What's The Difference Between a CFO & A Controller?

#accounting #businessmanagement #smallbusiness

You think you have a CFO, but you probably don’t.

During dinner with a friend a couple of days ago, he asked me to clarify the difference between a CFO (chief financial officer) and a controller.

To me, a controller is someone who takes on more of an accounting role. They are responsible for the day-to-day functions, from payroll, ensuring your financial reporting is done on time, if cash flow is measured properly, etc.

A CFO, on the other hand, is someone heavily involved in the strategic planning of the business.

Owners have difficulty distinguishing between the two and hand out the ‘CFO’ title to their accountant. That’s just wrong.

Think of it like this: A CFO ensures the business's overall financial health is in tip-top shape, and a controller is responsible for one aspect of financial management.

Do you agree or disagree? Leave a comment below!

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