Chief Financial Officer(CFO) are senior executives responsible for supervising the financial decisions of the organization. It includes financial planning, predicting financial risks, record management, data analysis, and financial reporting. It is not an easy job, so the CFO appoints an Assistant to help them with their duties. Let’s discuss the job description of the Assistant to the CFO.
Assistant to the CFO provides administrative support and monitors projects under CFO direction. They assist CFO in managing general accounting, account receivable, account payable, payroll, etc. They ensure efficient delivery of services and handle departments in CFO’s absence. Assistant to CFO perform these duties following Generally Accepted Accounting Principles (GAAP). Along with that, they maintain a professional attitude, strong communication skills, discretion, efficiency, authority, interpersonal skills, and pay attention to detail.
If you are interested in this field and want to find out whether you fulfill the job criteria for Assistant to the CFO or not, we are here to help you. Let’s see the duties and salary of Assistant to the CFO:-
Assistant to the CFO: Job Description
Assistant to CFO assists CFO in managing the financial health of the organization under CFO direction. Their work includes managing transitions, preparing financial statements, month-end closing tasks, year-end closing duties, preparing budgets, outside agency audit tasks, and other duties assigned by CFO.
Assistant to CFO furthermore helps CFO in creating, implementing, or enforcing accounting policies and procedures. It helps to maintain the financial health of the organization. They perform all these duties with an accurate understanding of Generally Accepted Accounting Principles (GAAP).
Assistant to CFO account for and report on the contracts and grants of State, Federal, and City Governments. Also, they maintain accounts for the donations and contributions from private donors. Mainly Assistant to CFO manages general accounting, account receivable, account payable, payroll, etc.
General Duties of Assistant to the CFO
- Provides administrative support to the CFO and the departments that come under the supervision of the CFO.
- Manages Calendar and Schedules of the CFO to ensure all commitments and declines get met.
- Create meetings materials, schedules, responses, correspondence, other forms of communication for the department.
- Identify issues and assist staff or other members with the companies procedure and policies.
- Direct the issues to the management or head of the organization.
- Manages and monitors organizations’ general ledger.
- Conducts account analysis and reconciliation of subsidiary ledgers & balance sheet accounts at month-end.
- Assist the CFO in annual audits and coordination of the department’s daily routine.
- Give direction and supervision to the staff for smooth flow of information and proper functioning of the department.
- Responsible for consistent implementation of procedures in the department.
- Assist accounting department in daily accounting like Journal Entries, Uploading and Circulating Bank Statements, Establishing and Releasing Bank Transfers, Reconciling The Payroll Bank Account.
- They review and prepare financial reports and account budgets for accuracy and completion.
- Analyze the financial and budgeting procedures & techniques and recommend changes.
- Deliver financial information to the other departments.
- They should depict knowledge of trends, pronouncements, and developments in government accounting as per GASP.
- Check accounts and work with other departments.
- They audit accounts and operational records to confirm the accuracy of the information and analyze supporting documents to establish the completion with contracts, agreements, and applicable federal regulations.
- They assist in the preparation of numerous statistical trends and predictions.
- Monitors documents of departments’ procedures and policies. Analyze the existing policies & procedures and implement changes as per current laws and regulations.
- Act as a liaison between CFO and the financial institutions.
- They need to research, comply and analyze data from different sources.
- They need to perform independent research, create and summarize special projects assigned by CFO.
- They audit payrolls to assure accuracy.
- Monitors budgets and assists staff members regarding budget requests, discrepancies, and shortages.
- Give administrative support by performing research, obtaining information, coordinating and transmitting the data, and checking the progress of the projects.
- Organize and attend committee meetings and conferences.
- Need to depict authority and potential to resolve internal matters.
- Should remain in contact with the employees and people to take feedback and implement necessary changes.
- Need to interpret organizations’ rules, regulations, procedures, and policies to the staff members and general public.
- Assist the CFO in preparing, reviewing, and distributing monthly, quarterly, semi-annual, and annual financial reports for grants.
- They ensure that the expenditures should align with the grants.
- They ensure that the invoice and purchases get verified, recorded, and allocated to accounts properly.
- Need to secure timely payment of loans, leases, payables, and other financial obligations.
- Oversee and review the production of state, federal, and other regulatory financial agencies’ cost reports.
- They need to assist CFO in annual budgeting, administration of financial plans, and review them to identify and correct any difference.
- Maintain daily cash flow report, check cash balance, and process bank transfers approved by CFO.
- Need to maintain accounts and ledgers as per the regulations of Generally Accepted Accounting Principles (GAAP).
- Manage and maintain agency files and records, including insurance, leases, fixed asset inventories, grants, closing statements, contacts, environmental modification, and other agreements.
- They ensure the accuracy, completion, and access to data files and programs.
- Handles other financial departments if required.
- Work as per the company’s values and policies.
- Continuously maintains professional behavior in interaction with staff and other members.
Skills and Abilities
- Excellent Communication Skills to interact with all levels of company personnel and numerous people in a professional manner.
- Strong interpersonal skills.
- Should pay attention to detail.
- Excellent organizational skills to meet deadlines.
- Should have an analytical aptitude.
- Need to maintain discretion of sensitive matters and keep an ethical attitude.
- Should reflect leadership skills.
- Should possess writing skills to edit grammatical errors.
- Need to have the ability to understand procedures for managing unique problems.
- Have the ability to give accurate reports and data promptly.
- Should be adaptable and flexible to make changes and meet deadlines.
- Can work effectively under pressure.
- Ability to plan, initiate, and complete work with limited authority.
- Ability to read, review and interpret business journals, government regulations, and technical procedures.
- Should to able to determine when to act independently and when to refer problems to administration.
- Should be able to cooperate with team members, management, public and outside agencies.
- Need to reflect mathematical and statistical skills
- Should possess the mental and physical stamina to handle the position responsibilities.
- Must reflect professionalism by taking the initiative and solving issues with limited possibilities.
Qualifications, Experience, and Knowledge
- To become an Assistant to the CFO, you need a minimum of four years of certified graduation degree in finance and accounting. Also, you require 4-6 years of experience in accounting and secretarial work.
- Certified Public Accountant (CPA) certification adds to accountability.
- Should be experienced with software like Microsoft Office Suite, Microsoft Dynamics, Inventory Software, Internet Explorer, and Project Management Software.
- Need professional experience with budget and finance management.
- Should have advanced technical skills to operate accounting and financial programs, spreadsheets, emails, etc.
- Have strong customer service knowledge.
- Must have two or more experience with office procedures, record maintenance, and data analysis.
- Possess knowledge of operating business machines, accounting standards, secretarial practices, and office management.
- Hold knowledge of payrolls systems.
Salary of Assistant to the CFO
The job of Assistant to the CFO is for responsible and dedicated individuals. The Assistant to the CFO gets an average salary of $104,261 per year or hourly pay of $50.13 an hour in the United States. The salary of an Assistant to the CFO varies with the education, experience, location, organization, skills, etc. As per ziprecruitor.com, the annual salary of the majority of assistants to the CFO varies between $54,500 to $133,500 per year.
Here is the list of Top 10 Cities with the highest pay for Assistant to the CFO:-
| City | Average Salary | Wage Per Hour |
| Lakes, Alaska | $125,223 | $60.20 |
| San Francisco, California | $123,659 | $59.45 |
| Santa Clara, California | $123,033 | $59.15 |
| Washington, DC | $121,773 | $58.54 |
| Los Angeles, California | $120,520 | $57.94 |
| Fremont, California | $118,880 | $57.15 |
| Green River, Wyoming | $118,313 | $56.88 |
| San Buenaventura, California | $118,096 | $56.78 |
| Bridgeport, Connecticut | $117,449 | $56.47 |
| Germantown, Maryland | $117,171 | $56.33 |
Conclusion
The job of an assistant to the CFO is a very responsible position. They need to perform different tasks to maintain the financial health of the organization. If you are interested in this position and have the necessary experience in accounting, budgeting, and handling technical accounting software, you can apply for this role. All you need is the essential skills and ability to manage all these administrative responsibilities.
Frequently Asked Questions
Q: What is the highest pay for an assistant to the CFO in the United States?
As per ziprecruiter.com, the highest annual salary for Assistant to the Chief Financial Officer extends to $216,500 per year in the United States.
Q: What are the duties of the CFO?
As the name suggests, the Chief Financial Officer acts as a financial controller that oversees cash flow, taxation issues, and financial planning. They identify the organization’s financial strengths & weaknesses. And propose corrective solutions for maintaining the financial health of the organization.
Q: What are the basic educational requirements for the job of Assistant to the CFO?
To apply for the job of Assistant to the CFO, you need to acquire a certified four years graduation degree in accounting or finance. You can obtain Certified Public Accountant (CPA) certification. Also, you need prior experience in handling accounts, secretarial work, accounting software, computer software like Microsoft Office Suite.
