One of the important roles of your Controller is to ensure transactions are recorded accurately and promptly. In accounting department lingo, they have to make sure the general ledger is accurate and complete.
The general ledger has to be in good shape so you have a good basis for creating fast and accurate financial statements and analysis.
“Converting Controllers to CFOs is… tough. The skills are the same but the personality is different, and even the Mayo Clinic isn’t performing personality transplants just yet. Controllers set budgets, squeeze dollars, and control. CFOs sell forecasts. One sells the outside world. The other squeezes internally.” The Six-Month Fix, by Gary Sutton
The role of a Chief Financial Officer (CFO) is much different than that of a Controller.
As you start getting traction on growing your company don’t make the mistake of going without wise CFO counsel.
It isn’t an easy transition. But you will have to do it to get to the next level.