When it comes to managing the finances of a business, many people hear the terms ‘controller’ and ‘CFO’ and assume they mean the same thing. But what are their differences?

A controller is responsible for the day-to-day accounting, such as setting budgets, recording financial transactions and producing accurate financial statements. They also make sure that all internal controls, policies and procedures are in place and functioning.

The CFO (Chief Financial Officer) role is much wider – they are responsible for leading the company’s overall financial strategy. This includes planning, budgeting, structuring deals, making investment decisions, assessing risks and negotiating contracts. It is also the CFO’s role to communicate this forward-thinking strategy to all stakeholders.

In summary, controllers ensure the accuracy of the numbers on a daily basis, while CFOs determine where those numbers should go and why.