Main Responsibilities and Required Skills for Chief Financial Officer
A Chief Financial Officer is a professional who provides financial leadership to finance staff. They develop and execute financial strategies, monitor cash flow and perform risk management. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Chief Financial Officers.
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Main Responsibilities of Chief Financial Officer
The following list describes the typical responsibilities of a Chief Financial Officer:
Address
Address complaints, resolve problems and address unacceptable behavior.
Advise
Advise on compensation strategy including equity and bonus planning.
Anticipate
Anticipate and address concerns.
Assist in
Assist in attaining credit lines and access to additional credit for the company.
Assist in ensuring the overall strategic direction of the company is met.
Assist in performing all tasks necessary to achieve the organization's mission and growth plans.
Assist the sales cycle on price negotiations with large enterprise customers.
Balance
Balance short-term budget demands with long-term financial health.
Build
Build key relationships with banking, cash lending, and other investment partners.
Celebrate
Celebrate individuals and teams for achieving significant milestones and goals.
Communicate
Communicate, engage and interact with Board of Directors, CEO, COO and Sr. Leadership Team.
Complete
Complete special projects and other initiatives as needed.
Conduct
Conduct one-on-one monthly performance feedback and coaching sessions for all direct reports.
Consult
Consult and advise management and the Board on accounting issues, compliance, and risk management.
Contribute to
Contribute to the preparation and issuance of the corporation's annual report.
Coordinate
Coordinate and lead the annual financial audit / review process.
Coordinate annual and internal audits.
Coordinate consolidation of accounting systems, processes and best practices for all companies.
Coordinate the annual operating budget / projections and monitor quarterly.
Create
Create a budget for the organization and its conferences.
Create an ownership culture.
Create business models for anticipated transactions and financings.
Create department goals and performs ongoing analysis and process improvements.
Create reports to assist in investment decisions and internal capital project planning.
Define
Define and track critical success metrics.
Determine
Determine / Evaluate / Process Freight cost associated with Pickup / Delivery requests.
Develop
Develop and execute strategies to initiate mergers and acquisitions with suitable partners.
Develop and maintain the annual company operating budget.
Develop and manage the financial team that will position the family for future growth.
Develop budgets and financial reports needed to support implementation of strategic plans.
Develop budgets and forecasts to support organizational strategy.
Develop data-driven insights based on pertinent financial data and bank reconciliation.
Develop, review and approved periodic and ad hoc financial and projects reports as required.
Direct
Direct fiscal responsibility, efficiency
Direct the Finance / Financial Analysis, and Actuary departments.
Direct the financial components of the organization's strategic plan.
Document
Document and maintain the departmental policies, processes and procedures.
Draw
Draw accurate conclusions.
Drive
Drive the organisation to enhanced profitability.
Ensure
Ensure compliance and company's policies.
Ensure compliance with CRA filings and other regulatory bodies and manages the annual audit process.
Ensure compliance with local, provincial, and federal tax requirements.
Ensure compliance with the law and company's policies.
Ensure effective performance of all team members within the department through the effective.
Ensure external and internal audit policies are in place and implemented.
Ensure legal and regulatory compliance regarding all financial functions.
Ensure legal frameworks are maintained, refined and utilized organization-wide.
Ensure ongoing adherence to all firm policies and procedures.
Ensure ongoing analysis of the cash flow needs of the organization.
Ensure operating procedures and policies are up to date and adhered to.
Ensure proper review of project financing and repayment of principal and interests.
Ensure quarterly Board reports are prepared.
Ensure regulatory adherence while limiting impact on cost-effective operations and growth.
Ensure that accounting for business is professionally and correctly conducted and reported.
Ensure that monthly financial statements are completed timely and accurately.
Ensure that the Company adheres to generally accepted accounting principles (GAAP).
Ensure the business appropriately manages risk and manages insurance.
Ensure the communication and fair application of all personnel policies to staff.
Ensure the department stays abreast of new trends, developments, laws, and regulations.
Ensure timeliness and accuracy of financial and management reporting data.
Ensure timely and accurate billing of customers.
Ensure timely delivery of data to support grant writing and reporting activity.
Establish
Establish and develop relationships across the business and engage with staff at all levels.
Establish, monitor and maintain product profitability benchmarks and product pricing policies.
Evaluate
Evaluate and recommend the organization's capital structure and capital needs.
Evaluate work performance of staff through a detailed annual performance appraisal.
Formulate
Formulate and approve promotional campaigns.
Formulate and implement finance strategies, policies and procedures for Purdys.
Generate
Generate and share annual, quarterly and monthly financial statements.
Guide
Guide the strategic development and management of financial resources.
Handle
Handle office leases and providers.
Help
Help create a positive team culture across the firm.
Hire
Hire, manage, mentor and train the Finance team.
Identify
Identify key opportunities and challenges and collaborate with the business to address them.
Implement
Implement tools for rigorous financial analysis of business investments and capital allocation.
Improve
Improve the financial models to support expansion.
Keep
Keep financial records up to date and ready for an annual audit.
Lead
Lead accounting operations and financial systems.
Lead ad hoc research / special projects, and issues reports.
Lead a high-quality finance & accounting operation.
Lead financial administration, planning, and budgeting.
Lead financial due diligence and project budgeting for new acquisitions and property sales.
Lead the organization's annual budgeting process.
Liaise with
Liaise with Board Chair to schedule Board Meetings and to develop the Quarterly Board Agenda.
Maintain
Maintain compliance with all laws and applicable regulatory requirements.
Maintain employee files and records ensuring all policies are accurately followed.
Maintain integrity of overall fiscal operations, including SEC and Sarbanes-Oxley compliance.
Maintain relationships with investors to coordinate the delivery of K-1s and distributions.
Maintain relations with external auditors and investigate their findings and recommendations.
Maintain strategic relationships with business partners.
Make
Make regular reports and give updates to the Management Committee for areas of responsibility.
Manage
Manage accounts payable and receivable.
Manage all HR related legal environment in multiple EU countries.
Manage and develop direct reporting staff including both existing and new hires.
Manage and oversee Board, Shareholder & Governance.
Manage and participate in effective internal controls.
Manage and provides reporting on endowments and investments to external stakeholders.
Manage annual audit, internal controls and SOX compliance.
Manage capital structure, budgets, pricing, cash management etc..
Manage cash flow planning process.
Manage data privacy efforts including having IT and Facilities reporting to the role.
Manage audit process.
Manage financial planning and analysis department.
Manage legal affairs, including corporate and healthcare regulatory issues, and legal relationships.
Manage relationships with building ownership globally.
Manage the Company's capital expenditures budget.
Manage the company's financial planning.
Manage the control and accounting functions of.
Manage vendor relationships.
Manage vendor relationships and help with vendor procurement.
Maximize
Maximize return on invested capital by identifying and executing investment opportunities.
Monitor
Monitor cash balances and cash forecasts.
Monitor cash flow and maintain all banking and exchanges relationships.
Monitor cash flows, debtors and creditors accounts.
Monitor operating results against budget and forecast on a monthly basis.
Optimize
Optimize cash flow and handle treasury management.
Oversee
Oversee A / P, A / R and billing.
Oversee A / R management and provide guidance relating to the collection process when needed.
Oversee cash flow management and reporting.
Oversee & ensure the production of year end consolidated accounts & financial statements.
Oversee longer-term budget planning and cost management.
Oversee long-term budgetary planning and costs management in alignment with company's strategic plan.
Oversee long-term budgetary planning and costs management in alignment with strategic plan.
Oversee relationships with service providers.
Oversee relevant activities such as the development of yearly budgets and lease negotiations.
Oversee all audits and internal controls operations.
Oversee and provide guidance and leadership of a large business unit finance organization.
Oversee banking and investments, including cash management.
Oversee company's fiscal activity, including budgeting, reporting and auditing.
Oversee major land and real estate development projects.
Oversee the issuance of financial information for the half-year and full-year.
Oversee the company's transaction processing systems.
Oversee the development of financial reporting systems.
Oversee the effective management of the company's properties and leasing portfolio.
Oversee the preparation and communication of monthly and annual financial statements.
Oversee timely tax submittals and tax planning.
Oversee vendor and contract management.
Own
Own and produce board and investor updates, and business updates for internal and external audiences.
Participate
Participate in after hours support escalation rotation.
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 with the corporate M&A team to support acquisition analysis, diligence, insight.
Perform
Perform other duties as assigned by President and Chief Executive Officer.
Perform other duties related to the core functions of the job.
Perform risk management by analyzing the organization's liabilities and investments.
Plan
Plan, assign and direct work.
Plan for the downside and find opportunities for the upside.
Prepare
Prepare, analyze and present financial reports monthly, quarterly and annual financial statements.
Prepare financial materials for investors.
Prepare HR policies and review payroll.
Prepare reliable and current forecasting reports.
Present
Present annual budget to Audit and Finance Committee and Board of Directors.
Produce
Produce monthly, quarterly and annual financial reports for both internal and external stakeholders.
Provide
Provide accurate and relevant forecasting reports.
Provide direction and leadership to the respective departments.
Provide financial data, cost analysis, and recommendations for all new and current programs.
Provide financial leadership to finance staff and other staff in the company.
Provide input on investment strategies by considering cash and liquidity risks.
Provide insightful and trusted counsel to the Executive management team.
Provide oversight and mentoring of the accounting and finance staff.
Provide relevant financial analysis of performance to the board.
Provide stewardship of all financial and physical resources.
Provide systems, procedures and controls to support the continued rapid growth of the company.
Provide technical financial advice and knowledge to the CEO, COO and other strategic partners.
Receive
Receive and record income and issue payment checks for invoices.
Recommend
Recommend improvements to ensure the integrity of a company's financial information.
Recruit
Recruit and build a team of high performing investment professionals to support growth.
Remain abreast of
Remain abreast of trends, opportunities, and changing legislation that affects the organization.
Reorganize
Reorganize our on-line filing system, and maintaining that filing system.
Report
Report financial results to the various Board of Directors and Finance Committees.
Report financial status by developing forecasts.
Retain
Retain all hospital accreditations, licensures and designations in good standing.
Review
Review all the securitization reports and filings for CMHC.
Review and analyze monthly financial results and provide recommendations.
Review and approve the following.
Review and develop all formal finance related policies & procedures.
Review and interpret Financial Statements.
Review and optimize toolset and related processes used for the financial management of the company.
Review and present monthly financial budgeting reports including monthly profit and loss, actual vs.
Serve
Serve on the Directors Team and as a thought-partner to the founders on all strategic matters.
Set
Set clear, consistent goals and expectations.
Set the highest standards of internal service in ensuring company's operations.
Setup
Setup, integrate and oversee the company's finance / accounting technology systems.
Sign
Sign cheques and other legal documentation as required.
Supervise
Supervise acquisition due diligence and negotiate acquisitions.
Supervise creation of reports, software implementation and tools for budgeting and forecasting.
Support
Support strategy development.
Support the mission of the company.
Update
Update donor files as needed to insure accurate information.
Work
Work closely with the CEO to raise capital needed to fund the company's growth.
Work with the entire mission staff as a team member.
Work with volunteers as needed.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Chief Financial Officer:
CPA
Business
Gaap
Management
Business Acumen
Controller
Risk Management Practices
Accounting Software
Acquisitions
Business Administration
Financial Leadership
Fund Accounting
Most In-demand Soft Skills
The following list describes the most required soft skills of a Chief Financial Officer:
Written and oral communication skills
Leadership
Interpersonal skills
Organizational capacity
Attention to detail
Problem-solving attitude
Analytical ability
Time-management
Flexible
Work under pressure
Decision-making skills
Management
Listening
Organized
Presentation
Creative
Diplomacy
Integrity
Critical thinker
Entrepreneurial mindset
