Chief Financial Officers (CFO’s) keep the company in balance. We previously discussed their roles for business management, which included budgeting, financial forecasting, and keeping the business profitable. Report managing encompasses all of the business management sides but is done through paperwork, spreadsheets, and communication with executives.
Reporting Management:
The CFO will document and report all financial activities from overhead expenses, labor costs, profit/loss statements, financial statements, KPI’s, and more. The CFO will analyze and examine the opportunities for the business, and then he/she will report all the information to the CEO or corporate leaders. A successful Chief Financial Officer manages all reports and makes the necessary changes to keep the company in positive.
Other duties include:
- Create and report profit and loss statements
- Plan and implement business objectives
- Prepare and maintain budget plans
Tax and Accounting Management:
CFOs provide their expertise in all accounting and tax filing needs. They are often Certified Public Accounts (CPAs) or hold a Masters of Business Admistration (MBA). Account tracking and book-keeping are done all year long. CFOs can reconcile bank accounts including keeping track of deposits, withdrawals, or lost money, plus generate income statements and balance sheets and provide frequent consultations to keep the business and accounts in check.
Other duties include:
- Managing debt/profit
- Manage tax filing
- Business account managing
Having a Chief Financial Officer comes with many perks besides what we’ve talked about. They also come with great leadership skills, vital industry knowledge, and investment experience. They will be a great asset to your business.