Controller

Definition of 'Controller'


An individual who has responsibility for all accounting-related activities within a firm. In most organizations, the controller is the top managerial and financial accountant. The controller supervises the accounting department and assists management in interpreting and utilizing managerial accounting information. A firm's chief financial officer (CFO) may distribute some of the financial management responsibilities between a controller and a treasurer. Functions of the controller include:

Financial accounting - the preparation of financial statements

Cost accounting - the preparation of the firm's operating budgets

Taxes - the preparation of reports that the firm must file with various local, state and federal agencies

Data processing - of corporate accounting and payroll activities
Also called "comptroller."

Investopedia explains 'Controller'


A controller can work at a corporation or government setting. For example, municipal, as well as state, governments often have a controller and "controller's office" or "office of the controller." A state controller may be responsible for administering the state's accounting system, processing and recording its financial transactions, collecting debts that are owed to the state and settling claims made against the state. Controllers for government entities are typically elected; controllers who work within corporate settings are hired.



comments powered by Disqus
Hot Definitions
  1. Federal Reserve Note

    The most accurate term used to describe the paper currency (dollar bills) circulated in the United States. These Federal Reserve Notes are printed by the U.S. Treasury at the instruction of the Federal Reserve member banks, who also act as the clearinghouse for local banks that need to increase or reduce their supply of cash on hand.
  2. Benchmark Bond

    A bond that provides a standard against which the performance of other bonds can be measured. Government bonds are almost always used as benchmark bonds. Also referred to as "benchmark issue" or "bellwether issue".
  3. Market Capitalization

    The total dollar market value of all of a company's outstanding shares. Market capitalization is calculated by multiplying a company's shares outstanding by the current market price of one share. The investment community uses this figure to determine a company's size, as opposed to sales or total asset figures.
  4. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  5. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  6. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
Trading Center