Comptroller vs. Controller: What Is The Difference?
Finding the right financial support can help your business grow and improve. But when it comes to a comptroller vs. controller, which do you need? The answer depends on your industry and goals.
Comptroller vs. Controller: The Key Difference
These two roles are very similar. The main difference is that comptrollers work for government and nonprofit organizations, while controllers work for private companies.
This means your industry controls the kind of support you should pursue. If you run a public organization or charity, search for a comptroller. If you run a for-profit business, you should search for a controller instead.
Other Similarities and Differences
Comptrollers and controllers have a lot in common. Both roles involve helping organizations understand their finances. For example, an expert in either position could help with:
- Managing cash flow
- Providing financial analysis and reporting
- Managing payroll and budgets
- Overseeing audits
- Developing future plans based on financial data today
However, the two groups approach these tasks differently. Comptrollers have a duty to whoever provides funding to their organization — potentially taxpayers or private donors.
Controllers have an obligation to maximize profits above all else. You can probably imagine ways in which that would change how they think about their role. It’s something to consider as you weigh whether these roles are interchangeable for your needs or not.
Finding Skilled Practitioners
Once you decide between hiring a comptroller or controller, the next step is finding the right fit. There are two main ways to add this kind of expertise to your team — internal hiring and outsourcing.
Adding to Your Internal Team
Hiring a full-time comptroller or controller could be right for your needs, depending on how extensive they are. For example, you wouldn’t need a full-time employee to get through an audit. But you might need one if your industry has strict reporting requirements on an ongoing basis.
The question to ask is whether this is the most affordable, convenient way to access the financial expertise you need. It may be, but for smaller companies and organizations, outsourcing can make more sense.
Outsourcing
Outsourcing involves hiring a service that can provide access to a comptroller or controller when you need it. For example, you could get some extra help during tax season with an outsourced controller.
The main advantage of this strategy is that it gives your organization more flexibility. You can easily scale up or down as needs change. Plus, you’ll still get access to a high-level expert. That way, you get the advantage of having financial expertise on your team without all of the commitments.
Access Financial Services Faster with CFO Hub
Finding a talented comptroller or controller can be a lengthy, expensive process. CFO Hub can help you save time and money with an outsourced solution.
We provide easy, affordable access to high-level financial expertise. Whether you’re looking for ongoing monthly assistance or one-time guidance, we’ve got your back. So why wait? Take the first step toward your goals by setting up a free consultation today.