What is a Controller vs. a CFO?

At Breakaway, our advisors provide different levels of support depending on what each client needs, ranging from bookkeeper to controller to chief financial officer. But—what do each of those terms mean? In particular, our clients often ask us what we mean when we speak about a “controller.” How does that differ from a bookkeeper, or from a CFO?

The titles of controller and chief financial officer (CFO) are often used interchangeably or mistakenly believed to be synonymous. However, these two roles serve distinct purposes within an organization, each contributing in unique ways to financial stability and strategic growth.

The controller is typically responsible for managing day-to-day financial operations (often including bookkeeping), focusing on accounting, financial reporting, and internal controls. They play a pivotal role in ensuring the accuracy and compliance of financial data, which is crucial for informed decision-making and regulatory adherence.

We like to compare a controller to the steering wheel of your business car. They not only handle bookkeeping but can also manage a bookkeeping team efficiently. They're responsible for making immediate adjustments and ensuring your business stays on course. Regular touchpoints with your controller can range from weekly to monthly. 

Conversely, the CFO is the strategic financial leader, responsible for shaping the company's financial future, optimizing capital allocation, and facilitating long-term financial planning. The CFO is a forward-thinking visionary who ensures that financial strategies align with overall business goals, orchestrating investments, fundraising, and risk management. 

While a controller or CFO are indispensable in any organization, there is a growing trend towards hiring these professionals on a fractional basis, such as a Breakaway advisor. This offers companies the opportunity to access high-level financial expertise without the full-time commitment and costs associated with hiring these roles internally. Their versatility allows businesses to adapt to their specific financial needs at different stages of growth or transformation. This flexibility can be particularly beneficial for startups, smaller businesses, or companies undergoing restructuring, enabling them to access the precise financial expertise they need, precisely when they need it. 

Most importantly, when you start working with a Breakaway advisor, you don’t need to have a predetermined idea of what “kind” of accountant you’re looking for. That’s exactly the sort of thing we’re here to help with!

Our new client proposal and onboarding process includes a complimentary meeting where we listen to your challenges and goals, ask some questions of our own, and come up with suggestions for what we can do to help you achieve those goals. All of our services and packages are completely customized for each client’s needs.

If you would like to explore what working with a Breakaway advisor might look like for your business, send us a message. We can’t wait to meet you!