What is a Controller?

Have you ever wondered just what the position of controller entails? The official definition of the controller position is a corporate officer responsible for the businesss accounting activities. Sometimes this position is referred to as the comptroller. This position is filled by an accountant and more often than not an accountant with a CPA designation and includes the responsibility of overseeing all financial matters for the company or in some cases a government department. We will discuss the some of the duties a controller might perform in a privately held business.

Some of the key elements that fall under the purview of the controllers responsibility are financial planning, budgeting, financial statements and their presentation to other members of the corporation, computer systems and internal controls. In a smaller company the controller may actual have hands on involvement in the every day financial activities even closely supervising the everyday bookkeeping functions. A controller may also be overseeing human resource decisions such as benefit packages. And also she/he may be directly involved in negotiations with insurance companies for these benefits and for general, liability and workmans compensation insurance policies. A controllers job is to oversee that every dollar spent is spent well, and every dollar coming in or going out is recorded correctly.

What you may not be aware of are the legal responsibilities and obligations that a controller assumes. A controller must have access to every meeting held within the company and must have access to all information that effects the companys business. The buck stops with the controller when it comes to fraud issues. This is not just a fancy title; it comes with real legal responsibilities which often exceed those of any other member of the corporation, including the CEO and members of the board. Dont take these responsibilities lightly.

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