In terms of managing finances, businesses can count on controllers and treasurers. However, though they may seem similar, they serve distinct purposes. Let’s find out the difference between a company controller and a treasurer in our infographics.
Inward Transactions, Past Business Activities, and Compliance
Outward Movers Looking Towards the Future of the Business
The role of a financial controller is focused on supervising the preparation of financial reports and ensuring accounting records comply with the accounting standards.
On the other hand, a treasurer protects the company’s finance from possible risks and shortfalls. The position also entails responsibility for corporate liquidity and investments that pertains to the company’s financial activities.
Among the financial controller responsibilities are monitoring internal controls to lessen risks and create value within the organization, and analyzing financial data. These financial managers also see to it that deadlines and regulations are met in the operations.
The responsibilities of a treasurer include engaging with primary stakeholders and investors, and managing cash flow of the organization. They also take charge in maintaining healthy relationships with outside creditors to raise the working capital. In a nutshell, treasury functions mean ensuring the firm’s financial goals are met.
For the financial controller position, you must obtain a degree in Accounting, Finance, Economics, or Business. Aside from the degree, you are also required to be a licensed CPA with a background in accounting jobs since you will be handling financial reports and internal finance functions.
The ideal candidate for the treasury role is a graduate of Accounting, Finance, Economics or Business degree. An intensive grasp of business segments and communication skills to interact with management and stakeholders are also a must.
Learning the difference between a controller and a treasurer can come in handy for your business once you decide to hire financial managers. Depending on the function you need onboard, you will know which one to employ. That’s why it’s essential that you thoroughly assess what your firm needs.
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