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Bookkeeper, Controller, CFO... how are they different and which one is right for your business?Titles such as Bookkeeper, Controller and Chief Financial Officer (CFO) can get thrown around very loosely in small and medium size businesses. Below are the general duties of each position and their unique roles within your organization.
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Bookkeeper
A Bookkeeper is responsible for recording day-to-day financial transactions in the accounting system. Despite not having advanced training, the bookkeeper tends to wear many hats in small companies because there are fewer employees to manage the different components of a company’s finances. Bookkeepers typically do not prepare financial statements and are focused on ensuring the daily entries are completed accurately and timely.
Important for:
Important for:
- Entrepreneurs and Solo Contractors
- Small Businesses
- Medium Businesses
- Large Businesses
Controller
A Controller is responsible for supervising the quality of the accounting and financial reporting of the company. Controllers are responsible for internal audit, overseeing accounting, and monitoring internal controls. They perform month end reconciliation and closing functions necessary to prepare accurate and reliable financial statements.
Important for:
Important for:
- Medium Businesses
- Large Businesses
CFO (Chief Financial Officer)
A CFO is the corporate officer responsible for managing the company’s financial risks. CFOs are responsible for strategic financial planning, policy implementation, and financial data analysis helping move companies to the next level.
Important for:
Important for:
- Medium Businesses
- Large Businesses
Conclusion
Now that you understand the different strengths & responsibilities of each role, ask yourself which one would be the best fit for your organization. Perhaps it's time to start outsourcing your bookkeeping services to streamline your expenses. Maybe a CFO salary is out of reach for your company, but you still need someone to fill that role. That's where an experienced and flexible firm like Strategic Business Solutions could be a great fit for your business.
