Controller
Job Description
Job Description
Controller duties are as set forth as follows :
Accounts payable :
Ensure that payables are entered weekly and are reviewed and items which don't belong are deleted. Invoices should be paid on a timely basis, taking advantage of discounts where applicable and ensuring good relationships.
Cash management and investment :
Cash positions taken should be discussed with President daily or when significant excess cash is available.
Facilities - Office management :
The process of reviewing the needs of the office should be part of the capital plan, however, you need to track costs on projects to ensure that items have been completed as budgeted, then report to the President.
Financing and debt :
Provide an up-date report on the borrowing facility in place and any borrowings on a monthly basis.
Fixed assets :
Maintain a fixed asset register (computing depreciation by asset category, accounting for assets disposed), capitalizing only items over $2,500.
Responsible for reporting to the President obsolete assets available for sale or disposal. Have Production management build an inventory of equipment.
Insurance :
Maintain a complete listing of all coverages in place, review bi-annually with President to ensure proper asset protection.
Review annually with President to decide renewal or search for new company to work through.
Supplies and cost management :
Review and approve all purchases to ensure that only necessary supplies are purchased.
Budgeting :
An annual budget should be established for each region based upon the forecast. The actual departmental performance should be compared to the monthly Forecast.
Variances should be analyzed and explained.
Staffing and personnel :
New employees 90 day review and approval process through all managers and final sign off by President. Problem employees should have written reviews monthly.
At least once annually, a written performance review needs to be performed. See HR employee manual.
Receivables management :
Cash and Bank deposits should be posted daily and receivables reports should be run daily and available at any time for review.
Once a week, an aged receivable trial balance should be reviewed with the Credit Manager. Problem customers (anyone who has not paid us within 60 days) should be notified and informed that product will not be shipped and new orders will not be taken until payment is made.
Customer Service and the President should be notified. Calls to customers should begin when they do not pay within payment terms.
Credit applications need to be completed by every new customer prior to giving them credit. In addition analyzing customer financial statements is required if you can obtain them.
Credit references must be contacted.
Reporting :
Monthly financial statements are to be delivered to the President / CFO no later than 10 business days after the month end.
A financial meeting should take place then and problem issues should be brought forward and actions taken. 100% Accuracy is critical when supplying financial information.
Each month, the financial reporting package needs to include support for each balance sheet account listed in the financial statements (work papers).
This means that for cash we expect to see a bank statement and a bank reconciliation. For accounts receivable we I expect to see the aged receivable trial balance.
For prepaid deposits we expect to see the list of customer deposits that ties in to our balance sheet. For prepaid insurance we expect to see a schedule that ties into the balance sheet for every item listed, etc.
This package should accompany your financial statements submitted to the President.
Taxes and compliance :
Payroll tax reports and payments should be made on a timely basis, corporate tax returns filed on a timely basis
Cost reductions :
Improving and maintaining margins is a critical part of your job. All of the above items should be viewed in light of reducing costs and simplifying the process.
You need to ensure that labor and overhead rates are updated quarterly for quoting. Knowing our cost and profit margin are critical to new quotes.
Office procedures :
Company policies on purchasing items, payables, Client fulfillment, receivables, and supplies should all have written policies to ensure that they are adhered to.