In a recent announcement blog post by Blockstack, it is confirmed that Saurabh Pathak will be joining the team as the new Financial Controller.
Saurabh was at BlackRock for 10 years. Most recently, he was Controller for the Americas region, overseeing $4 trillion of assets under management. He was also CFO of BlackRock Canada and CFO for BlackRock’s two broker-dealers.
Saurabh will lead their financial controls and take ownership of accounting, financials, and reporting for Blockstack PBC and all of its subsidiaries. He will work closely with the executive team in overseeing the Blockstack PBC treasury, reporting financials to 800+ investors, and implementing quality standards for financial procedures, record keeping, and control.
In addition to BlackRock, Saurabh has experience working at Ernst & Young and Deloitte. He is a Chartered Accountant, a Certified Public Accountant, and a Series 27 license holder. He obtained his bachelor’s degree in accounting from Mumbai University.
Hiring a new controller is a big step for most companies because of a few reasons.
When you started up the company all of your accounting was done by you or your spouse on a spreadsheet. Then you grew and moved the numbers from a spreadsheet to a basic accounting system. You grew a little more. You hired an outside accountant to do your books and tax returns. But you needed someone around more often. So you brought on a bookkeeper.
Hiring a controller is a big step. For starters, it won’t be cheap. It’s a big investment and most importantly, it shows that the company is growing.
The controller owns the accounting system and is responsible for every data entry point. That person knows every number going through it. The controller knows why expenses increased and why some fell.
The truth is that when you have a solid controller on your team, it shows that your company is headed towards the right direction and this is no different in the blockchain and cryptocurrency world.
A sales manager’s job is to increase sales. A controller looks to improve a company’s profitability.