Controller/CFO/ Bookkeeper Information

Many business owners ask us what the difference between a Bookkeeper, Controller and CFO. The chart below helps to show some of the main differences. In many businesses under $10 million, the roles are completed by one person.

Our company in greater Cleveland provides Bookkeeping and Part-time Controller Services to all size of companies. These services will cover the setup of the financial systems, entering transactions and issuing financial statements. The chart below gives an overview of the different responsibilities, and rates between a Bookkeeper, Controller and CFO. Some of the responsibilties may overlap depending on the size and complexity of the company and person's experience.

We recommend that you employ the services or combination of services that best fits your needs.

Understanding the Duties of the Controlelr, Bookkeeper and CFO

Accounting	Bookkeeper $	Controller $$	CFO $$$$
QuickBooks Set-up -New company initial set-up of your accounting data file using QuickBooks desktop version or QuickBooks Online, including general ledger and financial statement setup	X	X
Clean up / catch up work: Update books that are out of date or balance (months or years)	X	X
Accounts Payable: coding, posting, reconciling	X
Accounts Receivable: coding, posting of cash receipts & sales invoicing	X
Recording cash receipts, disbursement, credit card transactions and similar	X	X
Payroll: entering payroll from a third-party of your choosing	X	X
Banking, credit card and loan account reconciliations	X	X
1099’s: obtain vendors W-9s, prepare and mail 1099’s to vendors, complete IRS reporting	X	X
Assist and enter budgets into the financial software	X	X
Compare actual results to budget with major variance explanation	X	X
Provide monthly financial statement including Profit & Loss, Balance Sheet, and Cash Flows	X	X
Review monthly financials, interpret results, and provide explanation to ownership	X	X
Profitability analysis by service or product line		X
Trend analysis		X	X
Develop weekly/monthly dashboards and monthly key indicators		X	X
Update dashboard and key company indicators and report to management	X	X
Develop general ledger coding and financial statement format for new accounting systems		X	X
Annual audit or review preparation and work with outside CPA firm	X	X
Provide annual statements to outside tax firm, provide supporting documentation	X	X
Prepare management reports		X
Develop financial statements relative to the industry		X	X
Development of company accounting procedure manuals		X	X
Prepare Month-end journal entries		X
Prepare month-end accruals		X
Oversee accounts payable clerk		X
Oversee accounts receivable clerk		X
Oversee / assist in AR collections		X
Review ratios & policies for AR & AP		X

Finance:
Financial analysis		X	X
Formulate financial strategy and business plan with ownership			X
Formulate tax strategy with external tax CPA			X
Formulate risk management strategy			X
Develop internal controls		X	X
Maintain internal controls		X
Liaison with bankers, attorneys, vendors, insurance agents, etc.		X	X
Assistance in obtaining financing from banks, including assistance with negotiations			X

Executive Team:
Member of Executive Team		X	X
Plan & Implement Growth Strategy			X
Plan & Implement Acquisitions			X
Oversee Major Business Unit Purchases			X
Maintain Policies & Procedures		X	X
Develop Budgets & Financial Plans		X	X

Difference between: Controller - Bookkeeper - CFO

Difference between: Controller - Bookkeeper - CFO

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