Controller

AAA

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.

RELATED TERMS
  1. Comptroller General

    A high-ranking accounting position in the U.S. government. Appointed ...
  2. Primary Regulator

    The state or federal regulatory agency that is the primary supervising ...
  3. Regulation 9

    A regulation that permits national banks to open and operate ...
  4. Accounting

    The systematic and comprehensive recording of financial transactions ...
  5. Managerial Accounting

    The process of identifying, measuring, analyzing, interpreting, ...
  6. Chief Financial Officer - CFO

    The senior manager responsible for overseeing the financial activities ...
Related Articles
  1. Fundamental Analysis

    Analyzing A Bank's Financial Statements

    A careful review of a bank's financial statements can help you identify key factors in a potential investment.
  2. Professionals

    Top 4 Most Competitive Financial Careers

    If your goals include a big paycheck and working for a Wall Street firm, then you need to learn how to meet employers' expectations.
  3. Taxes

    What is the best method of calculating depreciation for tax reporting purposes?

    Learn the best method for calculating depreciation for tax reporting purposes according to generally accepted accounting principles, or GAAP.
  4. Fundamental Analysis

    Are accounts receivable used when calculating a company's debt collateral?

    Learn how accounts receivables are recorded as assets on a balance sheet; they are used when calculating a company's total debt collateral.
  5. Fundamental Analysis

    Work In Progress (WIP)

    Work in progress, also know as WIP, is an asset on the company balance sheet. WIP is the accumulated costs of unfinished goods that are currently in the manufacturing process.
  6. Fundamental Analysis

    What is the difference between cost of equity and cost of capital?

    Read about some of the differences between a company's cost of equity and its cost of capital, two measures of its required returns on raised capital.
  7. Fundamental Analysis

    Is depreciation only used for tangible assets?

    Learn if tangible assets can be depreciated, as well as what other assets are eligible for depreciation so you can account for them accurately.
  8. Fundamental Analysis

    What does a high weighted average cost of capital (WACC) signify?

    Find out what it means for a company to have a relatively high weighted average cost of capital, or WACC, and why this is important to lenders and investors.
  9. Fundamental Analysis

    How do intangible assets appear on a balance sheet?

    Understand how various types of intangible assets are handled in a company's accounting and which of them you can find on a company's balance sheet.
  10. Fundamental Analysis

    What is the difference between operating cash flow and net income?

    Learn how net income is an income statement for a certain period of time, while cash flow shows inflows and outflows based on conversion of sales into cash.

You May Also Like

Hot Definitions
  1. Command Economy

    A system where the government, rather than the free market, determines what goods should be produced, how much should be ...
  2. Prospectus

    A formal legal document, which is required by and filed with the Securities and Exchange Commission, that provides details ...
  3. Treasury Bond - T-Bond

    A marketable, fixed-interest U.S. government debt security with a maturity of more than 10 years. Treasury bonds make interest ...
  4. Weight Of Ice, Snow Or Sleet Insurance

    Financial protection against damage caused to property by winter weather specifically, damage caused if a roof caves in because ...
  5. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  6. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
Trading Center