Assistant Controller
Job Overview
An Assistant Controller supervises accounting staff and ensures accurate and timely financial statements. This role involves developing and maintaining accounting policies, procedures, controls, and reporting systems. The Assistant Controller performs a variety of accounting activities, including general ledger preparation, financial reporting, year-end audit preparation, and support of budget and forecast activities.
Organizational Impact
The Assistant Controller plays a critical role in the financial management of an organization. Some of the key impacts of this job on the organization include:
1. Financial Reporting: The Assistant Controller is responsible for ensuring accurate and timely financial reporting. This helps the organization make informed decisions and comply with regulatory requirements.
2. Budgeting and Forecasting: The Assistant Controller helps develop and manage the organization's budget and forecast. This ensures that the organization is financially stable and can achieve its goals.
3. Internal Controls: The Assistant Controller helps establish and maintain internal controls to prevent fraud and ensure compliance with policies and procedures.
4. Decision Making: The Assistant Controller provides financial analysis and insights to support decision making by senior management. This helps the organization make informed decisions that drive growth and profitability.
5. Team Management: The Assistant Controller manages a team of accountants and financial analysts. This ensures that the team is productive, motivated, and aligned with the organization's goals.
Overall, the Assistant Controller has a significant impact on the financial health and success of the organization.
Key Systems
- Accounting software (e.g. QuickBooks, SAP, Oracle)
- Microsoft Excel
- Financial reporting systems (e.g. Hyperion, Cognos)
- Payroll processing software (e.g. ADP, Paychex)
- Budgeting and forecasting software (e.g. Adaptive Insights, Prophix)
Inputs
- Financial reports and data
- Budgets and forecasts
- Accounting policies and procedures
- Regulatory compliance requirements
- Communication with other departments and stakeholders
Outputs
- Financial reports and analysis
- Budget preparation and monitoring
- Accounts payable and receivable management
- Internal control and audit compliance
- Supervision and training of accounting staff
Activities
- Establish, monitor, and enforce policies and procedures
- Establish, monitor, and enforce internal controls
- Monitor and confirm financial condition by conducting audits; providing information to external auditors
- Maximize return, and limit risk, on cash by minimizing bank balances
- Prepare budgets by establishing schedules; collecting, analyzing, and consolidating financial data; recommending plans
- Achieve budget objectives by scheduling expenditures; analyzing variances; initiating corrective actions
- Provide status of financial condition by collecting, interpreting, and reporting financial data
- Prepare special reports by collecting, analyzing, and summarizing information and trends
- Comply with federal, state, and local legal requirements by studying existing and new legislation; anticipating future legislation; enforcing adherence to requirements; filing financial reports; advising management on needed actions
- Establish preventive maintenance requirements and service contracts; maintaining equipment inventories; evaluating new equipment and techniques
- Schedule and assign employees; following up on work results
- Recruit, select, orient, and train employees
- Maintains financial staff job results by coaching, counseling, and disciplining employees; planning, monitoring, and appraising job results
- Attend educational workshops; reviewing professional publications; establishing personal networks; participating in professional societies
- Review monthly financial statements for assigned properties ensuring accurate and complete work product
- Review quarterly and annual financial statements prepared in accordance with GAAP for submission to partners and lenders
- Review daily cash report to identify cash transactions that may need to be posted to the General Ledger
- Research cash differences between the General Ledger account and the bank account
- Review outstanding bank reconciliation items before bank reconciliation is posted
- Review or prepare annual tenant escalation billings
- Train and support staff in using accounting system and proper procedures and accounting methods
- Prepare and send monthly financial statements or lender deadlines
- Review schedules of prepaid commissions at year end to be posted
- Review monthly, quarterly and annual sales tax returns
- All other duties as assigned
Recommended Items
- Monthly financial reporting process
- Budgeting and forecasting process
- Accounts payable and receivable processes
- Internal control documentation and testing
- Financial statement analysis and variance reporting process
Content Examples
- Financial statements (balance sheet, income statement, cash flow statement)
- Budget reports and analysis
- Audit reports and findings
- Tax filings and compliance documentation
- Internal control policies and procedures documentation
Sample Event-Driven Tasks
- Reconcile bank accounts monthly upon receipt of statements
- Prepare and file quarterly sales tax returns
- Review and approve employee expense reports
- Assist in the preparation of annual budgets and forecasts
- Monitor and analyze financial data to identify trends and variances
Sample Scheduled Tasks
- Prepare monthly financial statements and reports
- Review and reconcile general ledger accounts
- Assist with budget preparation and variance analysis
- Coordinate and oversee the annual audit process
- Manage accounts payable and accounts receivable processes and staff
Sample Infill Tasks
- Assist in the preparation of monthly financial statements and reports
- Review and reconcile general ledger accounts
- Assist in the preparation of annual budgets and forecasts
- Assist in the coordination of annual audits and tax filings
- Monitor and analyze financial performance metrics and provide recommendations for improvement