Who Should Handle Your Business Finances?
By JoAnne Berg
Originally published by American Express OPEN Forum
Every business has a Chief Financial Officer — the person who has overall responsibility for the financial management of the company. In your business, that person might be you!
In a new business, it is not uncommon for the owner to take on all of these duties, but eventually you’ll need to start delegating some of them.
Here are some of the responsibilities of the CFO:
- Financial control over assets
- Internal control systems
- Bookkeeping
- Financial accounting
- Cost accounting
- Financial reporting
- Operational reporting
- Tax compliance
- Investor relations
- Lender and banking relations
- Cash management and cash flow forecasting
- Budgeting and financial planning and projections
- HR and payroll
- Insurance and risk management
Bookkeeping and accounting are both part of the financial-management process. While every business is somewhat different, here is a typical small-business scenario to illustrate the relationship between them:
Read more on OPEN Forum here……..
