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Controller vs. Bookkeeper: What’s the Difference?
As a small business or start-up owner, the titles “Controller” and “Bookkeeper” are thrown around frequently and often, it seems, interchangeably. Understanding which type of accountant will most benefit a business’ current status is crucial to achieving future goals and answering the frequently asked question of “do I need a bookkeeper or a controller?” The first step toward fostering financial growth and advancing a business is understanding the difference between a financial controller and bookkeeper and evaluating which services will be the most beneficial.
What is a Bookkeeper?
Bookkeeping services include big-picture financial documentation and reporting. These responsibilities tend to be less specialized to individual businesses and constitute more routine record-keeping. The role of a bookkeeper includes recording and managing all business transactions by documenting accounts payable and receivable, income statements, and balance sheets. Although generic, attention to detail is crucial in this role as even a straightforward error could cost a company significantly and can thus be a time-consuming job. For businesses with limited time or funding for an in-house bookkeeper accountant, outsourcing the process to an experienced professional will save a company time and money while avoiding costly mistakes.
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What is a Financial Controller?
A bookkeeper may be a viable option for early small businesses and start-ups, but as a company grows and increases its daily transactions, hiring a financial controller may be necessary. A controller can be a critical team member in keeping costs down and managing cash flow, as their responsibilities are more customized to a business’ specific needs. These tasks include daily, weekly, and monthly financial documentation and overall cash flow management while operating with expert knowledge of financial software. Controllers generally have the authority to make day-to-day financial management decisions, identify and solve highly specialized accounting concerns, and handle all the duties of a bookkeeper. When outsourcing controller accounting, hiring a professional with significant experience and skill in learning new standards quickly, attention to detail, and crafting accurate financial reports in the target industry is critical.
Contact our expert virtual bookkeepers and controllers today
At VFO, our experienced team is well-equipped to step into the role of outsourced bookkeeper or controller, depending on your business needs. With years of experience in various industries at various stages of growth, we have mastered the art of financial account management. We are accustomed to adapting quickly to new standards and procedures and understand that running a business requires careful attention to core services, so we are on a mission to relieve the stress of growing excel spreadsheets, invoices, and confusing checklists.
To stop struggling through financial documentation and receive frequent, accurate, insightful reports from a team of disciplined virtual CFOs, get in touch at support@vfo.co or schedule a free online consultation.