An assistant controller is an important role in the accounting and finance department of a company. They provide support to the controller and help oversee the company’s financial activities. Some of the key responsibilities of an assistant controller include:
Managing Accounting Operations
The assistant controller helps maintain the day-to-day accounting operations. This involves supervising the accounts payable and accounts receivable processes, ensuring invoices are paid on time and payments are collected from customers. The assistant controller reconciles accounts, oversees payroll, and maintains the general ledger. They ensure transactions are recorded timely and accurately to produce financial statements.
Financial Reporting
The assistant controller plays a key role in financial reporting. This involves consolidating financial data from different departments and systems to produce financial statements. The assistant controller reviews reports for accuracy and compliance with accounting standards and company policies. They also analyze financial reports to identify trends, variances, and opportunities for improvement. The controller relies on the assistant controller to ensure timely and accurate monthly, quarterly, and annual financial statements.
Budgeting
The assistant controller supports the annual budgeting process. This may involve reviewing budget proposals from department heads, analyzing past expenditures, estimating future costs, and verifying that budgets align with the company’s strategic plan. The assistant controller tracks budget vs. actual spending and reports on variances. They also propose budget modifications when needed to align with changing business conditions.
Internal Controls
The assistant controller helps maintain strong internal controls for financial transactions and reporting. This involves assessing processes for risks, documenting accounting policies, and implementing controls to prevent mishandling of funds or inaccurate reporting. The assistant controller identifies control gaps and recommends improvements to safeguard company assets.
Compliance
The assistant controller ensures the company stays in compliance with accounting regulations and standards. This may include overseeing preparation of local, state, and federal tax returns. The assistant controller monitors new tax laws and regulations to determine impacts on company finances and reporting. They also ensure the company follows generally accepted accounting principles (GAAP) in its financial statements and disclosures.
Special Projects
The assistant controller takes on special projects as needed to help improve financial operations and reporting. For example, they may investigate implementing new accounting software, upgrading reporting tools and dashboards, or developing a new expense reimbursement process. The assistant controller analyzes options, weighs pros and cons, and makes recommendations to support continuous improvement of accounting and finance functions.
Team Management
In many companies, the assistant controller helps manage the day-to-day work of the accounting team. This involves overseeing the work of accountants, bookkeepers, and clerks. The assistant controller assigns and reviews work, provides guidance, and evaluates performance. They help recruit, hire, and train accounting staff. The assistant controller recommends promotions, disciplinary actions, and terminations when needed.
Qualifications
To be successful as an assistant controller, certain qualifications are required:
- Bachelor’s degree in accounting, finance, or related field
- 5+ years experience in accounting and financial reporting
- CPA license preferred
- Strong knowledge of GAAP and financial regulations
- Excellent analytical and problem-solving skills
- Attention to detail and accuracy
- Ability to manage multiple priorities and deadlines
- Strong leadership and communication skills
Career Paths
The role of assistant controller prepares individuals for advancement to higher levels, such as:
- Controller – Oversees all accounting operations and establishes financial policies.
- Chief Financial Officer – Strategically manages finances for the entire company.
- Chief Accounting Officer – Heads accounting department and oversees preparation of all financial statements.
- VP of Finance – Leads financial planning and analysis to drive strategic decisions.
Many assistant controllers leverage their experience to move into other leadership roles in companies or run their own accounting consulting businesses.
Conclusion
The assistant controller holds an important position in any finance department. They take on a wide range of critical responsibilities from managing daily accounting to high-level financial analysis and decision support. Detail-oriented, analytical, and equipped with strong leadership skills, the assistant controller plays a key role in ensuring the efficient financial operations of a company. Tracking towards a career as an assistant controller is a great path for those looking to take on a challenging role with opportunities for ongoing advancement in accounting and corporate finance.