In this episode, Zane Stevens continues the discussion on the role of a CFO and the importance of having a strong accounting team. He emphasizes the difference between a CFO and a controller, highlighting the operational and strategic aspects of each role. Stevens explains that a controller is responsible for overseeing the day-to-day accounting operations, ensuring accuracy, compliance, and internal controls. He also discusses the controller’s involvement in budgeting, financial analysis, cost management, and compliance matters. Stevens emphasizes the importance of having a good accounting team and trusting them to provide accurate and timely information for making informed business decisions.
Takeaways
- A CFO is a strategic partner, while a controller focuses on operational accounting and financial reporting.
- A controller oversees the day-to-day accounting operations, ensuring accuracy, compliance, and internal controls.
- Controllers play a critical role in budgeting, financial analysis, cost management, and compliance matters.
- Having a strong accounting team is essential for accurate and timely financial information to make informed business decisions.
Sound Bites
“A bookkeeper is one of the most, if not the most important person in the financial cycle.”
“Controllers are very much involved with your cost management of your business.”
“Controllers can do a lot for you. So find a good controller, but understand they need the support of a bookkeeper.”
Chapters
00:00 Introduction and Recap
02:24 Difference Between a Controller and CFO
06:15 Responsibilities of an Internal Accounting Team
08:49 The Importance of a Controller
13:07 Internal Controls and Financial Analysis
15:27 The Role of Controllers in Cost Management
18:18 The Value of a Good Accounting Team
20:23 Building a Strong Team for Business Success
