Do I need a CFO, Controller or Bookkeeper?

November 7, 2018

When a business gets to be a certain size, it’s usually time to hire a bookkeeper, controller or CFO. Which should you choose or do you need all three of them? We’re going to explore what each one does and help you to get a better grasp on the answer to that all-important question. You can trust the fact that all are important and that you’re not the first business owner to be in a quandary about what to do in this area.

What Does a CFO Do?

A CFO’s job involves a number of major components, including being responsible for reporting to you on historical financial info that is timely and accurate. In addition, a CFO can take your business into the financial future with more clarity and a better handle on everything from expenses to profits.

What Does a Controller Do?

A financial controller is an individual who’s responsible for all of a company’s accounting activities. He or she will participate in tax preparation, data processing, payroll, and cost accounting. In addition, he or she is also responsible for setting the company’s financial policies and supervising the company’s bookkeepers.

What Does a Bookkeeper Do?

A bookkeeper does just what the title employs and that is to keep the books. Their entire job is based on things that have already occurred, like income, expenses, and everything that has been going on with your business finances in the past. Bookkeepers, however, do not plan for the financial future of your business nor do they advise you on how to proceed with growing your business and prospering. For that, you really need a CFO. OK, CFOs are known for being quite expensive but there is a perfectly good answer to that dilemma and it’s called outsourcing.

Why Outsource?

An average annual CFO salary can vary quite a bit but, according to Salary.com, the median compensation in 2017 was $313,541. Most small or even medium business can’t quite afford that kind of a salary. That’s the main reason for trying outsourced services. In addition, outsourced CFO services could be the perfect fit for your company because a CFO is highly skilled and possesses the accounting tools and financial experience needed for the job.

Contact Us At DeepSky

Now that you know what CFOs, Controllers, and bookkeepers do, you may be feeling that an outsourced CFO is just what you need for your business. Saving money is also probably at the top of your to-do list. That’s why just paying a monthly fee could work well for you, so contact us at (949) 200-6829. On the other hand, if you would prefer, you could also fill in the handy form requesting more info and we’ll get back to you right away.