JOB DESCRIPTION
- Develops and maintains financial systems
- Plans, directs and controls accounting and financial operations
- Prepares reports and documents covering accounting transactions for management review
- Ensures that accurate records are kept by standard practices
- Establishes budgets, forecasts future cash flows, and provides periodic financial analysis
- Monitors budget performance, expenditure control
- Manages 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 of valid claims
- Following up on outstanding refunds, false claims, and unclaimed refunds
- Providing auditors with all records, documents, and files about VAT returns, VAT settlements, and transactional data
- Working closely with other departments in the business
- Preparing 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 organization.
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.