The CFO is in charge of the company’s financial status. In this article we will review the main processes involved in his job, such as the monthly close process, and the data consolidation tasks in entails. The function of the CFO is the most critical for companies. Yet many readers will have had never heard of this position or may not even know what it does.
The main goal of the CFO is to make sure that the financial statements comply with the accounting rules and regulations. In the case of public companies, the information should be communicated to the shareholders in the quarterly financial reports.
On the occasions that the CFO will be called upon to meet with the authorities or some senior official, he or she will be expected to be able to explain his company’s finances point of view in a convincing way, and ensure everything is done legally and correctly.
Here are some tasks that the CFO has to fill:
- Overseeing the bookkeeping staff and ensuring the cooperation of the accountants and internal auditors
- Making sure that the financial data is prepared, formatted and presented in the correct format
- Keeping the stock and bond positions in compliance with the reporting and the disclosure requirements
- Establishing internal controls, and avoiding conflicts of interest or the appearance of them in the day-to-day work
- Laying down the information requirements and practices in relation to financial reporting to their team, to ensure proper accounting rules
- Keeping abreast of the requirements for corporate governance and the internal control of financial reporting.
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