What Is a CFO and What Is a Controller (And Why Both Matter More Than You Think)

People mix up CFOs (Chief Financial Officer) and Controllers all the time, and honestly, it is understandable. Both live in the finance world, both care deeply about “the numbers,” and both show up when something important is on the line. But they are not the same job.

From a CFO perspective, the simplest way to think about it is this: the Controller makes sure the financial foundation is accurate and sturdy, and the CFO uses that foundation to help leadership make smart decisions about what comes next.

A Controller runs the accounting engine. Their priority is getting the books closed correctly and on time, keeping the general ledger clean, reconciling accounts, maintaining policies, and making sure internal controls are working so the organization is protected from errors and avoidable risk. Controllers are also the ones who make audits less stressful because they know where the support is, how the transactions were recorded, and what documentation will stand up to scrutiny.

A CFO, on the other hand, is responsible for financial leadership and direction. The CFO focuses on budgeting and forecasting, cash and reserves strategy, long range planning, and helping the executive team and board understand what the financials mean in plain language. If the Controller is responsible for the accuracy of the scoreboard, the CFO is helping decide the game plan, balancing mission goals with financial reality and surfacing risks before they become emergencies.

Here is the real difference most people feel day to day: Controllers live mostly in the present and recent past, because accurate reporting depends on what already happened and how it was recorded. CFOs live mostly in the present and near future, because leaders need guidance on what is likely to happen and what choices to make now. Both roles overlap, and good CFOs and Controllers talk constantly, but their center of gravity is different.

This distinction matters even more in housing authorities, where finance is not just about running a tight ship, it is also about maintaining trust with stakeholders and meeting compliance requirements tied to public funding. When reporting is late or inconsistent, decisions get made with stale information. When controls are weak, risk goes up. When forecasting is missing, cash planning turns into guesswork. That is why many organizations benefit from having both strong Controller execution and CFO level guidance, even if not both are full time positions.

If you are wondering what “good” looks like, start with two simple questions: Are our financial statements consistently accurate and on time, with reconciliations and documentation that make audits manageable? That is Controller territory. And do we have a clear forecast and cash plan that leadership and the board can understand, with scenarios that help us make decisions confidently? That is CFO territory. The U.S. Bureau of Labor Statistics even separates these skill sets into different occupational groups, reflecting how distinct accounting and financial management responsibilities can be in practice (U.S. Bureau of Labor Statistics, Occupational Outlook Handbook, Financial Managers; Accountants and Auditors).

At Procuris Consulting, we provide both CFO and Controller services, and many of our housing authority clients utilize both. That combination is often the sweet spot: reliable accounting and reporting on one side, and strategic financial leadership on the other. The result is not just cleaner books, it is clearer decisions, stronger governance, and a finance function that supports the mission without slowing the organization down.