CFO-CHIEF FINANCIAL OFFICER ESSENTIAL DUTIES AND RESPONSIBILITIES
Analyzes financial statements, and prepares reports and recommendations to Top Management and the Board of Directors concerning financial performance.
Annually creates a capital plan that aligns with overall business plans and strategies, and reviews the capital plan with Top Management and the Board of Directors.
Annually reviews and updates related party transaction policies and procedures with Top Management and the Board of Directors; and reviews, approves, and discloses related party transactions, and annually distributes the Related Party Transaction Conflict of Interest Questionnaire.
Arranges and chairs financial management meetings, and prepares financial reports and presentations for scheduled financial management meetings.
Assesses risks and exposure due to business conducted in foreign currency, prepares a report and recommendations for dealing with foreign currencies, and follows and executes the established foreign exchange management policy.
Creates and reviews all period-end activities to ensure the period-end financial statements accurately reflect the results of the Company’s activities, and is familiar with the specific software procedures for keeping the prior year open until all final closing adjustments have been made and approved.
Directs the Finance Department in developing borrowing and financial plans to meet the needs of the Company’s operations.
Ensures development and implementation of a continuity plan for Finance and ensures that the continuity plan is in force; this includes ensuring that the plan is tested and verified periodically. In addition, the CFO reports to the CEO and the Board of Directors (or Advisory Board) on continuity plan test results and recommends improvements to the plan. (If the Company is large enough, the CFO may assign responsibilities to a continuity manager.)
Ensures that processes needed for the financial management system are established, implemented, and maintained, and reports to the CEO and Board of Directors (or Advisory Board) on the performance of the financial management system and reports any need for its improvement.
Examines and certifies the annual summary of work-related injuries and illness report.
Executes the valuation process, recording valuation plans, results, improvement plans, and provides all needed information for the valuation process.
Is the main point of contact between the Company and the External Auditor and coordinates Company audit activities and responses.
Manages banking relationships, the check signing authority process, and alerts all individuals and banks of any changes to authority.
Oversees cash management processes to ensure proper cash availability and best practices in cash management
Oversees investigations into reporting errors, prepares and submits all financial restatements as required by law and by company policy, and prepares press releases about restatements.
Oversees that regular shareholder meetings are conducted according the articles of incorporation, surplus funds investing and debt pay down, and the training and development plan to ensure that it supports the Company’s objectives.
Oversees the asset acquisition process and reviews the ROI Worksheet with the Capital Budget Committee.
Oversees the Company’s financial investment in inventories
Oversees the selection of merchant accounts and conducts periodic reviews of merchant accounts.
Oversees working capital
Prepares and submits all financial statements as required by law and by company policy.
Prepares forecasted financial statements, and prepares reports and recommendations to Top Management and the Board of Directors concerning forecasted financial statements.
Reviews Accounts Payable material and adds his/her signature.
Reviews and approves requests for financial statements and any other proprietary, confidential, and/or sensitive financial information, the Risk Management Plan, and all reconciliations.
Reviews lease/buy considerations for capital equipment.
Safeguards all company information and determines the appropriate level of detail for release.
Sets and oversees the process of providing and/or receiving a Letter of Credit, and is responsible for all related bank communication and transactions.
Signs all reported financial statements.
Reports directly to the Chief Executive Officer and the organization’s Board of Directors