CFO vs Controller

Let's admit it. We sometimes get confused of what really the roles are of a CFO and a Controller.  I've been to a number of clients with different accounting organizational chart. There are those with a Controller but no CFO; those with a CFO and no Controller; and also those with both positions. At first, I thought the difference is only in the titles.

I came across an article posted in LinkedIn earlier this morning that talks about the difference between a CFO and a Controller.  Mr. Duane Tolan, the author, made a very clear distinction between the two positions.  Here's how he describes the difference:

"If a business were a car then the business owner would be the driver ... and as the car travels down the highway at 60 mph, the controller function is like the rear view mirror showing the driver where he has been. The CFO function is like the windshield and headlights, showing the driver where he is going and helping him to prepare to turn, slow down, speed up, etc. The purpose of the controller is to produce timely and accurate monthly financial statements. The purpose of the CFO is to help prepare and execute the strategic financial plan." 

Hope Mr. Tolan's description helps.  So which role would you like to take once you leave the public accounting practice?  :)