The CFO or Chief Financial Officer is the head honcho with the final say or executive decision authority over the company’s finances in virtually all large corporations. The position heads the areas of accounting, budgeting, treasury and financial management. The CFO is also variously known as the VP-Comptroller (French word pronounced “controller’), EVP-Finance, or Chief Comptroller.
CFO Job Responsibilities
- Define and promulgate the corporate business objectives and strategies, making sure that any finance management programs, processes and initiatives are geared towards their attainment without fail.
- Implement the corporate financial controls and auditing standards to ensure maximum utilization of its limited financial resources within approved budgets.
- Prioritize capital expenditures on assets with the most impact on the mission critical and core business processes of the company within the approved capital budgets.
- Ensure that the company as adequate financial reserves to meet contingency funding for asset acquisition outside of approved budgets as well as covering unplanned emergency situations.
- Approve and authorize the funding of capital and operating expense outlays for various departments in the company up to the prescribed limits beyond which they have to be presented to the CEO or Board of Directors for approval.
- Authorize the appointment of vice presidents in the various finance departments.
- Review and enhance accounting, financial management and auditing procedures to adopt new and more cost effective methods.
- Represent the company in high level industry meetings involving the heads of government regulatory commissions and banking institutions.
- Provide regular reporting to the CEO and the Board of Directors on the financial health of the company.