A chief accountant and a head of the accounting department are called a controller. A controller is responsible for each activity of the company and prepares the company's financial statements (AccountingCoach, n.d.). The controller is responsible for monitoring every activity that impacts the company's finances. It is up to the controller to carry out analyses, interpretation and control of the company's entire accounting and financial system. Their duties include cost accounting, payroll, budgeting, internal auditing, forecasting, use of appropriate accounting methods, accounting procedures and taxes (Bianco, n.d.). The controller is responsible for accounting for all income and expenses incurred by the business; in short, they have complete control over company funds and are responsible for making important fiduciary decisions. Almost all decisions involving money cannot be made without the advice and counsel of the comptroller. They are responsible for preparing a financial report to management showing actual and budgeted performance for the stipulated period. In addition to these internal works, the comptroller is responsible for submitting the appropriate report to the relevant government agencies (Bianco, nd). The controller has the responsibility to protect the company's assets, which is done through an appropriate internal control and audit system. Accounting System: An effective accounting system is necessary in the hour and it is essential for any organization to sustain itself in the market. The accounting system will make work faster and create an excellent infrastructure, especially when it is software based. In this first step, the controller must understand...... middle of paper ...... software —StrategyBlocks. Retrieved February 28, 2014 from http://www.strategyblocks.com/business-strategy-software/UC San Diego (February 25, 2014). Internal control practices: accounts payable. Retrieved February 28, 2014 from http://blink.ucsd.edu/finance/accountability/controls/practices/accounts-payable.htmlUniversity Of Hawaii (2000). CASH MANAGEMENT AND SHORT-TERM INVESTMENT OF OPERATING FUNDS. Retrieved from http://www.hawaii.edu/svpa/ep/e8/e8201.pdfWww.adhc.nsw.gov.au (nd). Chapter 3 - Strategic business planning. Retrieved from https://www.adhc.nsw.gov.au/__data/assets/file/0006/228750/969_ItsYourBusiness-Chapter3-StrategicBusinessPlanning_web.pdfWww.general-data.com (nd). Complete Asset Management Solutions | General Data Company, Inc. Accessed February 28, 2014, from http://www.general-data.com/services/fixed-asset-management