It’s not unusual in a small company for the Accounting Manager to become the Controller and then become the CFO. But without the requisite education, mindset and experience, just having more years on the job doesn’t prepare the person for that role.
Let’s look at the difference between a Controller and a CFO. At the basic level, a Controller is Tactical, whereas a CFO is Strategic. What does that mean in a practical sense? Here’s a listing of the tactical things that a Controller does:
If the Controller does all that, what’s left for the CFO to do? There’s plenty. The CFO provides Strategic Financial Advice to the owner or president of the company. He prepares information for the owner so that he can make decisions today that will affect his company’s profitability tomorrow. Here’s a partial listing of what a CFO does:
If your “CFO” is mired down in the tactical issues facing your company, maybe it’s time to take a look at having a focused CFO help you with the critical strategic issues facing your company. Consider if you are getting the information that you need to take your company to the next level.
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