Compare and contrast the role of the treasurer and controller in the firm.
Answers
Explanation:
Treasurers and controllers are both financial managers, but they have different roles. Controllers usually concentrate on what has already happened inside a company. They prepare financial statements and other reports based on past activity. Treasurers focus outward and interact with the bankers, shareholders and potential investors who provide capital. In some small businesses, the owner, a controller and an outside accountant might share the financial duties.
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Contrast the Roles of Treasurers & Controllers
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Charles Crawford
Controllers and treasurers are financial managers with different missions.
Treasurers and controllers are both financial managers, but they have different roles. Controllers usually concentrate on what has already happened inside a company. They prepare financial statements and other reports based on past activity. Treasurers focus outward and interact with the bankers, shareholders and potential investors who provide capital. In some small businesses, the owner, a controller and an outside accountant might share the financial duties.
Qualifications
Treasurers and controllers should be college graduates -- with several years of experience working in accounting or finance positions -- who have completed courses in accounting, finance or economics. Both positions call for candidates who pay attention to detail, are analytically minded and possess organizational skills. They should be comfortable working with Microsoft Excel and financial analysis software. Master's degrees are preferred, especially by large corporations. Employers often require that controllers be certified public accountants.
Where They Work
There are positions for treasurers and controllers in all sizes of companies except for the smallest, where owners and outside accountants often perform the necessary financial functions. Treasurers and controllers work in nonprofit organizations and government agencies as well as private sector businesses, especially banks and other financial businesses. Their day-to-day functions include accounting oversight -- mainly the concern of controllers -- analysis and reporting. Treasurers tend to specialize in cash management and risk management.
Focus
Controllers focus on the internal workings of organizations. They prepare budgets and supervise accounting and auditing work. They also generate the tax returns and financial statements required by regulators. Controllers monitor whether operational units are meeting deadlines and complying with regulations. Treasurers obtain loans and other credit from outside sources, maintain relationships with banks, raise equity capital, invest company funds and communicate with shareholders. In general, they manage the company's cash and ensure that the company meets the financial goals expressed in the budget.
Job Outlook and Salary
The U.S. Bureau of Labor Statistics has predicted a 9 percent growth rate in jobs for financial managers -- including controllers and treasurers -- through 2020. Commercial banking and the savings industry, however, where many financial managers work, can expect a 14 percent decline in employment for the same period. Job candidates with master's degrees, certifications and an understanding of international finance will have the best prospects for employment. The median annual salary for financial managers was $103,910 in 2010, with $106,400 for the highest 10 percent.
2016 Salary Information for Financial Managers
Financial managers earned a median annual salary of $121,750 in 2016, according to the U.S. Bureau of Labor Statistics. On the low end, financial managers earned a 25th percentile salary of $87,530, meaning 75 percent earned more than this amount. The 75th percentile salary is $168,790, meaning 25 percent earn more. In 2016, 580,400 people were employed in the U.S. as financial managers.
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