Corporate Controllers

A corporate controller is an accountant that works for a corporation and is responsible for ensuring that all of the firm’s accounting is completed accurately. Corporate controllers play a significant role in the overall financial health. They must assist the organisation in making strategic financial choices by producing forecasting reports and financial statements critical to its long-term success. They are responsible for ensuring that accounting records are preserved and stored in a form that authorised personnel can access easily. It is also the responsibility of corporate controllers to ensure that the accounting operations of the company’s subsidiaries are adequately managed.

Types of Controllers

It’s essential to understand how controllers work because different modes of operation give rise to distinct kinds of controllers.

So, there are two primary ways of operation:

• Discontinuous: A discrete output value is possible with a discontinuous controller operation mode. In this mode, the output does not display smooth change in response to the controller’s signal, but instead fluctuates from one value to the next.
• Continuous: This mode allows for smooth fluctuation of the regulated output over the whole operating range. The control system’s output varies continuously in proportion to the complete error signal or a subset of it.

Responsibilities of Corporate Controller

• In charge of managing international banking, A/R, and A/P, and reconciling multiple banks and accounts each month to keep cash flowing.
• Make sure that Sarbanes-Oxley requirements are met during the external audit.
• Assist in implementing the SyteLine ERP solution, which will replace out-of-date manufacturing software and speed up manufacturing and transaction processes.
• To get the best return, people in charge of the division’s capital management should do ROI analysis on new products and other capital investments.
• With careful risk exposure and active portfolio management, you can get a higher return on your investment portfolio in a risky economy.
• Income statement and balance sheet account reconciliations must be done before you can start working on your project.
• Prepare your company’s organisational and accounting procedures to be used to meet SOX regulations.
• As part of Sarbanes-Oxley requirements, you should write separate accounting policies and procedures for a separate public company to meet them.
• Prepare federal and state company income tax returns and federal and state business tax payments.
• Create and follow accounting policies and procedures that meet the needs of both old and new GAAP standards and regulations.
• Help the outside CPA firm regularly during the year as they prepare for each reporting entity’s year-end tax reporting.
• Coordinate with an outside CPA firm to ensure that your annual tax reports meet local, state, and federal legal requirements for different types of businesses.
• Then make a system with more advanced features.
• Reorganise the payroll department, putting controls in place and making the interfaces with ADP payroll easier to use.
• Internal control policies and practices should be created and documented following SOX regulations.
• Payroll, bank/balance sheet reconciliation, accounts payable/receivable, and capital expenditures fall under this job.
• Multiple interface systems from legacy software and payroll from outside providers can be made to work together automatically.
• Take a look at and use an ERP system to improve labour tracking, contract profit, and inventory management.
• Accounting rules, controls, procedures, and any paperwork required for receiving, shipping, and inventory management were developed and implemented.
• Accounts and management procedures should be streamlined, which will improve record-keeping systems and office efficiency while cutting costs.
• Indirectly report and comply with U.S. GAAP financial reporting and rules for international subsidiaries to country managers and controllers to handle it for them.
• In charge of financial reporting and analysis, including preparing annual financial statements and audit oversight and budget planning and forecasting.
• Keep a watch on the company’s financial models, budget, and cost structure to ensure that the company’s financial objectives are reached.
• To make better decisions about how much money to spend on capital, give the whole company advice on ROI modelling and financial analysis, including WACC hurdle rates.
• Set up a conversion master plan with the PeopleSoft team. Review and accept the plan with them.
• Set up an ACH payment option for vendors to use.
• To assist independent auditors and IRS auditors, provide them with the knowledge to do their duties effectively.
• Keep general ledger accounts accurate and on time for IRS reporting.
• The person in charge of the U.S. Bank Cards portfolio makes sure that all credit-related actions and strategic plans are reported and analysed.
• Lead the conversion of the accounting system to Solomon to be used worldwide.

Role of Corporate Controllers

A controller’s responsibilities include:

• Assisting with formulating operational budgets.
• Keeping an eye on financial reporting.
• Performing critical tasks related to payroll.

The controller is responsible for a wide range of tasks inside a company, including preparing budgets and tracking significant budgeting dates. Collection, analysis, and compilation of financial information are examples of these activities. The reality is that although the controller does not always maintain track of the yearly budget, they do keep an eye on the variations, summarise patterns, and look into budget difficulties when they arise. Insignificant budgeting or expenditure variances, the controller notifies Management.

Conclusion

Corporate Controllers are responsible for ensuring that accounting records are preserved and stored in a form that authorised personnel can access easily. They also assist the organisation in making strategic financial choices by producing forecasting reports and financial statements critical to its long-term success.