Top Finance

Roles
In a Startup

ALEKSANDAR
STOJANOVIĆ
FRACTIONAL FP&A, CFO
AND BI CONSULTANT
Contents

Chief financial
1 officer 4

2 Financial Controller 10

3 Financial Analyst 15

4 Bonus: Challenges 20

ALEKSANDAR STOJANOVIĆ
2
TOP 3 FINANCE ROLES IN A STARTUP
 Author

Aleksandar
Stojanovic

Each month, I team up

with 5+ startups and give
them a helping hand to
grow.

I'm there to guide them through

financial planning, analysis,
modelling, fundraising, and all
sorts of CFO services.

FOLLOW @ ALEKSANDAR STOJANOVIC 3

Chief
Financial
Officer(CFO)
ALEKSANDAR STOJANOVIĆ
Role
Overview
Alternate titles:
Finance Director, Financial
Controller

The CFO is a senior

executive responsible for
managing the financial
operations of a startup.
They oversee financial
planning, fundraising, risk
management, and
financial reporting.

ALEKSANDAR STOJANOVIĆ
5
TOP 3 FINANCE ROLES IN A STARTUP - CFO
PROs
Strategic decision-making:
CFOs play a crucial role in shaping the
financial strategy of the startup and aligning
it with overall business objectives.

Investor relations:
CFOs manage relationships with investors
and provide financial updates, attracting
potential funding for the startup's growth.

Holistic oversight:
CFOs provide a comprehensive view of the
startup's financial health, helping optimize
resources and drive profitability.

ALEKSANDAR STOJANOVIĆ
6
TOP 3 FINANCE ROLES IN A STARTUP - CFO
CONS
High-pressure role:
CFOs bear significant responsibility for the
financial well-being of the startup, leading to
high levels of stress and accountability.

Long hours:
The demands of the CFO role often involve
working long hours to handle financial
complexities, especially during critical periods like
fundraising.

Limited resources:
Startups may have limited financial resources,
requiring CFOs to be resourceful and make the
most of available funds.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CFO
Summary:

The CFO is a critical role in a startup,

providing strategic financial
guidance, managing investor
relationships, and ensuring financial
stability.

However,
the position comes with
immense pressure and long
hours, demanding a high level of
expertise and resourcefulness.

ALEKSANDAR STOJANOVIĆ
8
TOP 3 FINANCE ROLES IN A STARTUP - CFO
Salary:

$145,676 / year
Avg. Base Salary (USD) in 2023

Base Salary $82k - $237k

Bonus $5k - $76k

Profit Sharing $3k - $49k

Commission $3k - $79k

Total Pay $82k - $280k

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CFO
Financial
Controller
ALEKSANDAR STOJANOVIĆ
Role
Overview
Alternate titles:
Controller, Accounting Manager

The financial controller

oversees day-to-day
accounting operations and
ensures compliance with
financial regulations in the
startup.

ALEKSANDAR STOJANOVIĆ
11
TOP 3 FINANCE ROLES IN A STARTUP - CONTROLLER
PROs
Financial accuracy:
Financial controllers maintain accurate and up-to-
date financial records, enabling informed
decision-making and facilitating smooth
operations.

Financial analysis:
Controllers analyze financial data to identify
trends, opportunities, and areas for
improvement, supporting strategic decision-
making.

Compliance management:
Controllers ensure adherence to financial
regulations and reporting standards, minimizing
legal and financial risks.

ALEKSANDAR STOJANOVIĆ
12
TOP 3 FINANCE ROLES IN A STARTUP - CONTROLLER
CONS
Operational focus:
Financial controllers primarily handle
operational accounting tasks, which may limit
their involvement in strategic initiatives.

Limited visibility:
Controllers may have limited exposure to investor
relations and fundraising, focusing more on
internal financial operations.

High attention to detail:

The role requires meticulous attention to detail,
which can be challenging for individuals who
prefer a broader scope of responsibilities.

ALEKSANDAR STOJANOVIĆ
13
TOP 3 FINANCE ROLES IN A STARTUP - CONTROLLER
Salary:

$90,000 / year
Avg. Base Salary (USD) in 2023

Base Salary $62k - $131k

Bonus $2k - $22k

Profit Sharing $1k - $15k

Commission $1k - $72k

Total Pay $61k - $141k

ALEKSANDAR STOJANOVIĆ
14
TOP 3 FINANCE ROLES IN A STARTUP - CONTROLLER
Financial
Analyst
ALEKSANDAR STOJANOVIĆ
Role
Overview
Alternate titles:
Investment Analyst, Business Analyst

Financial analysts provide

valuable insights through
financial modeling, analysis,
and forecasting to support
strategic decision-making
within startups.

ALEKSANDAR STOJANOVIĆ
16
TOP 3 FINANCE ROLES IN A STARTUP - ANALYST
PROs
Data-driven decision-making:
Financial analysts use data and financial models to
provide insights and recommendations, helping
startups make informed decisions.

Investment evaluation:
Analysts evaluate potential investment
opportunities, providing crucial input for the
startup's growth and expansion plans.

Broad exposure:
Analysts work across various departments,
collaborating with teams to analyze financial
performance and identify areas for improvement.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - ANALYST
CONS

Analytical workload:
Financial analysts handle complex financial
modeling and analysis, requiring advanced
quantitative skills and attention to detail.

Dynamic environment:
Startups can be fast-paced and ever-changing,
demanding flexibility and adaptability from
financial analysts.

Limited resources:
Analysts may face constraints in terms of data
availability and resources, requiring them to be
resourceful in their analysis.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - ANALYST
Salary:

$65,500/ year
Avg. Base Salary (USD) in 2023

Base Salary $50k - $87k

Bonus $1k - $10k

Profit Sharing $800 - $10k

Commission $1k - $40k

Total Pay $49k - $90k

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - ANALYST
CHALLENGES

and
Best Practices

20
 Limited
1 Resources
Startups often operate with limited financial and
human resources, which can pose challenges for
finance and accounting professionals. To overcome
this, consider the following best practices:

Prioritize tasks based on their impact on

financial health and strategic objectives.

Automate repetitive processes and leverage

technology tools to optimize efficiency.

Collaborate closely with cross-functional teams

to leverage their expertise and support in
achieving financial goals.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CHALLENGES
 2 Fast-Paced
Environment
Startups are known for their fast-paced and rapidly
changing nature. To thrive in this environment,
consider the following best practices:

Stay updated with industry trends, regulatory

changes, and emerging financial technologies.

Develop strong project management and

communication skills to effectively handle
multiple responsibilities.

Maintain open lines of communication

with stakeholders to ensure timely
decision-making.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CHALLENGES
 3 Scalability
and Growth
As startups scale and grow, finance and accounting
processes need to adapt and scale accordingly.
Consider the following best practices

Implement scalable systems and processes to

accommodate growth.

Leverage financial software and tools to

streamline operations.

Establish robust controls and regularly

evaluate and update them as the
company evolves.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CHALLENGES
 4 Investor
Relations
Maintaining strong investor relations is vital for
startups seeking external funding. Consider the
following best practices:

Develop strong communication and presentation

skills to effectively communicate financial
insights to investors.

Provide transparency in financial reporting and

timely updates.

Engage in proactive investor communication

to build trust and confidence.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CHALLENGES
 5 Risk
Management
Startups operate in a high-risk environment, and
effective risk management is crucial. Consider the
following best practices:

Implement strong internal controls and regularly

monitor cash flow.

Conduct regular risk assessments and develop

contingency plans.

Collaborate with legal and compliance teams

to address legal and compliance-related
risks effectively.

ALEKSANDAR STOJANOVIĆ
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TOP 3 FINANCE ROLES IN A STARTUP - CHALLENGES
ALEKSANDAR
STOJANOVIĆ
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