According to a 2023 finance industry survey, over 60% of companies report confusion between these roles, risking inefficiency and compliance gaps. Their reporting responsibilities include analyzing company statements, running monthly balance sheets, analyzing profit/loss statements, determining loan rates, establishing credit facilities etc. Finance directors work hard to build a strong foundation based on what a company can do to ensure that its financial operations are sound. The CFO is not just responsible for preparing financial statements — instead, the CFO analyses financial trends, identifying opportunities, reducing costs, as QuickBooks Accountant well as identifying threats to the company.
Comptroller
A controller is ideal if your priorities include tightening internal controls, improving financial reporting, or streamlining the month-end close. A CFO is the better fit if you’re focused on strategic growth, fundraising, financial forecasting, or managing investor relationships. Most CFOs hold advanced degrees in finance, accounting, or business, typically an MBA or a master’s in finance or economics. They also bring extensive experience in financial leadership, strategic planning, and capital management. Additionally, the CFO reports to the CEO and is part of the organization’s senior-level/executive team.
Do We Need a Controller If We Have an Accountant or Bookkeeper?
- Since they work in the nonprofit or government sectors, they earn a bit less, at ~$110,000 annually.
- Their duties encompass overseeing financial reporting, maintaining accounting records, and implementing internal controls.
- This is a technical position that requires vigilance, attention to detail, and precision.
- In a recent appointment reported by TipRanks, Kelly Services named Nicholas A. Zuhlke as its new CAO in August 2025, tasking him with enhancing financial controls amid expansion.
Comptrollers oversee public funds, manage budgets, and ensure financial transparency and accountability. They are tasked with auditing government accounts, monitoring expenditures, and ensuring that public resources are utilized efficiently and by regulations. Michigan CFO is a Fractional CFO service that has served over 200 clients to make better financial decisions by providing part-time onsite or virtual CFOs that work as part of their team.
Chief Accounting Officer vs Chief Financial Officer: Key Differences
- Financial officers need to know what’s going on in the market and find possible sources of capital to help the organization grow.
- Still, there is a difference between accounting and finance in how they make decisions and how much power they have.
- They are responsible for managing the accounting department, overseeing financial transactions, and maintaining accurate and timely financial records.
- Finance Directors are the people who provide the CFO with the most accurate information that allows them to plan the company’s growth.
- Aspiring CAOs often start as controllers, gaining operational grounding before ascending to strategic roles.
- When you need a long-term strategy and help making data-driven business decisions, a CFO can take your financial operations to the next level.
BLS data projects that the number of financial manager jobs will grow 15% between 2019 and 2029. While the data does not break out the number of those positions that will be for the controller role, this is much faster than the 4% projected growth rate for all occupations during this period. The median annual salary for financial managers—which includes controllers—was $156,100 per year ($75.05 per hour) in 2023, according to BLS data.
Understanding the Controller’s Role in Finance (vs. CFO and FP&A)
A controller’s unearned revenue job is to ensure that financial records and accounts are always accurate and up to date. The role is focused on the tactical steps required to ensure the organization fulfills its financial obligations and meets KPIs. They use data and reports supplied by the controller to evaluate the company’s financial health and work with other executives to shape the company’s strategic direction. Given the differences in their roles, the Comptroller and the Controller require distinct skill sets and qualifications. The Comptroller needs a strong background in finance, accounting, and strategic planning.
Controller vs Comptroller vs CFO – Who Does What? + FAQs
They collaborate with other departments to gather financial information, analyze variances, and provide insights to support operational decision-making. The Controller’s attention to detail and strong analytical skills are essential in maintaining the accuracy and integrity of financial data. In this case study, the distinct yet complementary roles of the CFO and Controller highlight how effective financial leadership can drive an organization’s success. While the CFO focuses on strategic planning, forecasting, and investor relations, the Controller ensures operational excellence and compliance.
Experts
Some positions, such as tax managers or internal audit managers, can earn as much as $151,000, including bonuses. It doesn’t always take years of direct accounting experience to become a controller, but it helps. Controllers, especially those for larger companies, have a wider focus than simply accounting protocol. Many have a Master of Business Administration (MBA) or another advanced degree in finance.
- This will help you build strong relationships and ensure that your financial reports are accurate and timely.
- According to salary data from the Bureau of Labor Statistics (BLS), financial managers’ median annual salary, including controllers, was $129,890 in May 2020.
- Fractional CFOs are an attractive option for small businesses or startups that can’t afford a full-time CFO.
- People often think of a financial officer as someone who doesn’t like to take risks because their job is to make as much money as possible.
- This role extends far beyond traditional accounting responsibilities, encompassing financial planning, risk management, investor relations and strategic decision-making.
- We’ll answer these questions and more in this post on the difference between an accounting officer and a financial officer.
This includes developing and implementing an investment strategy, monitoring financial markets, and making decisions regarding asset allocations. A Treasurer is chief accounting officer vs controller also responsible for overseeing capital investments, monitoring the performance of the organization’s investments, and providing financial guidance. Knowing when to hire a full-time CFO, fractional CFO, and controller is essential for growing your business. Strategic finance to drive business value, business forecasting and planning, financial fund-raising, and M&A are important skills for the CFO. Comptrollers serve government entities as the highest financial executive and some nonprofit organizations. Companies may become bogged down by an inefficient day-to-day accounting workload that uses too much time.
