*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.