Description
Manage cash flow: This includes forecasting cash flow needs, planning for foreign currency needs in advance, and alerting upper management for cash flow deficiencies. Act as audit liaison: Meeting with external audit staff, being receptive to audit findings, implementing reporting changes, and communicating to upper management or the board of directors the outcomes of the audit. Monitor internal controls: Gathering feedback from audit personnel, working with managers on designing proper control processes, and gathering data on the effectiveness of the internal control. Approve invoices: Acting as a control for large purchases. Assist in budget preparation: Distributing internal data and information on historical spending. Minimize financial risk: Monitoring current processes, understanding company weaknesses, engaging employees with training, and openly communicating areas of opportunity to better safeguard assets. Ensure financial compliance: Understanding external reporting requirements, ensuring proper resources are on hand to meet those requirements, and overseeing the final product being delivered to external parties. Compile financial reporting: Keeping updated on recent changes to financial reporting practices, overseeing a staff that directly contributes to the financial statement preparation process, and sometimes certifying that the financial statements have been accurately prepared. Identify cost savings: Understanding where operational efficiencies lie, how staff can be best utilized, what reporting functions are being duplicated, and what resources the finance department really needs. Mentor financial staff: Involving director reports in higher-level discussions.