The life of an accountant isn’t as glamorous as it seems, but few career paths match the combination of solid pay, low stress, job security, and opportunity for advancement. Few accounts worry about burning out and feeling to switch industries and move into a position of prominence and importance in an organization. One of such positions is controller.
Controllers are the people who are responsible for the firm’s accounting-related activities. However, it is better to look at experienced accountants when making comparisons to controllers. Entry-level accounting jobs may be perfectly fine, but the vast majority of controllers have experience and several professional certifications.
Furthermore, this article will explore on accounts and controllers as well as accountant vs controller.
Accountants
Non-contoller accountants have several specialties to choose from. Some go for auditing, while others go for tax accounting. Some of them work for the government, while others perform cost accounting and other internal reports.
Accountants mostly serve as bookkeepers who analyze the work of bookkeepers. Their job is to prevent fraud and maintain accuracy among the co-workers, investors, creditors, and regulators. Most accountants from certified public accountants are held to a strict code of professional ethics, unlike those in the medical industry.
Controllers
Controllers come in various stripes. The most common are business controllers and corporate controllers handling the entire accounting system for their employers. For small companies, this means setting up accounting infrastructure and performing bookkeeping, whereas large companies use controllers in an overseer role. Most controllers work for the government, and others serve as chief financial officers for their respective agencies.
A business controller acts as a chief accounting officer for a firm. The controller is considered a member of the executive staff and typically plays a role in controlling the accounting personnel of a company.
Controller is a common yet underappreciated role of business controller is interpreting financial data. Controllers are mostly experienced in a great deal of accounting and business forecasting experience. Particularly pertaining to tax management. They are also called on to lend their expertise on investments, creditor relationships, or other areas.
Often controllers have one or two assistants at disposal. Assistant controllers are less experienced and spend more time on the day-to-day of data collection, regulatory and reporting, and preparation of challenging journal entries.
Accountant vs controller: education and skills
Most accountants study accounting and receive a degree in the subject. It is possible to become an entry-level accountant with a degree in finance, statistics, mathematics, or economics. Whereas employers clearly prefer someone with a degree in understanding generally accepted accounting principles, also known as GAAP.
Senior level accounting requires a CPA designation, maybe a certified management accountant (CMA), Chartered Financial Analyst (CFA), or professional designation. Jobs such as Senior financial accounting reporting jobs might need three to six years of work experience. While tax accountants or junior auditors might need one to three years after passing CPA exams.
It doesn’t take years of direct accounting experience to become a controller, but it helps. Controllers help in those for large companies having a wider focus on simply accounting protocols. Most of them have a Master of Business Administration (MBA) or other financial degree in finances.
Accountant VS Controller: difference in salary
It is difficult to nail down an average salary for mid or upper accountants, where the majority of career accountants earn above $60,000 from three to five years after becoming CPAs. according to BLS, a median annual wage for accountants and auditors in 2020. Positions like tax managers or audit managers can earn up to $130,000. Many accountants aspire to be partners at accounting firms and can earn thousands of dollars.
The median annual salary for financial managers includes $134,180, according to BLS data. The term controller indicates an even more senior position and even higher salary.
Accountant VS Controller: work-life balance
Most accountants work a standard between 40 and 45 hours a week and enjoy plenty of paid time, holidays, vacation time, and a model amount of schedule flexibility. Despite the reputation of the job being boring, accounting ranks among the most satisfying careers.
Moreover, accountants work for longer and more intense periods of hours during the tax seasons, roughly February to April. Before taking some time off during spring and summer. It is not uncommon to work for more than 10 hours a day during the tax season.
An analysis shows controllers between 2013-2015 and estimated that the average controller works more than 43 hours a week. Like accounting counterparts, controllers tend to control experience with a much better work balance than others in the financial industry.
Special consideration
The job shows strength for both career paths. BLS data project where the number of financial manager jobs will grow by 15% between 2019-2029. While data does not break out the number of those positions will be for controller roles; this is faster than the 4% growth rate for occupations during the period.
Accounting Vs Controller
You could jot it down to various choices between mid-level accountant and controller to one specification and general control. Most accountants became increasingly specialized and narrowed their career focusing over a few years.
The customer couldn’t afford it in part because that helps fuel higher salaries. A controller cannot afford to be an expert in one area as they have overseen entire accounting operations and offered systematic advice to their contemporaries.
Conclusion
In conclusion, accountant vs. controller, where controllers tend to make more money and manage people and organize departments. Not all accountants have the same responsibility. This should thrive in management roles, as they are the best candidates for controller jobs. This should be a major factor when decking on a potential controller career. To know more on accountant vs. controller, visit freedomfolio.net.