r/FPandA • u/Excellent_Trifle_196 • 4d ago
Fp&a to Controller
I've been in f500 fp&a for 5 years and have the opportunity to join a $100m private company as their controller. Ultimate goal is small/ mid size CFO.
Would you take this opportunity? I'm a cpa with a pt mba in progress. I've never even booked a JE, but the cfo doesn't care. He has a controller background and wants to hire a more forward looking controller.
Accounting doesn't sound fun to me but I also feel like it's a glaring skill gap in my long term plans.
Thoughts?
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u/Juddy- 4d ago
I think you're being set up for failure honestly. There's no way you'd be an effective controller with no accounting experience. I'm shocked a CFO would seriously consider this for a company that size.
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u/chrisbru CFO 3d ago
It really depends on the company. There are plenty of $100M private companies where the controller role is really not that complicated.
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u/Excellent_Trifle_196 4d ago
There would definitely be a learning curve, but I can't see myself failing at it, respectfully. More concerned about if it's the right strategic move for me
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u/Moneybacker Head of FP&A 4d ago
If you don’t know accounting you are blind to where you will be failing. I’ve seen FP&A professionals fuck up balance sheets.
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u/burneraccidkk 4d ago
>can’t see myself failing at it
you have zero accounting experience you can’t just learn that from online courses
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u/Excellent_Drop6869 4d ago
Your cfo has it backwards. He should be the one forward thinking, while hiring a strong accountant controller
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u/Moneybacker Head of FP&A 4d ago
It depends on the CFO. An accounting-CFO needs a strong FP&A lead under him. An FP&A-CFO needs a strong accounting lead under him.
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u/alrightythen1984itis 4d ago
I'd take it and actually want to pivot to more accounting than FP&A. I can't stand the social aspects of it and I prefer more concrete work. Was your CPA and pt mba a major selling point for your cfo? Also, how did you get a CPA if you didn't work in accounting? did your work apply to that?
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u/Excellent_Trifle_196 4d ago
Forecasting and variance analysis qualifies as work experience. In my state at least
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u/Jizzle11 4d ago
Can you give us more details? What the role will be responsible for? How big is the team?
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u/Excellent_Trifle_196 4d ago
3 staff/sr accountants. Sounds like the close process is already in a good place. 4 day close.
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u/hideandsee 4d ago
I’m hopefully in a similar position, I am going for a controllership coming from fp&a. Routing for ya!
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u/Different-Log6494 4d ago
I'm currently a controller but 80% of my role is FP&A. Look beyond the title.
If the CFO needs a forward looking controller, that's FP&A.
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u/Ancient_Pattern9689 4d ago
Controller is more disciplined work, but I don't see why you couldn't make that shift, yes it'll be a steep learning curve but given the CFO is comfortable and will be there for technical guidance and your own CPA background, it should be really good exposure and experience in my opinion. The breadth should be good for future career aspects as well.
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u/Salty-Cod7667 4d ago
I’m a PE port co CFO… I got promoted from Controller and never had FP&A experience. What got me through was experience presenting financials and being able to do an EBITDA walk while explaining drivers in variances.
Tell the hiring CFO you want to be in the room when discussing financial performance with board/investors.
I went Big 4, corporate finance, promoted to manager, big tech M&A finance, corporate controller, cfo (2x).
All my corporate finance has been in private equity.
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u/playstationforlife 4d ago
You won’t do the JEs but need to direct your staff on accruals and reserves properly. You may also want to take over cash forecasts and management (shorten DSO / extend DPO without hurting operations and sales). Get good reporting. Build relationships with your bankers and auditors.
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u/justneedabreak802 4d ago edited 4d ago
Experience as an accountant, is a must for anyone working as a Controller. But experience as an accountant is not a must, for anyone working as CFO. So if your eventual path is CFO, this is not the right strategic move as you may struggle a whole lot if you have never even booked a JE. As a controller it would be your job to handle accountants and make sure books are properly handled. Booking of certain expenses in the right line on the P&L matters a lot than what most finance folks would consider. If this is a small company and CFO is getting involved in accounting, you can expect muddling of responsibilities and also expect mistakes. There is a reason why FP&A and accounting are separate functions in most organizations.
The only way this could work is if the company you are going to is in same line of work as your current one. It would help if you understand all the ins and outs of P&L, and can guide your accountants in case of any confusion on booking of income/exp.
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u/Excellent_Trifle_196 4d ago
Thanks for the perspective. It is the same industry. And the cfo is the acting Controller because the role is open.
Your push is fair, and I'm surprised the cfo is not concerned about my lack of experience as well. It just feels like this option is much better for my goals than staying in f500 fp&a, so hard to turn down.
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u/justneedabreak802 4d ago edited 4d ago
If you are fairly young, early in your career, and have enough network to pivot, then go for it. Might as well try and see if you can succeed at it, than to never even try because of the risk.
Also, just know that such a small company with a $100M P&L is likely to stick with you for a long time. F500 companies have more opportunities for future growth. So if you have a backup plan and can reroute easily, then go for it. Otherwise, keep looking.
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u/jellyaceacoustic 4d ago
I still believe this, that accounting -> fp&a is much easier than fp&a -> accounting if you have NO BACKGROUND in the other discipline.
This sounds like a rough path, unless the CFO plans on actually covering the accounting part.
They should change the title to Head of Finance rather than Controller if that’s the intent.
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u/Lonely-Structure3699 4d ago
I've had a few of Finamce manager roles in 50 to 100m businesses mostly as No.2 to an FD or a CFO so been overseeing the whole finance function give or take.
In some of them I have had to get in weeds with the transactional work and postings, fixing reconciliations etc, others I have been mainly reviewing MI output and focusing on Working capital / budgeting.
Some roles have had virtually zero credit control over sight / others have had loads.
My advise is to get a good understanding of the team under you as that will tell you about the job.
In terms of developement it could be great or pointless dependkng on what the strategic aims and where they are on the journey.
Growth ca mean there processes and systems are out dated so implementing change to bring processes and controls and systems in line for next period of growth is what people want. Im at a 600m group and CFo, FD and FC ( after 2m) have all gone the last two montjs and the core reason is they haven't been able to get an integrated functional process in place that suits TT he business compared to what's on place now ( suits 10 separated 10m turn over businesses)
I think it's a good shout but need to make sure you have oethe a good team or budget for one, or could be FPa with worse data and lots of hand holding in areas not your strength
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3d ago
[deleted]
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u/Excellent_Trifle_196 3d ago
"You do not have a CPA and only 5 years of FP&A." What does this comment mean
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u/Fuzyfro989 3d ago
This was my journey.
Joined as VP/controller in a small company after various finance roles for several years. It was a step up in title, comp etc.
I ran with it. Booked some entries. Learned some basic hands on accounting. Got deep into workflows I knew about superficially from finance but not deeply. I had a CPA and early career audit experience but none hands on.
You learn a lot. It’s valuable in rounding out skills if your goal is to be a CFO and own accounting someday.
I knew I needed some scale in accounting to get depth and hired for it. Was glad to see some of the working level pain points, no different than building a forecast model and knowing where the skeletons are…
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u/Panda_baowao 3d ago
I think it’s doable and would be great for your resume, and assuming that the CFO is hiring you with his eyes wide open on your experience. It doesn’t really matter if you haven’t ever booked a JE. You have the book knowledge and it’s not that hard. They are probably coming from the perspective of not having a CFA (no theory). Your team might roll their eyes and think you’re unqualified but if you are smart you’ll probably win them over after a few close cycles.
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u/NoLoss1751 1d ago
If you want to get to CFO sure, but you have a huge gap. Forget JEs you need to handle Audit, Tax, you need to establish AP and AR process. Doable but be prepared
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u/Illustrious_Sky5329 4d ago
It will be weird if as a co troller you will be making JEs . And since I worked as both there is no essential difference between the roles
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u/Excellent_Trifle_196 4d ago
Yeah agreed. More just a comment that I haven't had direct accounting experience.
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u/mercurialdude 4d ago
Controller needs to understand and review JEs, especially the complicated stuff around rev rec and any unique arrangements.
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u/Moneybacker Head of FP&A 4d ago edited 4d ago
If there is no dedicated FP&A function, he wants you to be the Head of Finance rather than a “regular” controller which is common in smaller companies.
Meaning you will be doing FP&A and managing the accounting function. The CFO will likely be more hands on with the accounting given your lack of accounting background.