The primary objective of controllership is to assist management in setting and achieving operating and related financial objectives by providing timely and accurate data to support decision-making.
The controller's job is to make the company's business objectives achievable, by contributing to cost management and profit improvement efforts of the overall company. A controller will work with your Professional Accountant and often act from direction of your Accountant to ensure goals and objectives are adhered to.
What is involved in the work of a Controller?
A controller analyzes and develops timely and accurate financial information, enabling the company to deliver and improve its future overall performance. Traditional accounting and bookkeeping functions act as rear view mirrors, measuring past performance. Controllers are forward looking, acting as the businesses headlights. They anticipate issues and act to resolve them, and of course the earlier in the process that a controller can influence a course of action, the more likely the process will be successful.
Can I have both a Controller and a Professional Accountant?
Absolutely! Both these positions are important and involve the development and maintenance of information and reporting processes to ensure that company objectives are achieved. Your Professional Accountant will work with you on Tax planning objectives and overall Long term Company Goals. Your Controller will help put processes in place to ensure these goals can be measured and followed. The Controller will often act from direction from your Professional Accountant, and is often seen as a strong contributing member of the management team.
What if I don't understand Accounting or Financial Statements?
Your Controller will present financial information in an understandable format for non-financial people by translating issues and their financial implications. Then they can work with you to direct change or pinpoint problems.
What if I don't have time to analyze Financial Statements?
This is the exact reason a Controller can help you. As a contributing member of the management team, your Controller will provide you with the information that you need, so that you have the time to focus on your strengths within your business. You can be confident that the Accounting is being looked after.
My cash flow is out of control - I don't think I can afford this?
Can you really afford not to?
Why is your cash flow out of control?
Your Controller can focus on cash flow improvement initiatives: reducing Accounts Receivable; managing Accounts Payable; cost management; budget implementations; to name but a few!
I have an in-house bookkeeper, do I need a Controller?
Your controller will ensure that the work carried out by your in-house bookkeeper is accurate and complete. They will look for efficiencies within your bookkeeping processes and procedures, put in place operating manuals, and train your staff within the accounting department. Your Controller fills the gap between your bookkeeper and Professional Accountant.
I'm looking to grow my business - can a Controller help?
Most definitely! Your controller can work with you and your Professional Accountant to implement budgets, forecasts, and both short and long term goals. Growth can be exciting but also chaotic, and if not managed correctly can have a detrimental effect on your business. Ideally, before you start down the growth path, you should have a plan and therefore a direction, otherwise how will you measure your success?
