Salt Lake City Non-Profit Accountant | CPA

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Kritzberg Consulting provides Salt Lake City non-profits with executive level accounting and finance services at a fraction of the cost of hiring a Chief Financial Officer (CFO) or Controller.  Tricia Kritzberg, CPA, founded Kritzberg Consulting to assist you with the unique needs of your non-profit organization.  We serve non-profits exclusively, which helps us keep our focus on the challenges facing this unique industry.

Non-profits have unique needs that most accountants/CPAs who work primarily with for-profit companies do not understand fully.  These include fund accounting needs, compliance to maintain tax-exempt status, permits to solicit donations in Utah and other states, and unique reporting requirements for donors, grantors, regulators, board members and the public. 

What are the Differences between a Bookkeeper, an Accountant, a Controller and a CFO?

May 01, 2014  /  Tricia Kritzberg

A bookkeeper records the transactions of a company, which includes revenues, expenses, accounts receivable, accounts payable, inventory and more.  A bookkeeper needs to be familiar with a chart of accounts and know how to categorize transactions into the chart of accounts.  Bookkeeper responsibilities typically include:

  • Entering transactional data into an accounting system
  • Printing checks (to be signed by another person)
  • Reconciling bank accounts and other balance sheet accounts
  • Preparing/printing standard accounting reports such as the income statement, balance sheet and aging reports

 

An Accountant is more skilled than a bookkeeper in that they know how to record transactions according to GAAP (Generally Accepted Accounting Principles), such as the difference between accrual and cash basis accounting.  They will probably have a college education in accounting and can perform an analysis of a variety of accounting reports.  Some accountants may specialize in a certain area of accounting, such as payroll, accounts payables, accounts receivables, inventory, cost accounting or any of the many focal points in an organization’s finances.  Accountant responsibilities typically include:

  • The same responsibilities as a bookkeeper
  • Analyzing financial reports and statements
  • Developing a variance analysis
  • Assisting in the budgeting process
  • Preparing data for performance metrics
  • Preparing accruals
  • Depreciating assets

 

A Controller can be the top finance and accounting person in a company.  Controllers have control over the general ledger and are responsible for the accuracy and timeliness of financial reports.  A Controller typically has a professional designation such as a CPA (Certified Public Accountant) or CMA (Certified Management Accountant) and an advanced education.  Controllers assist or are the primary contact during an annual audit.  Controller responsibilities typically include: 

  • Guiding  a company’s budgeting process
  • Manage an accounting staff
  • Calculate job costs
  • Develop accounting policies and procedures
  • Review and establish internal controls
  • Provide high level financial analysis
  • Make recommendations to management
  • Prepare forecasts and long term financial plans
  • Develop performance metrics
  • Implement best practices

A CFO (Chief Financial Officer) is the highest financial executive in a company.  Some companies may have a Vice President of Finance in addition to or instead of a CFO.  An “officer” of a company is typically voted into the position by the Board of Directors and is accountable to the Board of Directors, while a Vice President may be accountable to a top company executive.  CFOs have a wide range of responsibilities including:

  • Oversight of the controller responsibilities
  • Strategic and financial planning
  • Pursue shareholder/owner value
  • Understand and mitigate risk
  • Manage the investments of a company (the treasury function)
  • Oversee SEC reporting and compliance
  • Negotiate major contracts
  • Establish lines of credit or loans
  • Establish performance metrics that monitor performance against the company’s strategic goals
  • Identify efficiencies and process improvements
  • Formulate tax strategies
  • Review capital requests

Employees and owners of small businesses typically wear many hats and could perform bookkeeping and accounting responsibilities in addition to sales, reception, marketing and sweeping the floor.  That doesn’t mean that they wouldn’t benefit from a skilled controller or CFO level advisor.  This kind of advice can be obtained from a consultant or an accounting firm on an hourly basis.  The value obtained from an annual or monthly review by an accounting and finance professional could save you and your company a lot of money and frustration.  It could also help your company identify growth opportunities and then help you plan for that growth.

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