Bridget
What type of things does a CFO do?
What is the CFO in charge of? What are the specific things he/ she would look over? What are some typical requirements? #finance #management #ceo #corporate-finance #cpa #executive-office #cfo #financial-reporting
6 answers
Stephanie Murnen
Stephanie’s Answer
http://www.accountingtools.com/job-description-cfo
https://www2.deloitte.com/us/en/pages/finance/articles/gx-cfo-role-responsibilities-organization-steward-operator-catalyst-strategist.html
http://www.investopedia.com/ask/answers/04/042204.asp
A CFO's role varies by company size and industry to some extent, but in general the CFO is responsible for managing the Accounting, Finance, HR, and IT functions. They control the books and make managerial decisions related to the companies finances, capital investments, growth and development, and other strategic decisions that ultimately affect the bottom line.
Eugene Beckles
Eugene’s Answer
You've received some good answers thus far. The only thing I will add is there's a relatively new role in industry, especially in Start Ups called a Chief Revenue Officer (CRO). Some people confuse this role as being responsible for sales, others sometimes confuse it with the CFO role. When a company has a CFO & a CRO the CFO is usually responsible for expenses while the CRO is responsible for everything associated with increasing Revenue. Good luck
Matthew Bower, CPA
Matthew’s Answer
To become a CFO usually requires a degree in accounting or finance in addition to an advanced degree or certification such as a Masters in Business Administration , CPA, or CFA (Chartered Financial Analyst).
Andrew Hogan
Andrew’s Answer
Financial Strategy and Planning: The CFO oversees the company's financial planning, budgeting, and forecasting. They play a critical role in setting the overall financial direction and goals of the organization.
Financial Reporting and Analysis: The CFO manages the preparation and presentation of financial reports, including income statements, balance sheets, and cash flow statements. They analyze these reports to provide insights into the company's financial health and performance.
Risk Management and Compliance: The CFO is in charge of assessing and mitigating financial risks. They ensure compliance with regulatory requirements and establish internal controls to safeguard the company's assets.
Typical requirements for a CFO position include:
Education: A Bachelor's degree in finance, accounting, or a related field is typically required. Many CFOs also hold advanced degrees (such as an MBA) or professional certifications (like CPA or CFA).
Experience: Extensive experience in finance and accounting roles, often including positions like Controller or Director of Finance. Previous executive-level experience is highly desirable.
Strategic Thinking and Leadership Skills: CFOs need to have strong strategic planning abilities, as well as excellent leadership and communication skills to effectively manage finance teams and collaborate with other departments.
Remember, specific requirements may vary depending on the industry and the size of the organization.
Warren Lubow
Warren’s Answer
Executing the company’s financial strategy
Developing plans for growth to increase company profit while also reducing expenditure
Identifying investment opportunities and managing mergers and acquisitions
Assisting the Chief Executive Officer (CEO) to develop financial plans
Managing accounting procedures
Nick Guglielmo
Nick’s Answer
Expanding on the answers you have received.
With machine learning, big data advanced analytics, artificial intelligence and the real time close, the role of the Cfo is moving towards strategy and working with the business. He is becoming a trusted advisor and more CEO like.
Based on the size of the company, the CFo also has COO type responsibilities such as procurement, facilities and global real estate.
The Cfo’s Role will continue to evolve and the best CFOs will be able to adopt to change and transform themselves and the finance function.
Hope that helps,
Nick