Question

Compare & contrast the controller's responsibilities in a small company as compared to a large organaization.

Need answer for this question- 10 points

Answer 1

Role of the Controller

As head of the accounting department, the controller will be responsible for the company's:

Financial statements

General ledger

Cost accounting

Payroll

Accounts payable

Accounts receivable

Budgeting

Special analyses as well as other duties

At larger companies the controller may be assisted by other accountants. Those assisting could have have titles such as assistant controller, accounting manager, cost accounting manager, tax manager, accounts payable manager, credit manager, payroll manager, and so on. These managers may then be supervising accountants and accounting clerks.

At smaller companies it is possible that the controller will be the only accountant and will be assisted by an accounts payable clerk.

The controller for a large company might report to the chief financial officer (CFO), while the controller for a small company may be reporting directly to the president or owner.

The day-to-day life of a controller varies based on the company and its needs. Some of the tasks below will be completed by a bookkeeper and overseen or managed by a controller.

But here’s a typical list of services that a controller will perform for small businesses.

Accounting and Cash Flow Maintenance

Implement Bookkeeping Policies

Financial Management Reporting

Human Resources Tasks

Establish an Accounting Department

Implement Software

Audits

Controller Responsibilities in large companies

Controller Duties

To make the job of a controller more lucid, a list of the financial controller responsibilities includes the following:

Maintain all the necessary reporting to the banks and backup system reports

Maintain the company bank balance and remain cognizant of outstanding checks

Approve invoices that need to be paid

Read and review any documentation attached to checks for approval and accuracy sake

Follow up with customers that are over 45 days old

Make sure all financial statements and tables are correct and precise

Make sure that the owner of the company receives the company bank statement unopened

Reconcile all bank statements and monthly financial reports

Prepare monthly sales and use tax returns

Prepare projections annually and update monthly with actual figures

The controller must coordinate with the auditors and be prepared to surrender documentation if called upon

Coordinate with the tax division of the company and prepare any schedules required for tax returns

Maintain the renewals on company insurance