Running the business · 3 min read · Published
Bookkeeper, controller, CFO: what each one does and which one you're missing
By Chris Greco, Founder and President.
Bookkeeping tells you what happened. Controllership makes sure it happened correctly. CFO work decides what should happen next. Most companies between $2M and $50M have the first, are missing the second, and are asking the owner to do the third at night.
The tell is a balance sheet nobody reviews. The bookkeeper posts, the CPA adjusts in March, and in between, loan balances drift, payroll liabilities go unreconciled and "ask my accountant" grows. Without a controller, the CFO work is built on numbers nobody has checked.
Sized to the company, all three can be one team. The books get closed and reviewed by the 15th; the forecast and the scorecard are built on those numbers; the owner gets a monthly review with someone who knows both.
Where this applies
Chris Greco
Founder and President, CFO Anywhere. CFO for owner-led companies since 2002. Executive MBA, Gies College of Business, University of Illinois.
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