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Bookkeeper, controller or chief financial officer — the distinction can be confusing. The titles can get tossed around rather loosely among small- and medium-sized businesses. Today we’ll define the general duties of each position and their strategic roles within your organization.
A bookkeeper performs basic financial record keeping and can create simple financial reports. A bookkeeper will typically perform the following basic tasks:
Although the tasks are basic, attention to detail is of the utmost importance in the bookkeeping profession. A few data entry errors can cost your company a significant amount of time and money. The bookkeeper, or the accountant, of your company is an essential element of your administrative team.
A controller adds more power to your financial management. A good controller will pay for itself. A growing company needs more advanced systems, which is it is more likely to afford if it keep costs under control and better manages cash flow. A controller handles the following tasks:
A good controller is worth his or her weight in gold to any small or medium size business where cash management is a strategic factor in success.
The CFO is in charge of the overall financial management of a company. Planning, projecting, measuring and tracking financial and operational progress fall under the CFO’s umbrella. A CFO’s job is to:
In conclusion, there is a significant strategic and tactical difference between the value a CFO brings to the leadership of a business and that of a Bookkeeper. Because most small and medium size businesses cannot afford a full time CFO, then a part time CFO would be an ideal arrangement. The key is to find a CFO that can be your trusted advisor and provide financial, operational and business insights.
Andrew Wood, a consultant at Opus Consulting Group, can be reached at andrew@opuscg.com
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