Find the Differences between the Chief Accountant and Chief Financial Officer

Author : sanchitmehta
Publish Date : 2020-08-22 07:30:10


Find the Differences between the Chief Accountant and Chief Financial Officer

A common problem in employment is a person's misunderstanding of their job responsibilities. One such example is the responsibilities of the chief accountant and chief financial officer. Can such work be performed by one person, or are these two professions completely different and impossible to combine?

In every developing company, there comes a time when it is simply necessary to expand staff and redistribute responsibilities. That's when the company's CFO appeared on various issues. These are people responsible for supply, production, advertising and promotion, as well as finance. CFO - this is basically the second person in the company after the CEO. He has his duties, tasks, and rights. The chief financial officer must have specific skills and work. What kind of person is this, what exactly does he do and how to write a resume in a good company?

Who is a Chief Accountant?

An accountant is a person who deals with almost all financial issues at the enterprise (or bank), namely:

  • payroll.
  • registration of documentation (incoming and outgoing);
  • taxes;
  • accounting and billing;
  • reporting.

The chief accountant performs the same duties as a regular accountant, only he must set up and control the entire workflow of the accounting department to avoid unwanted situations at work.

Most often, accountants are very serious people who do not miss a single detail, can do a hundred things at once, even when they do not have time. They always know what changes have taken place in the legislation, have a very good endurance and are resistant to various stressful situations.

Chief Financial Officer

Whereas a CFO is a person who has an extraordinary and creative approach to work. Its main purpose is to help the company (or bank) in achieving a certain financial result.

The most common responsibilities of a CFO are:

  • preparation of financial statements;
  • income tax return filing in india;
  • analysis of the conducted agreements of the company or bank;
  • financial policy planning;
  • management of financial and accounting departments;
  • financial flow management.

The CFO is responsible for the entire financial result of the organization. Unlike an accountant, a CFO sees the entire financial condition of an enterprise. Whereas the accountant sees all this only on the documents.

Currently, the biggest problem is the high unemployment rate. And due to the economic situation, it becomes very difficult to get a job in some professions, because almost all managers try to save their money and, thus, reduce the staff of their employees to a minimum. Due to the fact that the function of the chief accountant, the CFO can not perform, based on their job responsibilities, managers prefer the virtual CFO services in India.

Also, the size of the finance department and the presence of a CFO depend on the size of the firm. If it is a small business with a small turnover, it is enough to have a good accountant who will deal with finances. The head or owner of the enterprise can also act as the financial director because he also carries out agreements between enterprises, has information about the entire financial condition of the enterprise and is the most interested person in the company's profits and further effective operation of the enterprise.

So executives can combine the two positions, but it can be effective in a small business. On the other hand, a person who is the chief accountant and CFO part-time owns all the financial information of the company, and its dismissal may pose a threat to the security of commercial data confidentiality and the stability of the company. Therefore, the owner should be aware of the financial condition of his company.



Category : business

Things To Consider While Installing Temporary Fencing

Things To Consider While Installing Temporary Fencing

- When you require temporary fencing on your property, you want to ensure it is installed properly.


The Significance of Getting Your Adobe AD0-E706 Certification

The Significance of Getting Your Adobe AD0-E706 Certification

- Composing homeschool lesson techniques just isnt as hard since it typically seems to become while in AD0-E706 dumps the


Proven Ways To Achieve VMware 3V0-21.21 Exam Success

Proven Ways To Achieve VMware 3V0-21.21 Exam Success

- Marketing automation is one of the great processes that help businesses not only to automate their repetitive marketing tasks.


The Right Approach To A Microsoft 98-361 Certification Exam

The Right Approach To A Microsoft 98-361 Certification Exam

- Try QuizDumps most updated Microsoft 98-361 dumps and clear your 98-361 exam in the first attempt.