What Is a Comptroller?
A comptroller, in america, is a high-level executive that oversees the accounting tasks and financial reporting procedures of organizations. The comptroller oversees all accounting along side accounts receivable, payroll, and loan transactions. The comptroller moreover supervises the chart of accounts and the whole ledger, which form the root for the financial statements.
Key Takeaways
- A comptroller oversees the accounting and financial reporting procedures of an organization.
- The is comptroller is senior to controllers and reports to the chief financial officer, the president, or the chief executive officer.
- The comptroller maintains a device of inside controls to ensure the correct securing and use of value vary, along side serving to inside and external auditors.
- The comptroller manages all accounting transactions, budgets, and loan process.
Understanding the Place of a Comptroller
Comptrollers are the an identical of the chief financial officers in nonprofit organizations, government our our bodies, and firms. The comptroller performs a an an identical serve as to controllers, although comptrollers are thought to be to be quite senior to controllers. In corporations that have comptrollers, the positioning would in all probability report to the chief financial officer or, in smaller organizations, the president or chief executive officer.
A controller is additional steadily found in for-profit corporations while a comptroller is additional now not peculiar in nonprofit organizations and governments. On account of comptrollers aren’t peculiar in non-profit and government organizations, comptrollers may be tasked with a very important amount of fund accounting.
Comptroller Duties
Comptrollers arrange the accounting personnel and care for a device of inside controls to ensure that value vary are used accurately. They arrange the processing of all accounting transactions and countersign expenditures and receipts, along side billings, accounts payable and receivable, payroll, collections, and cash receipts. The comptroller moreover manages budgets and secures loans.
Comptrollers shoulder numerous the financial duty in an organization on account of they will have to ensure that value vary are spent and accounted for accurately.
Comptrollers care for the whole ledger and ensure that the financial statements are proper and conform to the proper structure and necessities. The comptroller is also effectively the chief audit executive, overseeing inside audits, and serving to with external audits.
Comptroller Ranges and Certifications
Like controllers, comptrollers maximum frequently have a minimum of a bachelor’s point in accounting. Many comptrollers are Certified Public Accountants or possess a certification as a Chartered Financial Analyst or Certified Keep an eye on Accountant. Complicated certification possible choices for comptrollers include Certified Inside Auditor and Certified Government Financial Manager.
Comptroller Career Outlook
The everyday pay for a financial manager, which is the closest comparator for a comptroller throughout the data from the U.S. Bureau of Laborious paintings Statistics, was once as soon as spherical $134,180 consistent with 365 days in 2020. This career is anticipated to increase at a price of 15% via 2029, which is more healthy than most professions.
Fast Reality
Financial managers and comptrollers perform an an identical functions. Then again, a finance manager may be additional serious about the regulate of a company’s price range while the comptroller manages the financial accounting and reporting.
Comptroller Professional Organizations
The professional organizations a comptroller would in all probability belong to are the American Institute of Certified Public Accountants, the American Accounting Association, or the Institute of Keep an eye on Accountants.
