UK Accounting Glossary
An acronym for the Chief Financial Officer, who is the head accountant of a company. A CFO manages anything that has to do with the company’s finances.
The chief financial officer (CFO) is the officer of a company that has primary responsibility for managing the company’s finances, including financial planning, management of financial risks, record-keeping, and financial reporting.
CFO, or Chief Financial Officer, is a senior corporate officer with full financial authority. In general terms, the main responsibility of a CFO is to oversee the financial appropriations and expenditures of an organization. Hence, the CFO is in charge of disseminating financial data, directing budget and spending, as well as monitoring a number of other financial activities. A CFO is also required to frequently report to the board of directors on the overall financial condition of the company. Additionally, a CFO is charged with ensuring financial transparency with respect to both the shareholders and regulatory boards, such as the SEC. In many corporations, a CFO is routinely referred to as senior vice president. A CFO is often considered the second most notable management figure, next to the Chief Executive Officer (CEO). Thus, many investors consider the professional track record of a CFO, as well as his or her integrity and conduct.
The CFO is busy this month, working on the annual company audit.
While a CFO may not directly supervise people in the accounting department who handle the accounts receivable, it is the CFO’s responsibility to keep an eye on all financial transactions.
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This glossary post was last updated: 4th February 2020.