A comptroller position is a management level position. The person who holds this position is directly responsible for supervising the quality in which accounting and financial reporting is done within an organization. The comptroller for the American government is simply known as the Chief Financial Officer for a public Body.
Duties of the Texas Comptroller
The Texas Comptroller is responsible for serving each and every citizen located in the state. This person is responsible for numerous critical duties that have significant impacts for both business owners and individuals alike. Not only are they the chief financial officer for Texas, but are also responsible to serve as accountant, chief tax collector, revenue estimator, financial officer, and they are responsible for economic development.
One of the numerous duties for the comptroller is to serve as the primary accountant for the government. This means that they write state checks and monitor all state agency spending. It also means the comptroller is directly responsible that the state’s financial statements, along with any other reporting requirements set by the state, is done according to the principles, rules and policies associated with the professional accounting.
- Revenue Estimator
The comptroller must also report the financial condition of the state to the legislature every year. The comptroller is responsible for providing the legislature with estimates of future revenues in the years to come. Revenue estimating covers monitoring and reporting the condition in which the Texas economy finds itself. It also assists both Fiscal Management and Treasury in the task of projecting the cash flow position for the state and produces the legislation’s fiscal analysis. Finally, this area covers the comptroller’s responsibilities pertaining to administrative rules and any other proposal that will affect the revenue of the state in some way.
- Financial Officer
This means that the comptroller is the guardian for the state’s fiscal affairs. Another words, agencies are dependent on this person to pay their bills and the comptroller is responsible for paying state paid employees.Comptrollers are relied on by the legislators to chart the economy’s course, produce yearly financial reports, and estimate what state revenue will look like in the future. Local officials and businesses alike rely on the comptroller for providing guidance aimed at economic development and to provide them with crucial data analysis. Taxpayers are dependent on the comptroller’s office to assist and guide them when talking about whether or not they are in compliance with the tax laws. The comptroller is accountable for the collection and expenditure of dollars paid by tax payers. The residents of Texas count on this person and their office to not only account for and manage, but also safeguard their tax dollars and ensure every penny is spent efficiently.
- Economic Development
The comptroller is also responsible for turning Texas’ economy around and helping it grow. This is important for the prosperity and overall quality of the entire state. The comptroller’s office is responsible for creating new jobs and improving individuals’ standard of living. The comptroller’s office holds the responsibility to create the perfect environment for a healthy economy to do well in.
- Tax Collector
Because the comptroller is the chief tax collector for the state, they are held responsible for collecting well over 60 different types of taxes, fees, and assessments. This includes over 14,000 cities, counties, and other local entities that the comptroller must collect local sales tax from. They most maintain taxpayer accounts, prepare accurate adjustments, process any exceptions in regards to tax exemptions, and the payment of all unclaimed property claims. The comptroller’s Enforcement Divisionis responsible for both auditing and the collecting of any unpaid taxes that Texas businesses owe.
- In Conclusion
The Texas Comptroller holds a critical role in the amount of prosperity Texas economy enjoys. Because so many of the comptroller’s duties are extremely technical, they must have adequate knowledge in the processes of auditing, financial, and economic principles. The Texas Constitution does not state the comptroller must be a certified public accountant, but when looking at the list of job duties and everything involved, it makes since that they should be certified accountants.
If for some reason or another you find your business under a Texas Comptroller audit, you should not try and look at the situation yourself. You could end up paying more than you should have to pay. The comptroller is human, and mistakes will be made. We all make mistakes. Instead, hire a competent and experienced comptroller audit lawyer that knows all the ins and outs of Texas tax laws and can ensure that you are paying only what is just and fair.