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What Are the Different Financial Officer Responsibilities?

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  • Written By: Geri Terzo
  • Edited By: Shereen Skola
  • Last Modified Date: 11 April 2018
  • Copyright Protected:
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    Conjecture Corporation
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The professional who is in the top financial officer spot at an organization is very likely to be involved with or orchestrating the major events that unfold at the business or charity. Additionally, high-ranking accounting representatives are generally the executives who submit necessary regulatory documents with a country's governing agency. Financial officers are often in the spotlight at many organizations due to the importance of income, revenue, and indebtedness at an entity. Subsequently, financial officer responsibilities largely involve a large degree of communication not only with internal staff, but also the public and investors.

Usually, financial officer responsibilities include formulating the financial statements that an organization produces often on a monthly, quarterly, semi-annually, and yearly basis. As a result, these professionals are typically well aware of not only the financial performance over a period of time but in gauging whether or not expectations have been met. It is also likely that top financial officers are the very individuals who set performance estimates for an organization and communicate those projections to sales and other staff members.

Once financial statements are prepared, these documents must typically be filed with regulators. Financial officer responsibilities may extend to submitting income statements and annual reports with the financial governing body in a region. In many cases, the chief financial officer addresses investors with a letter and his or her signature appears on the documents as a means of verifying the accuracy of the information presented.

The duties of a financial officer also involve relaying and elaborating upon financial performance to employees and public investors. A finance executive may host conference calls or live meetings with staff to discuss results and address any concerns from employees. It is also common for financial officer responsibilities to include speaking with outside finance professionals, including analysts, to discuss profits and revenues in addition to financing that a business might have obtained or seeks to gain.

When a business is seeking expansion, a financial officer is usually among the executives leading the effort. The financial officer responsibilities throughout the growth process could include identifying the most attractive regions in which to consider expansion. This might involve evaluating potential companies as takeover candidates or the possibility of creating new offices in another location. The financial officer's role is likely to set the feasibility for an acquisition and establish the range for which the organization would be willing to pay for growth. This executive may participate in negotiations with investment bankers and attorneys to determine financing options.

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