Assistant Controller Responsibilities

The assistant controller responsibilities are basically assigned to ease the work of the controller in an organization. Assistant controller is associated with the finance and accounts department of an organization and is liable to ensure that the standard accounting practices are followed and the necessary records are maintained and updated with accurate figures.

It is very important for an organization to prepare, maintain and reconcile the financial statements to determine the profit or loss, tax payable, assets and liabilities, etc. It helps to analyze which areas of business need improvement.

In accountancy, control refers to the organizational standards for financial reporting that help in the preparation of error free financial statements. The assistant controller prepares various financial statements in compliance with these controls and presents the statements to the controller, board of directors, or any other commanding person or authority. He is also involved in the planning and allocation of finances. In some organizations, the assistant controller himself is in-charge of developing and implementing the accounting practices with the controller.

The assistant controller calculates the profits or loss by auditing the financial statements for a given period and suggests measures for cost cutting. Calculation of salary, commission, perks, and allowances also comes under the responsibilities of an assistant controller.

Details of Assistant Controller Responsibilities

• Formulation of Controls: An assistant controller helps the controller to formulate and implement controls for the organization. He suggests modifications in the existing policies if required.
• Budgeting: Assistant controller is actively involved in the budgeting of a specific department or for the organization as a whole.
• Auditing: Assistant controller is not only responsible for preparing accounts, but also for auditing and assessment of financial status of the organization.
• Managing payroll: Assistant controller manages the payroll functions of the organization.
• Managing bank accounts: The assistant controller coordinates with the banks to open accounts, fund transfers, and other banking activities.
• Calculation of taxes: An assistant controller calculates various taxes such as property tax, income tax, sales tax, etc. He fills up the tax forms and submits it to the administration or federal agencies.

Depending on the size of the organization, an assistant controller can be assigned more or less responsibilities. Sometimes, the assistant controller supervises the accounting staff in a large organization.

Assistant controllers usually work in an office environment for limited hours; though overtime is normal during financial year end.

Skills of an Assistant Controller

As an assistant controller, you need to be skilled in the following domains:

• Accounting: The job is all about accounting and your expertise in business accounting will determine your efficiency and output.
• Taxation: Accurate assessment of taxes is very important and you are expected to be conversant with the taxation rules laid by the government authorities.
• Accounting software: You must know how to prepare and manage accounts using the digital applications.
• Supervisory skills: You must be able to supervise and assist the accounting staff.
• Presentation skills: You need excellent presentation skills in order to provide information over the accounts during board meetings.

Becoming an Assistant Controller

Individuals with a degree in finance, accounting, or related fields are preferred by the employers. Some employers only look for certified public accountants (CPA), certified financial manager (CFM), or certified management accountant (CMA). Some organizations provide on the job training, while others prefer experienced individuals.

Career Scope for Assistant Controller

Assistant controllers earn $72,000 on an average. You can get promoted to the position of a controller if you gain a minimum of five years of experience.

Assistant controller responsibilities define the job nature, requisite qualifications and skills and other details of this profession.