Develops and maintains financial systemsPlans, directs, and controls accounting and financial operationsPrepares reports and documents covering accounting transactions for management reviewEnsures that accurate records are kept by standard practicesEstablishes budgets, forecasts future cash flows, provides periodic financial analysisMonitors budget performance, expenditure controlManages invoicing procedures to collect money owed by clients/customers
The main tasks and responsibilities a Financial Officer is concerned with include:
Mediating tax refunds and ensuring transparency in the allocation for valid claimsFollowing up on outstanding refunds, false claims, and unclaimed refundsProviding auditors with all records, documents, and files about VAT returns, VAT settlements, and transactional dataWorking closely with other departments in the businessPreparing various monthly reports to analyze business financial health, including sales reports, profit and loss statements, general ledger entries, goods received notes, and goods issued notes
A Finance Officer is responsible for all financial aspects of a business or organisation. They manage the budget, prepare financial reports, and ensure that all financial transactions are conducted legally and ethically. The duties and responsibilities of a Finance Officer may vary depending on their experience, expertise, and the business they work for, but typically they include:
Managing the budget: this includes forecasting future income and expenses, creating budgets and balance sheets, and ensuring that spending is within budget limits.
Preparing financial reports: financial reports provide an overview of the company's financial status and performance. They are used to make critical business decisions, assess risk, and secure financing.
Conducting financial transactions: a Finance Officer oversees all financial transactions, including issuing payments, collecting debts, and investing money.
Ensuring compliance with financial regulations and laws: Finance Officers must comply with all relevant economic rules and regulations in Australia and overseas. This includes ensuring that financial records are accurate and up-to-date.
Using accounting software: this is to keep an accurate record of all internal and external business financial transactions and perform financial audits wherever necessary.
The duties and responsibilities of a Finance Officer may vary depending on their expertise. For example, a Chief Financial Officer may have more complex tasks and responsibilities than an entry-level Financial Officer.