When to Hire a Controller vs. a CFO at a Growing Company

The Question Comes Up More Than You'd Think

At some point, most growing companies hit a wall with their finance function. The bookkeeper is overwhelmed, the fractional accountant isn't enough, and the owner is spending too much time reviewing numbers they don't fully trust. That's usually when the question surfaces: do we need a Controller or a CFO?

These are genuinely different roles, and hiring the wrong one at the wrong time is a mistake TrustedHire sees fairly often in Minnesota's small and mid-sized business market.

What a Controller Actually Does

A Controller owns the accounting function. They close the books, maintain internal controls, manage the audit process, and make sure the financial statements are accurate and timely. If your biggest pain point is that you don't trust your numbers or your month-end close takes three weeks, you need a Controller first.

Most companies in the 20 to 100 employee range are in this camp. They need someone who can bring structure and accuracy to the back office before anything more strategic makes sense.

What a CFO Actually Does

A CFO works with accurate numbers to help leadership make better decisions. They build forecasts, manage banking relationships, evaluate capital needs, and help the business think through growth, acquisitions, or exits. A CFO without a solid accounting foundation underneath them is essentially flying blind.

If your books are clean and your real need is around planning, cash flow strategy, or investor reporting, a CFO hire makes sense. For many companies under 150 employees, a part-time or fractional CFO paired with a strong Controller is a smarter structure than a full-time CFO.

The Sequencing That Works

Here is a general framework that holds up well for Minnesota companies:

- Under 30 employees: A strong senior accountant or accounting manager is usually enough. - 30 to 80 employees: A Controller becomes critical. This is the most common hire TrustedHire places in this space. - 80 to 150 employees: A Controller plus fractional CFO support is often the right move. - 150 and above: A full-time CFO with a Controller reporting to them starts to make financial sense.

These thresholds shift depending on complexity, industry, and whether the company is PE-backed or founder-led.

A Few Things to Consider Before You Post the Job

Be honest about what problem you are actually trying to solve. If you say you need a CFO but really need someone to clean up your close process and reconcile your accounts, you will attract the wrong candidates and frustrate the right ones.

Taking time to think through your actual finance gaps before posting a role leads to better hires and shorter searches. TrustedHire is happy to help companies work through that thinking before the process starts.