Bookkeeper vs Controller vs. CFO

You could boil down the choice between mid-level accountant and controller to one between specialization and general control. Most accountants become increasingly specialized and narrowed in their career focus over a few years, in part because that helps fuel higher salaries. Controllers can’t afford to be experts in just one area since they have to oversee entire accounting operations and offer systemic advice to their contemporaries. A Berkeley analysis of controllers between 2013 and 2015 estimated that the average controller works 170 hours per month, or a little less than 43 hours a week. Like their accounting counterparts, controllers tend to experience a much better work/life balance than others in the financial industry.

Financial Planning and Analysis

One of those important divisions is that of a controller responsible for mainly managing the day-to-day finance operations, including accounts receivables and accounts payable. After moving to the corporate or private sector, a controller may continue to develop skills as an accountant booking transactions chief accounting officer vs controller or manager overseeing the operations of a specific finance department. This includes developing gaps related to receivables reporting, payroll, quarterly financial reporting, or internal controls. The differences between chief accountants and controllers can be seen in a few details.

Financial Controller Roles, Duties, Skillset, and Career Path

Remote accountants need technical proficiency, time management, analytical and communication skills. They should highlight remote-friendly experiences, optimize resumes for remote work, and prepare for remote-specific interviews to land remote accounting jobs. Though CFOs and controllers are both high-level financial professionals who typically work closely with one another, growing businesses don’t necessarily need to bring both on board at the same time.

Controller vs. Chief Accounting Officer: Which Management Position Is Best?

This role has broader responsibilities than a CAO and is typically an executive or senior manager. Often holding a CPA, controllers are accounting experts whose skill set and knowledge base revolve primarily around GAAP, tax laws, and financial reporting. A https://www.bookstime.com/ CAO may be found preparing an ESG report one week, assisting the CFO on budgeting the next week, and planning for an IPO the next. The CAO is the second-highest ranking finance professional in an organization, reporting to and working directly with the CFO.

Meanwhile, financial controllers own more of the internal reporting process including implementing internal controls, managing the month-end close schedule, and ensuring financial accuracy. Controller functions vary across companies owing to the size and complexity of the business and the industry. Smaller companies demand more versatility of the controller, while larger companies are able to disperse the following job responsibilities across other employees including the chief financial officer and treasurer.

• Controllers typically have a great deal of accounting and business forecasting experience, particularly as it pertains to tax management.
• Again, a controller at a smaller company may have much smaller requirements than a large public corporation that will seek 20+ years of experience in a related, relevant industry.
• A controller may also be called on to lend his or her expertise on investments, creditor relationships, corporate governance, or other areas.
• Meanwhile, an FP&A director leverages historical data to devise future plans that may or may not materialize.

• Some positions, such as tax managers or internal audit managers, can earn as much as $130,000.
• Controllers are accountable for the design and execution of financial systems and procedures and for preparing financial statements and budgets.
• A controller also works with the external audit team, assists internal managers will budget preparation, and identifies areas of opportunity to mitigate risk and employ cost savings.
• You may hear the terms bookkeeper and accountant used interchangeably, and then there are roles like controller and Chief Financial Officer (CFO).
• He’s seen time and again that the most important responsibility of a CEO or founder is to provide clarity, particularly during the first 100 days of an inflection point.
• Accountants of all stripes serve as bookkeepers or analyze the work of other bookkeepers.

Accountant vs. Controller: What’s the Difference?