As a newly minted Controller in this environment, you’re overwhelmed. Limited resources and unlimited demands. Where do you focus to get the biggest bang for your buck?
This roadmap will help you avoid the pitfalls and make the most impact as a financial leader.
1. Working Capital Optimization: The Foundation of Financial Health
Working capital management is the most basic responsibility of a Controller and often the quickest wins for immediate impact.
Customer Billing and Collections
Make sure billing is timely, accurate and aligned to contract. Review your AR aging regularly and implement a structured collections process. Consider:
- Automated billing systems that integrate with your CRM
- Clear credit policies and payment terms
- Systematic follow-up process for overdue accounts
- Measure and report on DSO (Days Sales Outstanding) trends
A 10-day improvement in DSO can give you more cash without needing more capital or cutting expenses.
Vendor Payment Management
On the payables side focus on:
- Negotiating better payment terms with key vendors
- Taking advantage of early payment discounts when cash allows
- Ensuring payments are accurate and aligned to received goods/services
- Approval workflows that balance control and efficiency
Payroll Excellence
Payroll is not an area for learning on the job or experimentation. Errors here impact employee trust and company reputation. Make sure:
- Bulletproof processes for calculating compensation, especially variable components
- Timely and accurate tax withholding and remittance
- Proper classification of employees vs contractors
- Compliance with multi-state or international requirements if applicable
2. Cash Flow Enhancement: Extend Your Runway
For a Series B company extending runway while supporting growth initiatives is a delicate balance that requires constant attention.
Strategic Vendor Spend Review
Review all vendor relationships:
- Map vendor spend to strategic initiatives to identify misalignments
- Consolidate vendors where possible to get economies of scale
- Renegotiate contracts based on increased volume or longer commitment
- Eliminate redundant or underutilized services
Lightweight Purchase Controls
Implement controls that provide visibility without bureaucracy:
- Simple purchase approval matrix based on amount and department
- Lightweight purchasing system that captures commitments before they become expenses* Focus on education not restriction - help teams understand the impact of spending decisions
- Share budget vs actuals with department leaders regularly
Sales-Friendly Finance
The finance team should be seen as an enabler of growth not a roadblock:
- Streamline sales expense reimbursements
- Get back to sales team quickly on custom quotes or contract terms
- Provide financial analysis for big deals to help maximize value
- Collaborate on commission calculations to ensure accuracy and transparency
3. Close, Reporting and Compliance: Build Trust Through Transparency
Accurate and timely financial reporting builds credit with your leadership team, board and investors.
Management Reporting
Focus on reports that drive decision-making:
- Identify the KPIs that matter for your business model
- Create dashboards that show trends and variances
- Include both financial and operational metrics
- Make reports available to stakeholders when needed
GAAP Compliance
Solid GAAP foundations prevent future headaches:
- Document key accounting policies and judgments
- Implement proper revenue recognition practices
- Capitalization policies for software development or other big investments
- Maintain documentation for big transactions
Audit Preparation
Proactively manage the audit relationship:
- Select auditors with industry experience
- Set clear timelines and deliverables
- Create PBC (Provided by Client) lists well in advance
- Document complex transactions as they happen, not during audit season
Close Process Optimization
A smooth close process frees up resources for value-add analysis:
- Create a detailed close calendar with clear ownership
- Identify and eliminate bottlenecks through process improvement
- Continuous close for routine reconciliations
- Use technology to automate repetitive tasks
Tax Compliance
Tax compliance reduces risk and offers potential savings:
- File all required returns on time
- Monitor changing regulations, especially in new markets
- Evaluate R&D tax credits and other incentives
- Consider sales tax implications of your product/service offerings
4. People, Systems and Automation: Build Scalable Infrastructure
Invest in people and systems and get leverage for your team to scale efficiently.
High-ROI Automation
Focus on automating:
- Repetitive and time-consuming tasks
- Processes with clear rules that can be programmatically applied
- Bottlenecks in critical processes
- Data quality and consistency
Consider tools that integrate with your existing systems to avoid creating data silos.### Talent
Fill skill gaps:
- Assess team strengths and development areas
- Give learning opportunities through projects
- Consider using consultants to transfer knowledge
- Document processes to reduce single points of failure
Lean
Stay efficient as you scale:
- Regularly review processes for unnecessary steps or approvals
- Cross train team members for coverage and flexibility
- Outsource commodity processes to focus on strategic work
- Use workflow tools to track tasks and deadlines
5. Partnership: Beyond the Numbers
The best Controllers are strategic partners to the business.
Forward Looking Planning
Develop forecasting capabilities:
- Cash flow forecasting to anticipate funding needs
- Scenario planning to evaluate options
- Collaborate with department heads on budgeting
- Unit economics and growth drivers analysis
Cross Functional
Build relationships across the organization:
- Partner with Sales on pricing and customer contracts
- Work with Product on development costs and ROI
- Support HR on compensation benchmarking and planning
- Assist Ops on efficiency metrics and cost analysis
Investor Relations
Tell your financial story:
- Clear and consistent metrics for board and investors
- Data visualization of key trends
- Due diligence for future funding rounds
- Historical context for big decisions
Risk
Mitigate risks:
- Insurance coverage as the business evolves
- Internal controls that scale with the company
- Compliance with contractual obligations
- Fraud risk identification and mitigation
6. Data and Governance: One Source of Truth
As you scale, data quality and consistency become big problems.
Master Data
Define ownership and processes for:
- Customer data across systems
- Product and pricing info
- Vendor master file
- Employee data management
System Architecture
Define your system strategy:
- Data flows between systems today and tomorrow
- ERP as financial system of record
- Validation at data entry points
- Reconciliation between systems
Documentation and Knowledge
build an institutional memory:
- System config and customizations documentation
- Process narratives for financial workflows
- Accounting policy repository* Document big financial decisions
The Controller Role at Series B
Being a Controller at a Series B company is not just about keeping the books and records accurate – it’s about building the financial foundation for the next phase of growth. By focusing on these areas you’ll create the most value and set your company up for success.
Remember priorities will shift as the company grows so reassess where you can create the most value regularly. The best Controllers balance immediate needs with long term building.
By having strong financial processes, data driven decision making and being a strategic partner to the business you’ll get the most ROI for your company and yourself.
FAQs
1. What are the immediate priorities for a new Controller at a Series B company?
The immediate priority should be working capital optimization, focusing on customer billing and collections, vendor payment management, and payroll excellence. These areas provide the quickest wins for immediate impact on financial health.
2. How can a Controller extend the company's runway while supporting growth?
Controllers can extend runway by conducting strategic vendor spend reviews, implementing lightweight purchase controls that provide visibility without bureaucracy, and positioning finance as an enabler of growth rather than a roadblock for the sales team.
3. Beyond financial management, what strategic role should a Controller play?
Beyond numbers, the Controller should be a strategic partner by developing forward-looking planning capabilities, building cross-functional relationships across the organization, supporting investor relations with clear metrics, and implementing risk mitigation strategies. This partnership approach creates more value for the company.