| Once the mission and vision are tweaked, Chief | | | | bookkeepero Signs Sales Tax returnso Creates the |
| Executive Officers (CEO) and other executives are | | | | more difficult journal entrieso Prepares Financial |
| faced with the issue of implementing the new plan. | | | | Statementso Approves customer credit limitso Is |
| Often that requires extensive help from accounting | | | | responsible for payroll processingo Implements basic |
| or finance. Since a number of CEOs, panel creators, | | | | financial and accounting systemso Can coordinate |
| and others ask what is the difference between a | | | | with external Certified Public Accountant (CPA) on |
| Chief Financial Officer (CFO) and controller and | | | | tax returns, compilations or auditso Implements |
| bookkeeper, you can start with a look at a more | | | | polices and procedureso Creates non standard |
| detailed definition of a controller. | | | | reports, including variance reviewso Handles insurance |
| We will begin with what to expect from the levels of | | | | and risk management with assistanceo Begins |
| the accounting staff. For the purposes of this | | | | safeguarding assetso Creates budgetso Inventory |
| discussion, the following will serve as definitions of | | | | overview with assistance |
| two of the top players in the accounting department: | | | | Think of this as a common sense list of how you |
| Chief Financial Officer -Person who makes the | | | | want to see how this key team member will help |
| financial statements understandable. This person | | | | you execute strategic programs or processes like: |
| ranges from a true business partner to a technician. | | | | risk management process, enterprise risk |
| Controller - Is the working manager for the | | | | management ( ERM), strategic planning, risk |
| accounting department. This person ranges from | | | | assessment, risk management assessment, entire |
| someone on the CFO track to a technician. | | | | enterprise risk management assessment, operational |
| Controllers also have highly specialized duties that | | | | review, due diligence, or scenario budgeting. |
| require a variety of multitasking skills. Again, a person | | | | The opportunities you may create from improving |
| in this position should be able to cover but is not | | | | your company resources may open up some |
| limited to the following tasks: | | | | incredible opportunities for you with competitors |
| Controller Duties:o Manages bookkeepero Handles | | | | whose companies have a weaker management team. |
| Executive Payrollo Can sign checks prepared by | | | | |