Controller base salary is $239 thousand, ranging from $199 thousand to $284 thousand. The CFO may have an MBA degree and possibly a CPA license or CMA certification. The CFO may have Controller, CPA firm, or Wall Street finance experience. For help determining the next best step for your firm to achieve your goals and successfully scale operations, schedule a consultation with Aprio’s CFO Advisory team.

• The CPA certification equips controllers with the know-how on financial planning, internal auditing, financial statements, and more.
• • Manages the entire finance and accounts team and ensure that the work is being done effectively.
• On demand leadership and consulting services out of Silicon Valley specializing in the Finance & Accounting disciplines.
• The best AP automation software will increase efficiency and financial controls, reduce costs, and free up finance time for results-driving projects.
• Controllers often oversee multiple financial departments and activities, such as budgeting, accounting, auditing, and investing.
• Consider ways to increase the efficiency of your finance and accounts payable team to make more valuable business contributions.

When hiring a CFO, look for candidates with at least ten years of experience dealing with financial issues similar to your own. For instance, if you are planning to raise capital, look for a CFO who has successfully led such an effort in the past. Furthermore, if you can find a CFO who has built a company of their own, all the better.

Key Differences Between Financial Controller and CFO

Controllers ensure the work done by accountants is accurate and that their analysis is solid to allow upper management and executives to effectively plan for the future. They must be detail-oriented, accounting for every dollar and cent, even in companies that spend millions or billions each quarter. Controllers often oversee multiple financial departments and activities, such as budgeting, accounting, auditing, and investing. The key difference between controller vs CFO is that a CFO oversees a company’s financial health from a holistic view, whereas a controller manages the day-to-day financial management tasks. The controller reports to the CFO and the CFO reports to the CEO, and is a member of the executive team. Depending on a firm’s size, controllers may supervise the accounting department staff, participate in the accounting process during tax season, and coordinate the hiring and onboarding new additions to the finance team.

A controller is a tactical position responsible for compliance and reporting, whereas a CFO is a strategic leader responsible for all financial tasks including forecasting, planning and analysis. Controllers often do not make good CFOs, as they lack the out-of-the-box thinking required to innovate financial strategy; whereas CFOs often lack the discipline and rigor required to be a good controller. They use the reports the controllers and cfo vs controller accountants generate to inform their plans, which might influence actions such as investing in a new project or determine their company’s future. • When your financial operations are not properly developed, and you need internal controls in place. If a business has both finance roles, the controller will typically consult with the CFO to help ensure that various initiatives are compliant with tax regulations and accounting standards.

What is a Comptroller?

Close the books 4x faster, collect over 95% of receipts on time, and get 100% visibility over company spending. They may also have a Certified Management Accountant (CMA) certification along with their Certified in Strategy and Competitive Analysis (CSCA) certificate. But there are plenty of ways to differentiate between the two roles, so let’s address them one by one. CFO base salary is $419 thousand, ranging from $318 thousand to $535 thousand vs. the average U.S.

The truth is that your business operations may not require an executive team to run efficiently. Having a controller run the accounting department may make more sense based https://www.bookstime.com/articles/cfo-vs-controller on the size of your business, the volume of work, and the budget. Additionally, the CFO reports to the CEO and is part of the organization’s senior level / executive team.

COMPANY

The CFO’s primary responsibilities include developing and implementing financial strategies, overseeing financial planning and reporting, and managing the company’s investment activities. The CFO is also typically responsible for managing the company’s treasury function, overseeing tax compliance and risk management. The primary difference between a controller and a CFO is the area of focus. Controllers are executive-level accountants who manage the day-to-day tracking and reporting of your financial activities. The Chief Financial Officer (CFO), on the other hand, analyzes your financial and operational performance from the context of your business goals. Then they use that information to provide strategic insights to guide your business decisions.