The terms Controller and Chief Accounting Officer (CAO) are often used interchangeably even though they represent different roles within a business.
A Controller is typically responsible for managing all of the financial activities of a company, including budgeting, forecasting, accounting, tax, and reporting. This role has broader responsibilities than a CAO and is typically an executive or senior manager.
On the other hand, the CAO is primarily responsible for maintaining the accuracy of financial records. This includes reconciling bank accounts, verifying invoices, analyzing financial statements, and ensuring that proper accounting procedures are followed. The CAO may also be responsible for meeting regulatory and compliance requirements.
At the end of the day, both the Controller and CAO are vital to ensure good financial stewardship of a business. They provide complementary services and together help to create an organized system of record keeping and financial management.