.
FAQs
FAQs about working as a controller
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what is the purpose of a controller?
A controller assists with managing the financial operations of a business, like budget preparations and overseeing financial reporting. They also perform essential duties related to payroll and evaluating investment opportunities.
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is controller a difficult job?
Being a controller can be challenging since you need to oversee all financial activities in the organisation. Sometimes, it's challenging to track all operations and assess risks associated with business activities. However, your work will be seamless if you have a great team.
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what's the difference between a controller and a CFO?
A chief financial officer is in charge of strategising the company's financial future through expansion opportunities. A controller is concerned with the day-to-day financial operations in accounting departments and isn't involved in strategic decisions.
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what are the day-to-day duties of a controller?
The daily tasks depend on the company size. When you work for a small business, you will be involved in daily cash flow and bookkeeping operations. In large companies, you supervise departments and manage accounting teams.
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what skills should a controller have?
As a controller, you need technical accounting knowledge and financial acumen to make the best decisions for the team. You also need problem-solving skills to handle issues that crop up.
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how do I apply for a controller vacancy?
Applying for a controller job is easy: create a Randstad profile and search our controller job offers. Then simply send us your CV and cover letter. Need help with your application? Check out all our job search tips here!
