Establish effective and rigorous policies in the Financial Planning, Budgeting and Control Department
Develop and monitor the financial performance evaluation process and report on all financial data and KPIs,
Review annual plans and budgets produced by divisions and support functions
Ensure that best practice financial planning is adopted and adhered to by all divisions and support functions in the company
Prepare company’s financial budgets, plans, and forecasts
Highlight issues, variances, and risks, and recommend remedial action where necessary
Work with divisions and support functions to increase levels of financial awareness and capability
Liaise with external and internal auditors
Accounting
Establish effective and rigorous policies and standards in the Accounting Department
Maintain accounts receivable and payable, general ledger, fixed assets accounts and employee compensation records to provide accurate statements of the company’s financial position
Manage an employee compensation service to ensure that payroll and related benefit activities are provided in a timely and accurate manner
Treasury and Investment
Establish an effective and rigorous policy on all Treasury matters
Manage short-term working capital and investments to maximize return to the business
Manage cash flows of the business to ensure that cash requirements can be met effectively
Provide investment support
Monitor cash investment and generate reports
Negotiate and establish advantageous banking and credit facilities with banks
Control and manage company’s foreign currency exposure
Ensure company assets and contingencies & liabilities are covered in line with good practice
Level 3 Financial Planning, Budgeting and Control Functional Statements
Financial Policies and Procedures
Develop and maintain financial policies and procedures, and costing standards
Define financial Key Performance Indicators (KPI) in coordination with the Financial Monitoring and Analysis Department
Provide financial guidelines related to all company investments, divestitures and capital expenditures
Develop, maintain, review and update financial regulations and authority definition
Financial Planning, Monitoring and Analysis
Assist divisions and support functions in developing financial plans and consolidate submitted financial plans
Develop company financial plan (revenues, prices, costs, investments)
Develop guidelines for capital allocation process in cooperation with the Financial Policies and Procedures Department
Analyze KPI variances (target versus actual) and provide solutions and recommendations to the Management and Board of Directors
Implement controls of Support Functions and measure spending against benchmarks
Maintain cost accounting standards
Budgeting and Control
Set budgeting policies and processes
Consolidate divisions and support functions’ budgets and develop master budget
Assist divisions and support functions in developing capital, operating and manpower budget and consolidate their budgets
Monitor utilization of the budget
Prepare budget reports and review with Internal Audit Department
Financial Reporting
Develop and maintain internal financial reporting processes
Collect and consolidate financial information from divisions and support functions
Develop and prepare management information reports, financial statements, and statutory reports for presentation to Management, Board of Directors, and auditors
Liaise with the Internal Audit Department and external auditors and arrange audited financial statements
Level 3 Accounting Functional Statements
General Ledger
Carry out monthly, quarterly and end of year closing
Conduct daily book-keeping and perform bank reconciliations
Perform cost allocation
Generate internal accounting and costing data and reports
Develop, maintain and control chart of accounts
Accounts Receivables
Implement and monitor credit policies
Receive payments
Handle company sales collection and collection of bad debts which have surpassed a certain amount of days
Perform payment/ billing reconciliation
Generate reports on accounts receivable
Accounts Payable
Process invoices and payments
Reconcile purchase orders/ receipts
Generate reports on accounts payable
Archive invoices and payment orders
Payroll
Generate salaries, benefits, and pensions payments
Check accounting entries
Generate payroll reports
Liaise with the Financial Systems Support Department for payroll production
Fixed Asset Accounting
Control and classify assets
Calculate depreciation
Track assets/equity and non-cash investments (conduct post-analysis of non-financial investments)
Keep records of all investments including capital expenditure projects
Ensure correct project closure and asset capitalization
Level 3 Treasure and Investment Functional Statements
Cash Management
Manage daily bank transactions
Monitor service levels and bank fee structure
Provide forecast data to Treasury to enable cash management
Handle daily cash requirements
Investment Support
Develop guidelines to evaluate investment opportunities
Support and advise the Business Development Department in new investment opportunities
Provide support to major capital projects and acquisitions/disposals
Treasury
Select suitable banking partners and manage relationship with them
Evaluate and approve investment instruments
Manage overall company funding requirements
Manage capital structure of company
Identify and manage foreign exchange, interest rates, and other counterparts risk exposure
Hedge transactions and execute foreign exchange/ interest rate contracts
Produce treasury reports
Insurance
Identify risk and insurable interest
Select suitable insurance partners
Identify insurance policies, review and follow-up insurance terms and condition and risk exposure
Prepare insurance contracts in coordination with Legal Department
Handle claims and follow-up on claim status
Handle any specific insurance accounting
Plan tax and estimate tax adjustments in accordance with tax legislation
What are the roles and responsibilities of a Chief Finance Officer?
The role of a Chief Finance Officer (CFO) is to define the financial governance for profit, cost, and service center structures. Plan, direct and control the company overall financial plans, processes, budgeting, risk, and treasury to ensure that the Company can achieve its strategic and operating objectives set by the business strategy.
The main key accountability areas of a Chief Finance Officer
Key Accountabilities
Strategic Contribution
Provide input to the development of corporate strategy and develop the finance strategy in line with the company vision, mission, and business strategies.
Participates as an integral member in the strategic planning process by providing objective and analytical insights on the financial impact and soundness of business decisions to the executive leadership.
Participates in the development of the 5-year strategy plan for the company.
Financial Reporting
Directs and oversees the preparation of the company financial reports and statements (according to accounting standards), including income statements, balance sheets, reports to internal and external stakeholders, and reports for government regulatory agencies and external/internal auditors.
Oversees and approves the accuracy of financial statements and consolidated performance reports of the company before submitting to the CEO & Board Committee.
Oversees preparation and generation of any ad hoc / special reports requested by the CEO & Board Committee.
Financial Reporting
Directs the formulation of financial and accounting policies and procedures for the company and oversees execution of such policies and procedures in order to ensure top-down financial compliance across the organization.
Leads the management of fixed asset register, accounts payable, accounts receivable and the preparation of the general ledger accounts and ensures compliance with financial policies and procedures.
Budgeting Planning & Control
Directs the company annual budget planning process, consolidates departments, and defends final annual budget plan to the CEO & Board Committee for review and approval.
Oversees and controls the company annual budget execution and utilization.
Treasury
Leads the treasury for the company and ensures effective implementation of policies & processes of FOREX management.
Manages the investment of portfolio so as to maximize yield over the long term in line with the overall asset-liability management strategies. Undertakes this in accordance with liquidity needs of the company.
Identifies risks due to exposure to foreign exchange rate fluctuations, interest rates liquidity and other counterparts. Take diligent steps to reduce or neutralize these risks.
Oversees Finance related activities to ensure sufficient capital is adequately available to allocate, in order to facilitate business investments and growth.
Internal & External Audit
Oversees auditing process of the company by internal and external auditors.
Presents final audit report to the CEO & Board Committee with observations and recommendations.
Relationship Management
Establishes and manages effective relations with potential investors, banks, auditors, and financial bodies in order to ensure that the appropriate levels of services are obtained to the best advantage of the company meeting all obligations.
Continuous Improvement
Lead and direct the continuous review and improvement of the Finance function practices taking into account international standards and changes in the business environment.
Leadership
Ensure the effective achievement of Finance functional objectives through the leadership of the division - setting individual objectives, managing performance, developing, and motivating staff, provision of formal and informal feedback and appraisal - in order to maximize subordinate and departmental performance.
Technology
Leads the implementation of a financial management information system and collaborates with the IT Department to acquire requisite business support systems for finance. Ensures that the global best practices in technology and financial systems are institutionalized.
Communication and Working Relationship
Internal
Interfaces & communicates company finance performance to the CEO, and Board of Directors.
Interfaces with the company department heads and direct reports on finance & risk related matters.
External
Interfaces with external auditors, banks, financial bodies, vendors, and investors on finance & risk related matters.