In the fast-paced world of startups, the role of the Financial Controller evolves dramatically with each funding round. By Series B, a company is no longer a scrappy seed-stage experiment; it’s a scaling business with tens of millions in revenue, a growing team, and complex operations. At this pivotal moment, the Financial Controller transitions from a back-office accountant to a strategic linchpin, essential for building the financial infrastructure that supports sustainable growth, manages investor expectations, and paves the path to an eventual exit.
This guide explores why this role becomes mission-critical at the Series B stage, what specific responsibilities it entails, and how the right controller can mean the difference between scaling successfully and stumbling under new operational weight.
Why Series B is the Tipping Point for a Dedicated Controller
During Seed and Series A, financial management is often handled by the founder or a fractional CFO/accountant, focusing primarily on cash burn and basic compliance. Series B changes everything. With a typical raise between $20 million and $50 million, the stakes are higher, oversight is stricter, and the financial complexity multiplies.
Investors at this stage—often large venture capital firms—demand a new level of financial rigor and forecasting accuracy. They fund companies that have found product-market fit and now need to “pour fuel on the fire” to capture the market. The Controller is the executive who ensures that fuel is measured, allocated efficiently, and reported on transparently. As noted by Ilya Strebulaev, a professor at Stanford Graduate School of Business, a major governance shift happens here: the board becomes more involved, and the need for audited financials, sophisticated metrics, and a clear path to profitability becomes paramount.
The Financial Controller’s Evolving Role: A Stage-by-Stage View
| Startup Stage | Primary Financial Focus | Controller’s Role & Key Responsibilities |
|---|---|---|
| Seed / Series A | Survival & Validation | Basic bookkeeping, cash flow tracking, managing burn rate, tax compliance. Often handled by a founder or external accountant. |
| Series B | Scaling & Governance | Strategic financial management: Building financial models, implementing systems (ERP), managing audits, detailed reporting for investors, establishing internal controls, hiring the accounting team. |
| Series C+ & Beyond | Optimization & Exit Preparation | Advanced analytics and strategy: Driving efficiency, investor relations, sophisticated tax planning, M&A due diligence, preparing the company for IPO or acquisition. |
The Core Responsibilities of a Series B Controller
At this stage, the Controller’s job expands far beyond closing the books. It becomes a blend of technical accounting, operational leadership, and strategic partnership.
1. Architect of Financial Infrastructure
The most immediate and tangible impact a Controller makes is building robust, scalable systems.
- Implementing Key Systems: Selecting and rolling out an Enterprise Resource Planning (ERP) system like NetSuite is a classic Series B project. This integrates finance, sales, and operations into a single source of truth.
- Establishing Controls & Processes: Documenting and enforcing financial policies to ensure accuracy, prevent fraud, and achieve clean audits. This includes everything from expense approvals to revenue recognition.
- Building and Leading the Team: Hiring and managing accountants, accounts payable/receivable clerks, and other finance staff to handle the increasing transaction volume.
2. Guardian of Financial Integrity & Compliance
With more money and scrutiny comes greater responsibility for accuracy and transparency.
- Owning the Month-End Close: Ensuring a timely, accurate, and efficient financial close process each month, moving from quarterly to monthly reporting cadences.
- Managing the Audit: Leading the relationship with external auditors to successfully complete the annual audit—a key requirement for most Series B investors.
- Ensuring Regulatory Compliance: Navigating more complex tax obligations, potential international expansion, and industry-specific regulations.
3. Strategic Partner to the Leadership Team
This is where the role becomes truly strategic. The Controller provides the data-driven insights that guide company decisions.
- Developing Advanced Financial Models: Moving beyond simple forecasts to build detailed, driver-based models that project P&L, cash flow, and balance sheet impacts of different growth scenarios.
- KPI & Metrics Reporting: Identifying and reporting on the key metrics that matter most to the business and its investors (e.g., Customer Acquisition Cost (CAC), Lifetime Value (LTV), gross margin trends, burn multiple).
- Unit Economics Analysis: Deep-diving into the profitability of each customer, product line, or region to guide pricing, marketing spend, and product development decisions. As highlighted by experts from SaaStr, understanding true contribution margin is critical at this stage.
- Burn Rate Management & Scenario Planning: Closely monitoring cash flow and modeling different scenarios (e.g., “What if we accelerate hiring? What if a new competitor emerges?”) to ensure the company’s runway is secure.
The Profile: Skills and Background of a Successful Series B Controller
Finding the right person for this hybrid role is crucial. The ideal candidate often has:
- Credentials: A CPA (Certified Public Accountant) or CMA (Certified Management Accountant) is highly preferred, signaling deep accounting expertise.
- Experience: 7-10 years of progressive experience, ideally with a mix of public accounting (Big 4 audit experience is gold standard) and industry experience in a fast-growing tech company.
- Mindset: A “builder” mentality. They must be comfortable with ambiguity, proactive in creating order from chaos, and able to communicate complex financial concepts to non-financial executives. They are detail-oriented but can see the big picture.
Salary and Reporting Structure
Reflecting its importance, this is a well-compensated role. At a Series B startup, a Financial Controller can expect a total compensation package ranging from approximately $150,000 to $225,000 or more, depending on location (SF/NYC command premiums) and the specific industry. This typically includes a base salary plus a meaningful equity component (options).
In terms of reporting, the Controller is usually a direct report to the Chief Financial Officer (CFO). If the company has a fractional or part-time CFO, the Controller often acts as the head of finance on the ground, running the day-to-day operations. In some cases before a full-time CFO is hired, they may report directly to the CEO.
The Bottom Line: More Than an Accountant
In a Series B startup, the Financial Controller is the foundation upon which scalable, investor-ready growth is built. They are the operational leader who installs the plumbing, the compliance expert who ensures everything is above board, and the analytical partner who helps the CEO and CFO steer the company.
Hiring a strong Controller is not merely an administrative upgrade—it’s a strategic investment in the company’s maturity. It signals to the market and to future investors that the startup is serious about governance, is building for the long term, and has the financial discipline to turn its ambitious vision into a enduring, valuable business. For founders, a great Controller isn’t just a hire; it’s a partner who provides the confidence to scale.
