It is essential for growing companies in any industry to align accounting and financial leadership to support their needs.   This is especially critical for growing construction and manufacturing companies; having the right financial support is critical.  Many companies may already have a seasoned Controller, but do they still need a CFO? Well, it depends. This blog outlines the key differences between the roles, when to consider each, what they cost, and how outsourced finance leadership can offer a flexible solution.

Quick Takeaways

  • Controllers handle accounting operations and reporting
  • CFOs lead strategic planning, forecasting, and fundraising
  • Outsourced/fractional roles are flexible, cost-effective options
  • Choose based on your growth stage, complexity, and goals
Function / FocusControllerCFO (Full-Time or Outsourced)
Primary FocusManaging day-to-day accounting operationsStrategic financial leadership & long-term planning
Key ResponsibilitiesMonth-end close- Budgeting- ReportingFinancial strategy- Cash flow forecasting- Capital planning
Team ManagementOversees bookkeepers & AP/AROversees full finance function and treasury
Growth GuidanceMaintains financial hygieneAdvises on growth, M&A, exit strategies
Tech/Automation SavvyVariesDrives adoption of modern systems, AI, integrations
Typical Cost (Full-Time)$100K–$150K/year$200K–$300K+/year
Fractional or Outsourced OptionOften availableCommon and cost-effective

Why You Likely Need a CFO

Most Companies would benefit from a good Financial leader who can help with strategic insights and assist with their long term planning.    Whether it is a day a month, day a week or full time CFO.   

Do any of the following needs apply to you?

  • You’re preparing for a sale or acquisition
  • You require forward-looking financial insights (forecasting, modeling)
  • You need help with fundraising, banking, or investor strategy
  • Your controller is overwhelmed with both operations and strategy

A Scalable Option: Outsourced Financial Leadership

Rather than overcommitting to a full-time hire, many CEOs are turning to outsourced or fractional CFOs and Controllers who can scale with the business. You gain:

  • Executive-level insight without the executive-level cost
  • Flexibility to increase or decrease support as needs change
  • Access to seasoned professionals across roles (CFO, Controller, Bookkeeper)

Real-World Example:

A $15M manufacturing firm came to us after acquiring a new business. Their existing Controller was buried in day-to-day accounting and unable to guide the transition (there’s a lot that comes along with acquiring a new business). We placed a seasoned interim CFO who quickly handled reconciliations, trained staff, and helped with the audit and system conversion, saving their leadership team months of lost momentum, and preventing Controller burnout. 

FAQs - CFO vs. Controller

  1. What’s the biggest mistake companies make when hiring a finance leader? Hiring too early or too late. Companies hire a CFO on full-time basis and ask them to perform Controller duties which don’t allow them to provide strategic insight (like help with forecasting or fundraising for example) or, on the other side of the coin- delay hiring one when strategic financial decisions are overdue.
  2. Can I outsource both a CFO and a Controller? Yes. Many firms outsource both roles to get strategic and operational coverage without having to pay two full-time salaries.
  3. How do I know if my Controller is out of their depth? Are tasks like forecasting, cash flow analysis or investor discussions taking a back seat? You probably need CFO-level support.