What a bookkeeper, controller, CFO, and YOU actually do, and how to build a finance structure that actually works.
Canadian nonprofits are often built on passion, lean teams, and a whole lot of duct tape. Nowhere is this more obvious than in the finance department.
The Executive Director is building the budget, fixing reporting errors, chasing receipts, and fielding questions from the board. Meanwhile, the bookkeeper is doing their best, but no one’s sure if the numbers are actually right. Reports are delayed, audits are stressful, and no one feels fully in control.
If that sounds familiar, this guide is for you. We’re breaking down the key roles that make up a functional nonprofit finance team, what each person should actually be responsible for, and how to build a structure that matches your size, budget, and stage of growth.
Why Nonprofit Finance Is Different
Unlike for-profit businesses, Canadian nonprofits manage restricted grants, track program spending separately from admin costs, and file annual T3010s with the CRA. You may also be eligible for GST/HST rebates and need to report to multiple funders with different requirements.
That means your finance team doesn’t just need to manage numbers — it needs to manage accountability.
15 Must-Track Metrics & KPIs for Nonprofit Success
Nonprofit Finance Roles at a Glance
Here’s a quick breakdown of who does what and when you might need them:
| Role | Main Responsibilities | When to Hire | Typical Setup |
| Executive Director | Budget oversight, board reporting, financial leadership | Always | Internal |
| Bookkeeper | Day-to-day transaction entry, payroll, reconciliations | >10 transactions/month or first grant | Internal or outsourced |
| Controller | Financial reporting, internal controls, audit prep | Reports are unclear or audits are messy | Often fractional |
| CFO | Forecasting, financial strategy, growth planning | Planning for expansion, large grants, or multi-year programs | Often fractional |
| Treasurer / Board | Governance, policy oversight, budget approval | Always | Volunteer governance role |
The Executive Director: The Accidental Finance Owner
In many nonprofits, the ED ends up as the default finance lead. That’s not always a problem — but it becomes one when they’re buried in the books instead of leading the organization.
Core responsibilities
- High-level financial decisions
- Budget planning and board reporting
- Oversight of financial policies and priorities
Red flags
- Personally fixing bookkeeping errors
- Rechecking every report before it goes to the board
- Spending hours each week cleaning up spreadsheets
When to shift responsibilities
If financial admin is eating more than 20 percent of your time, it’s time to delegate.
What to delegate
- Transaction entry and reconciliations
- Payroll and invoice processing
- Audit prep and monthly reporting
What can go wrong without support
- Burnout and decision fatigue
- Board meetings spent defending numbers instead of discussing strategy
- Delays in reporting that impact grant renewals
The Bookkeeper: The Foundation
Bookkeepers are essential. They keep your accounting system up to date, your records clean, and your operations running smoothly.
Core responsibilities
- Day-to-day transaction entry
- Bank reconciliations
- Payroll and vendor payments
- Syncing systems like QuickBooks or Xero
Limitations
Bookkeepers are not responsible for reviewing financial statements, identifying errors, or preparing audit documentation.
When to hire a bookkeeper
- You have more than 10 transactions per month
- You’ve received your first grant
- The ED or ops lead is spending 5 or more hours per month in spreadsheets
What can go wrong without one
- Transactions fall through the cracks
- Year-end cleanup takes weeks
- Funders receive late or inaccurate reports
The Controller: The Fixer
Controllers step in when you need someone to own the numbers. They review the bookkeeper’s work, clean up reporting processes, and make sure everything is ready for board meetings, funders, and audits.
Core responsibilities
- Monthly financial reporting
- Internal controls and process oversight
- Audit preparation and funder reporting
- Training or reviewing the work of junior finance staff
Supports
- EDs or ops leads who are overwhelmed
- Boards that lack confidence in the numbers
- Orgs preparing for growth, expansion, or audits
When to hire a controller
- Financial reports are late, unclear, or inconsistent
- You’re preparing for an audit and feel behind
- You’ve outgrown your bookkeeper but haven’t hired a CFO
How to hire
Most nonprofits bring in a controller on a fractional basis. Even 5 to 15 hours per month can make a major impact.
What can go wrong without one
- Inconsistent or incorrect reports
- Time-consuming audit prep
- Limited insight into where money is actually going
Learn more: https://www.enkel.ca/services/fractional-controller/
The CFO: The Strategist
Once your reporting is reliable, a CFO helps you look ahead. They build financial models, evaluate funding scenarios, and communicate strategy to your board and donors.
Core responsibilities
- Long-term financial forecasting
- Multi-year budget and growth planning
- Scenario modeling and funding strategy
- Donor and board communication around financial health
How they differ from controllers
CFOs focus on strategy and vision. Controllers focus on accuracy and systems.
When to hire a CFO
- You’re applying for large grants or launching multi-year programs
- The board is asking for strategic financial planning, not just reports
- You’re planning to grow but aren’t sure what’s financially sustainable
How to hire
Fractional CFOs are ideal for nonprofits. Many organizations only need 5 to 10 hours per month.
What can go wrong without one
- Reactive budgets that don’t support long-term growth
- Missed funding opportunities
- Boards that lack visibility into financial sustainability
Learn more: https://www.enkel.ca/services/outsourced-cfo-services/
The Board and Treasurer: Oversight, Not Operations
The board’s job is governance, not data entry. They should guide strategy, ensure accountability, and approve budgets — not clean up financials or run reports.
Core responsibilities
- Budget approval
- Policy review and financial oversight
- Supporting long-term financial planning
Red flags
- The treasurer is acting as a part-time CFO
- Board members are troubleshooting QuickBooks or cleaning up reports
- The board keeps asking for better financial visibility and never gets it
When to revisit board involvement
- If they’re overstepping into operations
- If they’re not getting the clarity or reporting they need to govern effectively
Other Roles You Might Need
As your organization grows, other roles may help support your finance function:
Finance or Admin Coordinator
Handles reimbursements, invoices, and system processes. Often reports to the ED or operations lead.
Grant Manager
Tracks restricted funding across multiple programs and funders. Ensures grant reporting is on time and accurate.
Internal Ops Lead
May oversee finance early on but often needs controller-level support to handle complexity.
Q&A: Controller or CFO?
Q: Do we need a controller or a CFO?
A: Start with a controller if your reports are unclear, your audit prep is painful, or you’re constantly fixing errors. Start with a CFO if your numbers are solid but you need help with multi-year planning, large grants, or strategic growth decisions. Many nonprofits need both, but not full-time.
Related reading:
When Should a Nonprofit Consider a Fractional Controller?
When Should a Nonprofit Consider a Fractional CFO?
Stage-Based Finance Team Roadmap
Sample Finance Team Structures by Org Size
Your finance team doesn’t need to be big. It just needs to be built for where you are now — and flexible enough to grow with you.
Under $250K/year
- Executive Director manages the budget
- Part-time or outsourced bookkeeper handles transaction entry and reconciliations
$250K to $1M/year
- Bookkeeper manages day-to-day finance tasks
- Fractional controller steps in for reporting, internal controls, and audit prep
- ED steps back from reviewing every financial report
$1M+
- Bookkeeper handles operations
- Controller owns reporting and audit readiness
- Fractional CFO provides strategic financial oversight for board, funders, and multi-year planning
Scaling or grant-heavy organizations
- Add internal support for grant tracking, reimbursements, and funder reports
- Introduce a board finance committee to improve governance
- Expand controller or CFO hours as needed
If your team doesn’t match your budget size yet, don’t panic. Many organizations evolve into these setups gradually — the key is knowing what to build toward.
Our Advice: You Don’t Always Need a Bigger Team. You Need the Right Roles.
A functional finance team gives you clarity, control, and peace of mind. You stop chasing reports and start making informed decisions. Your board gets what it needs, and your funders see that your organization is financially sound.
You don’t need to figure it out alone. Enkel helps Canadian nonprofits build lean, effective finance structures that match their stage of growth.
Talk to a Controller at Enkel and explore our Fractional CFO Services.
