CFO, controller, bookkeeper: who does what?
Finance titles get used loosely, and it's easy to hire for the wrong one. The simplest way to tell them apart is to ask which way each role faces: toward the past, the present or the future.
| Role | Looks at | Typical work | Typical arrangement |
|---|---|---|---|
| Bookkeeper | The past | Recording transactions, paying bills, reconciling accounts | Part-time or outsourced |
| Controller | The past and present | Closing the books, financial statements, controls, audits | Full-time in mid-size firms |
| Fractional CFO | The future | Plans, forecasts, cash strategy, margins, capital, deals, advising the CEO | Part-time retainer or project |
| Interim CFO | The future, temporarily | Covers the full CFO role during a search or transition | Full-time, for a few months |
| Full-time CFO | The future | Everything above, plus leading a large finance team | Full-time executive |
These roles build on each other rather than replace each other. A CFO's forecast is only as good as the books underneath it, so a fractional CFO usually works alongside a bookkeeper or controller, not instead of one.