As your business grows, so do your financial responsibilities. At some point, you might find yourself wondering: Do I need a Chief Financial Officer (CFO), a controller, or both? Understanding the differences between these roles, and when to bring them in, can help you make the right decision for your business.
Let’s break it down.
Controller: The Financial Organizer
A controller is responsible for the accuracy and efficiency of your company’s financial records. Think of them as the person keeping the financial house in order.
Their primary responsibilities include:
- Overseeing bookkeeping and accounting processes
- Ensuring compliance with tax laws and regulations
- Preparing financial statements and reports
- Managing budgeting and forecasting
- Implementing internal financial controls.
CFO: The Strategic Leader
A CFO focuses on big-picture strategy and helps guide business growth. Their focus is primarily on planning for the future.
Their duties can encompass:
- Developing financial strategies to support business growth,
- Managing cash flow and capital investments
- Analyzing financial risks and opportunities
- Advising on mergers, acquisitions, or fundraising
- Communicating financial health to stakeholders
When Do You Need a Controller vs. a CFO?
Your business size and complexity will determine which role you need.
You likely need a controller if your financial records are becoming too complex to manage on your own, you need more accurate and timely financial reporting, or you want to ensure compliance with tax and financial regulations.
You likely need a CFO if you’re looking to scale and need financial strategy and planning, you’re preparing for fundraising, an acquisition, or a major investment, or you want deeper financial insights to drive decision-making.
How an Outsourced Bookkeeper Can Help
Hiring a full-time CFO or Controller can be expensive, especially for small to mid-sized businesses. That’s where outsourced bookkeeping services can bridge the gap.
A skilled outsourced bookkeeper can handle day-to-day accounting tasks, ensuring accurate records. They can provide financial reports, manage company budgets, and implement processes and workflows to ensure your accounting is running smoothly.
Today’s bookkeepers also provide a variety of advisory services historically handled by a CFO. These advisory services include cash flow projections, forecasting, and offering strategic financial advice. With outsourced support, you can scale your financial operations without the cost of a full-time hire.
At Beyond, we offer outsourced bookkeeping, controller services, and advisory services, giving you the expertise you need at a fraction of the cost of hiring for these roles in-house. Ready to take control of your finances? Visit our Services page, explore our services, and find the right financial support for your business.