Main Responsibilities and Required Skills for Financial Officer
A Financial Officer is a high-level executive responsible for overseeing an organization's financial operations and strategy. They manage financial risk, create and implement financial policies and procedures, develop budgets and financial forecasts, and ensure compliance with regulatory requirements. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Financial Officers.
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Main Responsibilities of Financial Officer
The following list describes the typical responsibilities of a Financial Officer:
Analyze
Analyze and manage the organization's liabilities and investments.
Analyze financial statements and identify opportunities.
Approve
Approve and coordinate changes to ensure automation of financial and management information systems.
Arrange
Arrange for debt and equity financing.
Assess
Assess potential risks facing the company, and proactively try to mitigate them.
Assist in
Assist in ensuring the overall strategic direction of the company is met.
Assure
Assure the preparation of accurate and timely tax returns.
Attend
Attend Board and Subcommittee meetings.
Build
Build and lead a high-performance finance function including teams, processes and systems.
Build effective relationships with internal / external stakeholders.
Build key relationships with banking, cash lending, and other investment partners.
Build out a reporting platform for our landlord partnership business.
Build strong relationships with current and prospective investors.
Build teamwork across the business.
Calculate
Calculate and prepare cheques for payroll.
Collaborate with
Collaborate with management to establish, monitor, and analyze budgets to increase efficiency.
Communicate
Communicate financial news and health of the business to broader staff.
Comply
Comply with policies and procedures as they relate to the performance of job functions.
Consult
Consult and advise management and the Board on accounting issues, compliance, and risk management.
Contribute to
Contribute to team effort by accomplishing related results as needed.
Control
Control and evaluate the organization's fund-raising plans and capital structure.
Convey
Convey values and acceptable behavior to all stakeholders through own actions.
Coordinate
Coordinate and lead the annual financial audit / review process.
Coordinate the annual operating budget / projections and monitor quarterly.
Create
Create and communicates new policies and practices where necessary.
Create significant events to facilitate and recognize the achievement of the mission.
Determine
Determine the financial impact of intitaives / strategic decisions.
Develop
Develop and implement finance, accounting, billing, and auditing procedures.
Develop and implement a strategic plan for financial planning and budgeting.
Develop and maintain monthly operating budget and annual company operating budget.
Develop and maintain effective medical staff relationships.
Develop a reliable and efficient cash flow projection process and reporting mechanism, which.
Develop collaborative relationships with internal, cross department and other reporting entities.
Develop performance measures and monitoring systems that support the company's strategic direction.
Develop strategies that take a wide array of factors into.
Distribute
Distribute weekly sales & cash flow reports – review & distribute to exec team.
Drive
Drive the company's financial planning and budgeting.
Drive the development and management of our financial modelling and forecasting.
Drive the organisation to enhanced profitability.
Ensure
Ensure accuracy and integrity of related data within the financial management system.
Ensure ample company runway through responsible use of funds.
Ensure cash flow is appropriate for the group's operations.
Ensure cash flow is appropriate for the organization's operations.
Ensure compliance with all federal, state, and local laws and reporting requirements.
Ensure compliance with local, provincial, and federal tax requirements.
Ensure effective data security protocols.
Ensure effective performance of all team members within the department through the effective.
Ensure investment policy and investment frameworks are in place.
Ensure millions of dollars of our clients' project revenues are penny-accurate, all of the time.
Ensure that business decisions are grounded in sound financial criteria.
Ensure the accurate and timely close of financial statements on a monthly basis.
Ensure the appropriate corporate insurances are in place.
Ensure the company has accurate financial metrics including expenses, cash flow and burn rate.
Ensure the department stays abreast of new trends, developments, laws, and regulations.
Establish
Establish and communicate a clear and compelling vision.
Establish and develop relationships across the business and engage with staff at all levels.
Establish financial and administrative controls.
Establish financial management policies and requirements.
Evaluate
Evaluate incoming Pickup / Delivery requests and determine driver assignments.
Evaluate new revenue opportunities, leveraging existing customer relationships.
Evaluate work performance of staff through a detailed annual performance appraisal.
Generate
Generate and share annual, quarterly and monthly financial statements.
Handle
Handle office leases and providers.
Help
Help manage day-to-day customer profitability (dilution spend, contract terms, etc.).
Hire
Hire, manage, mentor and train the Finance team.
Hire, train and develop staff.
Identify
Identify, develop and execute analysis of business initiatives and / or new service offerings.
Identify key opportunities and challenges and collaborate with the business to address them.
Implement
Implement and optimize procedures.
Implement tools for rigorous financial analysis of business investments and capital allocation.
Improve
Improve and streamline the month-end process.
Interact with
Interact effectively with other parts of the company.
Interact with the Board of Directors and supports or directs investor relations.
Lead
Lead any new system implementation and training.
Lead efforts to cultivate a community of LP's and support capital raising.
Lead financial planning, developing financial models for internal and external stakeholders.
Lead regulatory approval processes and applications.
Lead the annual planning process.
Lead the development and continuous evaluation of short and long-term financial objectives.
Lead the five-year planning process.
Leverage
Leverage industry connections to raise capital.
Liaise with
Liaise with Board Chair to schedule Board Meetings and to develop the Quarterly Board Agenda.
Liaise with external auditors, bankers, investment advisors and credit suppliers.
Maintain
Maintain a competitive edge.
Maintain compliance with governmental regulations and GAAP.
Maintain employee files and records ensuring all policies are accurately followed.
Maintain internal control safeguards and coordinate all audit activities.
Maintain professionalism and does not show favoritism.
Maintain relations with external auditors and investigate their findings and recommendations.
Maintain the hospital's compliance with all regulatory and legal requirements.
Make
Make analytical business decisions and elevate opportunity cost discussions in a constructive manner.
Make or oversee any necessary adjustments to future projections and budgets.
Manage
Manage and minimize financial risk by maintaining industry- leading systems.
Manage and reconcile purchase order requisition and repost to accounting.
Manage and retain relationships with various vendors.
Manage annual audit, internal controls and SOX compliance.
Manage cash flow and forecasting, banking relationships and cash positions / strategies.
Manage data privacy efforts including having IT and Facilities reporting to the role.
Manage internal and external finance / audit professionals and oversee all major vendor contracts.
Manage multiple client engagements.
Manage relationships with company's counsels.
Manage the Accounting on a daily basis.
Manage the coordination & analysis of financial and operational highlights of the business.
Manage the finances of CEDO Foundation.
Manage, update, and develop new process documentation as required.
Monitor
Monitor, analyze and report financial and operational performance.
Monitor cash balances and cash forecasts.
Mortgage
Mortgage advances, discharge statements, renewal offerings.
Optimize
Optimize the mix of capital between equity, debt and grant funding.
Oversee
Oversee and manage implementation of AML policy (anti-fraud and anti-corruption policy).
Oversee A / R management and provide guidance relating to the collection process when needed.
Oversee corporate insurance and risk management program.
Oversee development and follow up of business cases for growth capital.
Oversee, direct, and organize the work of the finance team, including personnel management.
Oversee grant and sponsorship applications.
Oversee Human Resource operations with the Executive Management team.
Oversee monthly allocation of indirect cost process and monitor grants spending.
Oversee our finance function, implementing a coherent financial strategy.
Oversee our outsourced accounting and book-keeping.
Oversee relationships with service providers.
Oversee banking and investments, including cash management.
Oversee the management and coordination of all fiscal reporting activities for the organization.
Oversee the budgets and performance of assigned P& L accounts.
Oversee the Company's fiscal function and performance.
Oversee the company's transaction processing systems.
Oversee the internal audit function and liaison with the Board Audit Committee.
Oversee the preparation and communication of monthly and annual financial statements.
Oversee the preparation and timely filing of all local, state, and federal tax returns.
Own
Own the process and optimise the capital structure (debt and equity) , tax and legal structure.
Participate in
Participate in expansion activities (investments, acquisitions, corporate alliances, etc.).
Participate in the development of the corporate financial plans and programs as a strategic partner.
Participate in the development of the organization's plans and programs as a strategic partner.
Perform
Perform accounting and financial analyses, maintain internal accounting controls.
Perform corporate tax reporting and prepare tax returns.
Perform detailed, effective and timely analyses of budgets and long-range forecasts.
Perform other duties as assigned.
Perform risk management by analyzing the organization's liabilities and investments.
Perform the necessary follow-ups.
Prepare
Prepare and manage contractor agreements with vendors.
Prepare and process vehicle sale documents including ownership transfer.
Prepare any ad hoc financial analysis required by Business Management or the APAC and Global IS LFOs.
Prepare reliable and current forecasting reports.
Present
Present financials to CEO, Board, and potential institutional investors.
Process
Process repossessed vehicle documents and files.
Provide
Provide Audit staff with information, reports, data and access to information as required.
Provide excellent customer service and build / maintain good working relationships.
Provide forecasted cash flows and update these forecasts with achieved results.
Provide guidance, support and ensure financial management of any programmatic investment projects.
Provide input on investment strategies by considering cash and liquidity risks.
Provide leadership, direction and management of the finance and accounting team.
Provide oversight and mentoring of the accounting and finance staff.
Provide positive and enthusiastic leadership in maintaining and promoting internal office relations.
Provide recommendations to strategically enhance financial performance and business opportunities.
Provide sales support through supplier reporting needs.
Provide sound investment management leadership.
Provide specialized consulting, analytical and technical support.
Receive
Receive and record income and issue payment checks for invoices.
Recommend
Recommend and implement solutions based on analysis of issues and implications for the business.
Recruit
Recruit, develop and train designated staff.
Remain
Remain abreast of trends, opportunities, and changing legislation that affects the organization.
Report
Report risk issues to the Executive Team.
Represent
Represent the interests of the department in initiatives and discussions.
Review
Review all contracts from a financial and legal perspective.
Review and approve the following.
Review and interpret Financial Statements.
Review and optimize existing A/P and A/R processes.
Review and optimize the current strategy for managing existing capital.
Review financial and non-financial reports to devise solutions or improvements.
Run
Run payroll checks as needed.
Schedule
Schedule and assign work to the Financial and Administrative Assistant and oversees its completion.
Set
Set expectations for team members & help them successfully execute their job responsibilities.
Set clear, consistent goals and expectations.
Set up
Set up and oversee the company's finance IT system.
Set up, integrate and oversee the company's finance / accounting technology systems.
Share
Share accountability with other senior executive management for the annual CMS bid.
Stay
Stay on the forefront of technology sector forecasting.
Supervise
Supervise all members of the Financial Services team.
Support
Support CEO and Board of Directors in capital raising efforts.
Support cofounders and executive team in leading and launching the Fintech solution.
Support COO with daily operations.
Support portfolio and fund analysis using KPIs.
Support the effective management of the CFO's time.
Support the mission of the hospital.
Train
Train managers on financial matters and provides routine feedback regarding department performance.
Understand
Understand and mitigate key elements of the company's risk profile.
Understand modeling and able to develop and constantly improve.
Update
Update donor files as needed to insure accurate information.
Update and expands job knowledge by remaining aware of new regulations.
Work with
Work collaboratively with stakeholders from across the organisation to optimise commercial outcomes.
Work with acquisitions team members on securing debt for Jones Street Transactions.
Work with asset management on disposition process including financial generation and closing items.
Work with CTO to direct the implementation of new financial systems.
Work with stakeholders to establish priorities.
Work with the business to align key performance indicators with financial forecasts and plans.
Work with the Chief Executive Officer to insure corporate governance of Adacel.
Work with the entire mission staff as a team member.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Financial Officer:
CPA
Business
Reporting
Budgeting
Financial Management
Management
Gaap
Business Acumen
Commerce
Controller
Ifrs
Financial Leadership
Risk Management Practices
Accounting Software
Acquisitions
Administration
Fund Accounting
MS Powerpoint
Most In-demand Soft Skills
The following list describes the most required soft skills of a Financial Officer:
Written and oral communication skills
Leadership
Interpersonal skills
Problem-solving attitude
Attention to detail
Organizational capacity
Analytical ability
Organized
Time-management
Flexible
Work under pressure
Decision-making skills
Management
Meet deadlines
Work independently with little direction
