For any business to be profitable or sustainable in the long run, it should have a strong financial foundation. One of the pillars of this foundation, no matter the size of the organization, is the Chief Financial Officer.
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The CFO’s role may vary from company to company, but the tasks or duties they are generally responsible for are the following:
Internal controls
Good financial decisions, forecasting, and strategies can only be made if pertinent, historical information is made reported and communicated properly, which is one of the duties of the CFO. They are responsible for ensuring that all financial data are accurate and updated through the supervision of staff and implementation of needed policies and procedures.
External relationships with financial institutions
Businesses need good working relationships with outside financial institutions, such as banks and investors. The CFO has the primary responsibility of creating a healthy communication line with these external parties to finance the business’s operations.
Compliance
The CFO ensures that his or her company is compliant with federal and state requirements. For example, filing and paying of taxes fall under the accountability of the CFO. Another responsibility is ensuring that obligations to shareholders are met, including issuing dividends and prevention of fraud or disclosure of financial information.
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George Ammar is a well-rounded individual with a variety of interests. Read more articles on finding success in the business world by subscribing to this blog.
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