Chief Financial Officer

List and briefly describe the three general areas of responsibility for a chief financial officer (CFO) of a selected non-financial company which is listed on Australian Stock Exchange (ASX). How those responsibilities can affect ultimate objective of the company. The name of company you chose should start with the first letter of your name, surname or middle name. (Maximum of 750 words)

Carolinas Healthcare System is a large not for profit health care system, with over 40 hospitals across 900 locations in North and South Carolina. Carolinas Healthcare Pineville is one of the acute hospitals within this large organization (CHS, n.d.). It takes integration, coordination and planning to operate a profitable facility in this current climate. P. Hiltz contributes to this coordination and planning for Carolinas Healthcare Pineville. During an interview conducted on October 28, 2014, P. Hiltz shared his background, roles and responsibilities, budgeting practices and concerns for the future, as it relates to CHS Pineville. He also shared his predictions of future occurrences, as it relates to nurses. Chief financial officers are currently facing many challenges as it relates to planning a budget. P. Hiltz also elaborated on these challenges.

I also said that the CFO has to be a person who knows the company’s operations and financial structure very well so she has to be an insider. Then, Kristin supporters said that she is working on the same position in a peer company and can bring a new insight into the company. They also mentioned that she has international work experience and she is an excellent public speaker.

As a CEO or a member of the management team it is important to have a very clear understanding of all the financial documents that are available to them. It is not only their duty but their responsibility to know these documents and finances extremely well because

2. Are the roles of the chairperson and chief executive officer (CEO) exercised by different individuals? This clear division of responsibility would help to counterbalance the power and influence of the CEO in the decision making of the company’s directors. Furthermore, this would enhance the supporting role that may be assumed by the chairman in being the CEO’s confidante.

According to the bylaws, the Finance Committee provides support and resources to the President and CEO, assists the treasurer and President & CEO in developing the annual budget and ensure that proper financial controls are in place, annually review and make recommendations regarding executive compensation, including benefits and ensure that all are consistent with arts and culture nonprofit organizations of similar size and gross revenue and verify that published reports properly reflect the operating results and financial condition of the museum (Board of Trustees, The Neon Museum Inc., 2013). In actuality the President and CEO and Chief Financial Officer (CFO) oversee the financial leadership of the organization in connection with the Finance Committee. It’s primarily the responsibility of the CFO to create the organizational budget along with the help of the President & CEO. The budget is then approved by the Finance Committee and then goes before the full board for final approval. The CFO ensures that the organization is in compliance with generally accepted accounting principles (GAAP) and Statement of Financial Accounting Standards 116 and 117

The area that I chose to discuss under the CFO is the Director of Budgeting. The roles and responsibilities include handling the budget, and managing all expenditures and its limits, supervising staff, and analyzing profit goals, revenue, and expenses while complying the regulations of not only the company but the state and federal industry as well. Some additional methods of management that would fall under this area include directors of human resources. They work hand in hand with each other when it comes to making sure funds are available for new staff hiring, new functions of operations, employee medical and dental benefits, etc.

In a typical corporation there are two divisions, Treasurer’s and Controllers offices that manage the finance function. The Treasurer’s Office is responsible for managing the firm’s cash and credit, its financial planning, and its capital expenditures. The

Schafer and Bell (2005) discuss some of the things a Chief Executive Officer must do in order to provide strong financial leadership. One thing a Chief Executive Officer must do is hire a financial staff that is knowledgeable about not only basic finance practices but those that are specific to nonprofit needs such as the ins and outs of restricted and non-restricted funds and the use of the Statement of Accounting Standard 117. The CEO must also hire an appropriate amount of staff to make sure everything is being done in the most efficient manner and allow for accountability. Schafer and Bell (2005) also talked about following a standardized set of financial practices that help keep the organization in line with everyone else so if new staff do come in they are able to come into a system that they are more than likely familiar with. The other thing that Schafer and Bell (2005) talk about is having a uniform accounting system. To do this an organization must have a chart of accounts which helps keep track of all financials and makes it easy for non-finance staff to interact with. Most of all, whether an organization’s CEO has a finance background or not it is their responsibility to develop that skill so they are able to successfully navigate that aspect of their organization and have a strong financial presence so they are able to lead in that

Chief executive develops strategies and help in the decision making process for their corporations. They also promote overall growth of the corporations. This

According to the case study, "Managing Costs and Revenues at Happy Town Neurology," in order to receive a promotion an individual must demonstrate the ability to plan, organize and direct the functional structure within that department. The neurology clinic offers its employees opportunities for assistant to the chief financial officer who has been with the company for in this case is interested in a position asked by the CFO to produce a cash flow budget and a report that is needed to acquire a loan for the hospital. In order, for the assistant to accomplish the goal assigned; she will need assistant from the controller. The controller is the chief accounting officer who manages the finance department and generates portfolios that are essential for capital fund acquisition (Buchbinder & Shanks, 2012). Moreover, the controller manages the accounting function and performance, which includes navigating the third party risk-based model procedure.

A key role financial organisation plays for the duration of both planning and development stages, is to produce and relay information to management, shareholders, and stakeholders showing in monetary values the economic stability of business resources (Noll and Zimbalist, 1997). These responsibilities can be categorised as: overseeing financial risk, protecting the integrity of company finances, motivating managers to establish competitive value, attracting money into company projects, future proof planning and controlling performance improvement (Bonham and Langdon,

The Chief Operations Officer (COO) and the Chief Executive Officer (CEO) are the responsible individuals, which must make the appropriate decisions in order to protect the company’s wealth. As the COO, responsibilities include supervision of the three different product lines that

Like most multinational corporations, the shareholders own the company and they may also be the board of directors. A Chief Executive Officer (CEO) will be appointed to nominate and manage the operation of the company as a whole. A Chief Operating Officer (COO) will be managing the company’s day-to-day operations and reports them to CEO. The Chief Financial Officer (CFO) will be managing the finance and account together with the

First and foremost, it is important to know exactly what a CFO does and how he or she goes about doing it. The chief financial officer position is accountable for the administrative, financial, and