Controller Services
Bookkeeper vs. Controller vs. CFO: Who Does What
A bookkeeper records transactions and keeps the accounts reconciled. A controller owns the monthly close, makes sure the statements are right, and compares results to the plan. A CFO uses those statements to look forward: forecasting cash, modelling decisions, and advising on strategy. Most growing businesses need each in turn, and the levels stack rather than replace one another.
This guide is part of our controller services in Wilmette, IL. Book a free consultation or call (847) 644-2288.
01What does a bookkeeper do?
The daily and weekly work. Categorising transactions, reconciling bank and credit card accounts, recording bills and invoices, and producing a basic profit and loss each month. Good bookkeeping is the foundation everything else stands on, which is why it is the first line of our Starter package and stays in every level above it.
What a bookkeeper does not do is judge. If the categories are consistent and the accounts reconcile, the job is done, even if the numbers are telling you something you need to hear.
02What does a controller add?
Accountability for the numbers being right. A controller runs a structured close on a schedule, reviews the reconciliations rather than just performing them, prepares financial statements to a standard a lender would accept, and reports budget against actual with the variances explained. They also design the internal controls: who approves spending, how payroll is checked, where the safeguards sit.
This is the level at which an owner stops managing from the bank balance and starts managing from statements. It arrives with the Growth package, and our controller services page describes it in full.
03What does a CFO do that a controller does not?
A controller looks at last month. A CFO looks at the next twelve. Cash flow forecasting, budgeting and modelling, margin analysis by product or customer, and the financial side of decisions that are expensive to reverse: a hire, a lease, a loan, a second location. A CFO also sits in the strategy conversation on a standing basis, weekly or every other week.
A fractional CFO gives a business in the low millions of revenue that kind of leadership without a full-time executive salary. Our CFO advisory page explains what the engagement looks like.
04Which one do you need?
If the books are not reconciled monthly, you need a bookkeeper first and nothing else will work until that is fixed. If the books are clean but the statements arrive late, are not trusted, or are never compared to a plan, you need a controller. If the statements are good and the questions you are asking are about the future, you need CFO advisory.
Businesses rarely skip a level. A CFO forecasting from unreliable statements is guessing with better vocabulary.
05Can one firm cover all three?
Yes, and it is simpler when one does, because the levels are built on each other. NorthPeak's three packages are those three levels: Starter is bookkeeping and reporting with tax preparation, Growth adds the controller, and CFO adds the advisory. You move up when the complexity does. A free 30-minute call is the quickest way to find out where you sit. Book one here or call (847) 644-2288.
Common questions
Is a controller the same as an accountant?
Not quite. Accountant is the broad term. A controller is the accountant who owns the close, the statements, and the controls inside a business.
Do I need a controller before a CFO?
Almost always. CFO advice is only as good as the statements it is built on, and a controller is what makes those statements reliable.
Can I start with bookkeeping and move up later?
Yes. That is how the packages are designed. Each level includes everything below it.
Have a question about your situation?
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Schedule a ConsultationThis article is general information, not individualized tax, legal, or financial advice. Every situation is different. Reach out and we'll look at yours directly.