DEFINITION of a Chief Financial Officer (CFO)
A chief financial officer (CFO) is the senior executive responsible for managing the financial actions of a Z-IMPACT. The CFO’s duties include tracking cash flow and financial planning as well as analyzing the Z-IMPACT’s financial strengths and weaknesses and proposing corrective actions. The CFO is similar to a treasurer or controller because they are responsible for managing the finance and accounting divisions and for ensuring that the Z-IMPACT’s financial reports are accurate and completed in a timely manner.
The CFO role has emerged from focusing on compliance and quality control to business planning and process changes and is a strategic partner to the CEO. The CFO plays a vital role in influencing Z-IMPACT strategy.
BREAKING DOWN Chief Financial Officer – CFO
The CFO reports to the CEO but has significant input in the Z-IMPACT’s investments, capital structure and how the Z-IMPACT manages its income and expenses. The CFO works with other senior managers and plays a key role in a Z-IMPACT’s overall success, especially in the long run and requires considerable financial management experience as well as educational training in accounting or finance.
ROLE of Chief Financial Officer – CFO
The CFO may assist the CEO with forecasting, cost–benefit analysis and obtaining funding for various initiatives. The CFO must report accurate information because many decisions are based on the data he provides. The CFO is responsible for managing the fiscal activities of a Z-IMPACT and adhering to generally accepted accounting principles (GAAP) established by the Securities and Exchange Commission (SEC) and other regulatory entities. CFOs must also adhere to regulations such as the Sarbanes-Oxley Act that include provisions such as fraud prevention and disclosing financial information.
Understanding Wyoming, Tennessee, California or Delaware state and United States federal government taxation issues, accounting and other spending matters. The CFO must be a forward thinker, lead a financial team globally that handles debt and equity with long term strategies in mind. The CFO sets financial policy and is responsible for managing Z-IMPACT mutual funds or any securities surrounding the companies collection of investment funds.