The Chief Financial Officer reports directly to the company Board of Directors and Chief Executive Officer. The CFO follows strict financial standards set forth by Financial Accounting Standards as well as the Securities and Exchange Commission. Strategic responsibilities are focused on managing the financial unit while assisting the Chief Operating Officer with the direction and management of accounting, budgeting and forecasting; serves as principal advisor for all financial matters.
Primary CFO Responsibilities
Within most organizations, the role of the CFO is essentially similar. The following are the primary functions of the CFO in relation to the internal controls of the organization, as well as outside relationships with regulatory agencies and funding sources:
• Vision and Mission – Collaboration with the President and CEO for realizing the company mission and vision, cultivating growth plans, in addition to maintaining ongoing shareholder relations is an essential for the CFO.
• Financial Management – One of the principal roles of the CFO is establishing regularly accepted accounting procedures and enhancing the company’s cash flow position. This includes establishing policies and controls for credit and collections, budgeting, controlling expenses and payment of bills; managing the integrity of securities and other financial obligations.
• Overall Company Performance – The CFO must formulate and communicate the overall business model and objectives for the purpose of measuring and balancing shareholder value. This goal is achieved through financial statement analysis, operational metrics and other sources pertaining to expected as well as actual financial results.
• Financial Relationships – The Chief Financial Officer is expected to maintain financial relationships with investment bankers and commercial loan officers for maintaining adequate capital funding sources and arrangements.
• Master Financial Advisor – Provides effective solutions for business challenges, expert advice for contract negotiations and regulatory actions; guides the company through mergers and acquisitions; evaluates future strategic partnerships.
• Operating Budget – Works in partnership with the COO to ensure the success of the company operating budget in terms of short and long-term strategic goals; maintains compliance with legislative rules and regulations for contract agreements within Federal, State and Local auspices.
• Development of Programs and Reporting Activities – Oversees and assists with the design and implementation of salary and incentive programs, insurance and health plan coverage, cost-effective employee benefits, as well as savings and retirement plans. Oversees and maintains fiscal reporting activities including income and balance sheet reporting, activities of Federal awards programs and independent auditing guidelines.
Gennady Barsky is the CFO of JetSmarter and Real Estate Mogul. Barsky is a lover of all things automobile and has a passion for Social Media.