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Article byAshish Kumar Srivastav
Reviewed byDheeraj Vaidya, CFA, FRM
Difference Between Controller and Comptroller
The key difference between Controller and Comptroller is that the controller is responsible for managing the organization’s financial affairs, like analysis of the financials, reporting, etc. It holds the position of the financial head in the private organization. In contrast, the comptroller also performs the same duties with the difference that he manages the financial affairs of the government organization.
What is the difference between controller and controller? A fundamental question among the students who are studying and want to make their career in accounting and Financial field as they might also be the aspiring controller or comptroller of the future? These two words are very similar as they are the upper-level positions in financial management with a slight variation in the working criteria or approach.
There is not much difference between them as far as their duties are concerned. It is just that a finance controllerFinance ControllerThe financial controller is one of the senior-level executives of the company who is responsible for managing all the finance and the accounting, preparation and publishing of the financial statements such as the balance sheets, cash flow statement and the income statements timely, auditing compliance, and coordinate in the preparation of the economic forecast of the company.read more is a name for a financial head in a private organization, whereas a controller performs the same tasks for government firms. So let’s dive deep to know how these two positions differ.
Table of contents
- Difference Between Controller and Comptroller
- Who is a Controller?
- Who is a Comptroller?
- Controller vs Comptroller Infographics
- Controller vs Comptroller – Comparative Table
- Final Thoughts
- Recommended Articles
Who is a Controller?
A controller is a person who holds the highest position in the finance department of an organization and takes care of all the financial affairs of that organization, such as financial reportingFinancial ReportingFinancial reporting is a systematic process of recording and representing a company’s financial data. The reports reflect a firm’s financial health and performance in a given period. Management, investors, shareholders, financiers, government, and regulatory agencies rely on financial reports for decision-making.read more, financial analysis, interpretations, etc., that is good for the company’s financial health. Controllers are the professionals appointed in private organizations.
- The major responsibilities include ensuring that financial reporting is accurate and not manipulated.
- They are also accountable for an explanation to the shareholdersShareholdersA shareholder is an individual or an institution that owns one or more shares of stock in a public or a private corporation and, therefore, are the legal owners of the company. The ownership percentage depends on the number of shares they hold against the company's total shares.read more and management of the company for all the analysis, interpretations, and findings related to the company’s finance as he is the one who makes all the major financial decisions that are in the interest of shareholders, investors, and creditors of the company.
- They need to know where the funds are being used and how they would benefit the company’s growth.
- In addition to the responsibilities mentioned above, controllers are also responsible for adhering to all the local, state, and federal laws related to financial and monetary matters.
- As per the law, the controller holds the topmost rank in the company’s finance. Therefore, he must ensure that the company is making a profit and is a profitable entity.
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Source: Controller vs Comptroller (wallstreetmojo.com)
Who is a Comptroller?
There is not much difference between the roles and responsibilities of a Comptroller compared to a Controller. Comptrollers perform the same duties as financial controllers. Besides the fact that there is no significant difference between the tasks they have to perform, controllers are ranked higher in the government organization or any government entity on the state or local level than their counterparts in private organizations who the name controllers know.
- The Controller would most likely work for a government organization.
- This could be at the state or local level. The controller manages the same duties and possesses the same responsibilities in private organizations. Since a comptroller is at a higher rank than a controller, and that too in the government firms, the comptroller holds extra responsibilities also.
- In addition to doing financial analysis, making interpretations, and achieving accuracy in financial reporting, the comptroller is also responsible for ensuring that the company’s expenditures are within budget.
- He is also responsible for reviewing the work of his lower-level accountant’s team so that he can be ensured of meeting the standards.
- He is also responsible for fixing and maintaining the organizational budget and making projections. He compares the projections with the actual figures and makes adjustments when needed.
- Being at the top financial rank in a government organization, the comptroller is answerable to the taxpayers for their actions. In the American government, the comptroller is also known as the chief financial officer of a public body.
Controller vs Comptroller Infographics
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For eg:
Source: Controller vs Comptroller (wallstreetmojo.com)
Controller vs Comptroller – Comparative Table
| Controller | Comptroller |
|---|---|
| Controllers are the top-ranked financial personnel within private or non-profit organizations. | On the other hand, the comptrollerComptrollerComptroller is the person in charge of the company's accounting and financial records, and he or she is usually at asenior-level position, preferably the company's CFO. The main responsibility is to manage the Accounting staff and to oversee the general administration of the office.read more heads the financial department of the government sector organizations. |
| A controller is responsible for the financial well-being of the organization. | As the controller, a controller is responsible for the financial analysis, interpretations related to the company’s finance and accuracy in financial reporting. |
| A controller is answerable to the shareholders and management of the company for their actions. | Since Comptrollers are the head of finance in government firms, they are answerable totaxpayersTaxpayersA taxpayer is a person or a corporation who has to pay tax to the government based on their income, and in the technical sense, they are liable for, or subject to or obligated to pay tax to the government based on the country’s tax laws.read moreas well. |
| The controller has to take care of all the laws at the local, federal, and state levels for any financial and monetary matter. | Besides taking care of financial and monetary laws, the Comptroller has to make sure that the company’s expenses would not go beyond the set budget. |
| Money is a big concern for the management and stakeholders of a company. Therefore the role of a controller is very challenging as he should be very accurate while dealing with the reporting and any financial analysis. | The Controller is not just responsible for his actions. He also holds the responsibility of reviewing the work of his team. |
Final Thoughts
The controller and comptroller perform similar duties and have similar responsibilities in different working environments. There is no measure of telling which one is more appealing. It is the individual choice of which environment they want to work in. Both positions require a very strong understanding of finance and accounting principlesAccounting PrinciplesAccounting principles are the set guidelines and rules issued by accounting standards like GAAP and IFRS for the companies to follow while recording and presenting the financial information in the books of accounts.read more.
Recommended Articles
This has been a guide to Controller vs Comptroller. Here we discuss the top differences between the controller and comptroller and infographics and comparison tables. You may also have a look at the following articles –
- CFO vs Controller – Which is better?
- Forensic Accounting
- Financial Accounting vs Management Accounting
- Cost Accounting vs Management Accounting Differences
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FAQs
Which is correct controller or comptroller? ›
A comptroller seems to oversee the overall costs that go into the services a company is providing. On the other hand, the “controller” is concerned with the bottom line; more specifically, the costs that are associated with the final product within a company.
Is comptroller pronounced the same as controller? ›So which is it: "comptroller" or "controller?" As many of our listeners have pointed out, the correct pronunciation is controller.
What is a controller vs comptroller vs CFO? ›The CFO is responsible for the overall financial health of a company, while a comptroller or controller focuses on more specific aspects of financial management. Additionally, the CFO reports to the CEO and is part of the organization's senior level / executive team.
What position is higher than a controller? ›The controller reports to the CFO, sometimes alongside the treasurer and tax manager. Below the controller can be roles such as the accounting manager, financial planning manager, accounts receivable manager, and accounts payable manager.
What is another job title for controller? ›Similar professions and job titles to a Financial Controller are Accountant, Bookkeeper, Vice President Finance, Head Of Finance, Finance Manager, Financial Planning and Analysis Manager, Director of Financial Planning and Analysis and Accounting Specialist.
Is controller a good title? ›A controller, sometimes known as a director, is an important position in the accounting job titles hierarchy because this person is responsible for creating financial reports that give a thumbnail sketch of your existing financial position.
Can a controller be not a CPA? ›A Controller is not required to have a CPA license, although some companies might require it.
Is a controller higher than a CPA? ›An accountant, or practitioner of accounting, keeps and analyzes financial records. A controller, or comptroller, oversees the accounting operations of a firm, including managing staff. Because controllers' duties and responsibilities expand beyond that of an accountant, they typically command larger salaries.
Is controller an executive position? ›A financial controller is a higher-level finance position that takes the responsibility over the financial reporting process. Not quite an executive-level position at most companies, a controller oversees many of the processes that come together to deliver financial statements.
Is comptroller a word in English? ›If you think "comptroller" looks like a mistaken spelling of "controller," you're partially right. Today, "comptroller" is an established word that shares one of its meanings (sense 3) with "controller." The term did originate as a misspelling, however.
What is the role of a comptroller? ›
Comptrollers are high-level managers who oversee accounting and finance departments. They typically report to the chief financial officer. Usually working in public agencies, comptrollers often oversee and investigate government institutions' finances.
What is a controller at a company? ›A controller oversees an organization's daily accounting operations, including the accounting, payroll, accounts payable and accounts receivable departments. The controller also helps guide a company's strategic financial decisions, and is therefore integral to the financial health of the firm.
What is the name of the comptroller? ›Learn about Gene Dodaro, the current Comptroller General.