DIFFERENCE BETWEEN CHIEF FINANCE OFFICER AND CHIEF FINANCE

CONTROLLER

Job Description of a Chief Finance Officer

The Chief Finance Officer directs and oversees the financial activities of a corporation, they
also lead the preparation of latest financial reports and summaries and formulate predictions regarding
future growth. Other responsibilities include:

• Oversees the creation of all financial accounts, including tax returns, income
statements, balance sheets, shareholder reports, and reports for governmental
organizations.
• Makes or supervises any required revisions to future estimates and budgets by
comparing projected sales and profit statistics to actual figures and planned costs to
actual expenses.
• Establishes priorities for the planning process and collaborates with the President and
other executives to coordinate planning.
• Oversees investments and collaborates with investment bankers to get extra funding
needed for growth.
• Research long-term economic trends and forecast how they will affect future sales and
market share growth.
Job Description of a Chief Finance Controller

The Chief Finance Controller is the one accountable for the finance department’s efforts and
outcomes. They report to the CFO regarding all financial and accounting activities and the oversee
the financial department staff in daily operations. Other responsibilities include:

• Generate yearly and monthly reports to track outcomes, patterns, and financial
projections.
• Achieve accurate recording, filing, and reporting of all financial transactions and track
transactions and routinely examine internal data to control cash flow.
• Create and execute financial reporting systems that adhere to laws and regulations and
work along with auditing services to guarantee that all requirements are followed
properly.
• Report timely and accurate financial data to the CFO and help the CFO in delivering
reports to the board, senior executives, and stakeholders.
• Based on research and data reports, create the company's financial strategies and
budgets and regularly review all financial plans and budgets to seek areas where costs
might be cut.

Summary of Differences

A chief Finance Officer, as defined by Investopedia, is the senior executive responsible for
managing the financial actions of a company(Grant, 2021). While a Chief Finance Controller,
according to Spendesk, refers to someone considered as the chief accountant. They oversee timely
closing the books, keep pristine financial records, and manage company cash flow(Marsh, 2023).
Another difference they have would be in company hierarchy, the CF Officer is higher in position
than the CF Controller. Furthermore, A CF Officer is concentrated on financial planning and takes
care of a company on the broader sense while a CF Controller is concentrated on the day-to-day
accounting tasks needed ensuring that ledgers are accurate and everything is efficiently working.
References:

Grant, M. (2023, January 19). What is a chief financial officer (CFO)? role & responsibilities.
Investopedia. Retrieved April 2, 2023, from https://www.investopedia.com/terms/c/cfo.asp

Marsh, A. (2023, February 06). Controller vs CFO: Roles, responsibilities, & Profiles.
Spendesk. (n.d.). Retrieved April 2, 2023, from https://www.spendesk.com/en-
eu/blog/controller-vs-cfo/

SHRM - Chief Financial officer. (n.d.). Retrieved April 2, 2023, from

https://www.shrm.org/resourcesandtools/tools-and-samples/job-descriptions/pages/chief-
financial-officer.aspx

Financial controller job description sample. Hiring UK EN Merchandise. (n.d.). Retrieved April
2, 2023, from https://www.monster.co.uk/advertise-a-job/resources/job-description-
templates/finance/financial-controller-job-description/