Owners often ask if they need a Controller or a CFO. The short answer: the former delivers accurate, timely financials and controls; a CFO turns those numbers into decisions and strategy. At Henriquez Accounting & Tax Services, we offer both—paired with monthly bookkeeping—so you get clean data and confident decisions. Explore Bookkeeping, Outsourced Controller/CFO, and Tax Preparation.
Table of Contents
Controller vs. CFO (Simple Definitions)
- Controller: Owns the monthly close, reconciliations, P&L, Balance Sheet, Cash Flow, policies, and internal controls. Oversees accuracy checks and compliance reviews.
- CFO: Owns forward-looking planning—forecasting, pricing & margins, capital & banking, KPIs, and strategy. Communicates with lenders, investors, and the board.
Time Horizon & Outputs
Closing and Controls (0–60 days)
- Close the books & lock prior periods.
- AR/AP aging work; sales tax & payroll tie-outs.
- Policies: COA hygiene, approvals, documentation.
- Prepare organized management reports and supporting schedules within the agreed engagement scope. These do not constitute an independent financial-statement audit or review. Confirm any separate assurance requirement and the provider’s applicable license before commissioning that engagement.
CFO (3–18 months)
- 12–18 month FP&A model + 13-week cash forecast.
- Pricing, discounts, and unit economics by SKU/service.
- KPI dashboard: margins, DSO/DPO/DIO, runway/DSCR.
- Capital planning, lender packages, covenant monitoring.
Who Owns What?
- Books & Close: Controller
- Internal Controls & Policies: Controller
- Forecasting & Budget: CFO (with Controller inputs)
- Pricing/Margins & Strategy: CFO
- Banking/Lenders/Investors: CFO
- Taxes & Filings: our Enrolled Agent-led tax team, coordinated with both
When to Hire Each Role
- Controller first when you have growing volume/complexity, inventory, or missed deadlines—and you need clean, timely statements.
- Add CFO when decisions get bigger: multi-location, hiring plans, debt/investors, pricing pressure, or cash variability that needs forecasting.
- Fractional makes sense before full-time: defined cadence, deliverables, and KPIs without overhead.
Our Engagement Models
- Bookkeeping + Controller: monthly close, reconciliations, statements, sales/payroll tax, checklists, and controls.
- Controller + CFO: add forecasting, pricing/margins, KPI dashboards, lender packs, and quarterly strategy.
- Projects: financial model, bank package, cleanup/migration, pricing overhaul.
What We Do (Month–Quarter–Year)
Monthly
- Reporting and controls: close the books, reconcile accounts, clear suspense, deliver statements.
- CFO: update 13-week cash, review KPIs, call out risks/opportunities, action list.
Quarterly
- Reporting and controls: Review internal-control procedures, payroll and sales-tax records, and 1099 readiness within the agreed engagement scope.
- CFO: scenario planning, pricing review, lender/investor updates, tax estimates with the EA/CPA.
Annually
- Reporting and controls: fixed-asset roll-forward, inventory procedures, audit/diligence support.
- CFO: operating budget, compensation & incentives, strategic plan and capital roadmap.
Common Misunderstandings
- Expecting a Controller to own strategy or fundraising—that’s CFO territory.
- Expecting a CFO to “fix the books”—that’s a Controller responsibility.
- Running without either role—leads to messy data and reactive decisions.
Rule of Thumb: Controller = accuracy & process. CFO = direction & decisions. Most growing firms benefit from both—often fractionally—before hiring in-house.
What You’ll Get When You Work With Us
- Monthly close with organized management reports and supporting schedules within the agreed scope. These do not constitute an independent financial-statement audit or review; confirm any separate assurance requirement and the provider’s applicable license.
- 13-week cash forecast, 12–18 month model, and KPI dashboard.
- Pricing/margin analysis and clear action items.
- Lender/board-ready reporting and covenant tracking.
- Quarterly tax projections and year-end planning with our Enrolled Agent-led tax team.
FAQs
Do I need both roles?
Not every business needs two separate roles. Decide which responsibilities and level of support are needed based on complexity, existing staff, reporting deadlines and planning needs; one appropriately qualified professional may cover agreed responsibilities.
Can one person do both jobs?
In small firms, one senior professional can cover both, but expect tradeoffs. We often split responsibilities to keep accuracy high and decisions proactive.
What’s the difference in day-to-day work?
Controllers spend more time in the GL, reconciliations, and policies. CFOs spend more time on forecasts, pricing, strategy, and stakeholder communication.
How does tax fit in?
our Enrolled Agent-led tax team prepares returns and projections. Controllers ensure books tie to tax; CFOs use tax insights in planning (entity, comp, timing).
What cadence should we expect?
Monthly close & dashboard review; weekly or biweekly cash review during ramp-up; quarterly strategy with pricing and KPI targets.
Ready to get clean books and better decisions?
We’ll pair Controller discipline with CFO strategy so your financials drive results—not surprises. Talk to an Enrolled Agent today. Schedule Consultation
For supporting transaction documents, review the IRS recordkeeping guidance. A controller’s management reporting does not itself constitute an independent CPA audit or review; confirm any lender’s assurance requirements separately.