What is the job description of a chief financial officer (CFO)?
Question:
What is the job description of a chief financial officer (CFO)?
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Answer:
A chief financial officer (CFO) is a top executive in a company. As such, a CFO plans strategies and policies to ensure that the company meets its goals. However, a CFO specializes in overseeing the financial operations of the company. They provide leadership and direction to accounting and finance departments to ensure that they operate efficiently, comply with applicable laws and company policies, and meet the financial goals of the company. CFOs develop a company's business strategies in regards to spending and budgets. They are members of the company board of directors and, in this role, appoint financial department heads in human resources and accounting. They also negotiate acquisitions and invest company funds.
CFOs usually oversee departments which are involved in purchasing, investments, tax management, debt management, and accounts payable/receivable. They are responsible for oversight of all company financial transactions and record them in books or databases. This information is compiled in reports presented to upper management. CFOs must also supervise company audits to ensure that all departments are following IRS guidelines. Due to their myriad duties involving number crunching, strong computer and mathematics skills are important in a successful CFO. Management skills are also essential, as the CFO supervises a large staff of varied specialists such as accountants and human resource managers.
For more information about the job description of a CFO, check out this article: Controller Vs. CFO: Role, Duties & Salary
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