The Chief Financial Officer (CFO) will drive the organization’s financial success and strengthen operations through close collaboration with the management team. This individual will contribute to the success of the company by providing financial direction, by determining goals/budgets and equipping each business unit with the tools and processes necessary to achieve its financial plan. Furthermore, this individual will ensure company-wide compliance and oversee internal auditing, implement best business finance practices, and deliver superior owner, client, and associate satisfaction. Reporting to the President, the CFO plays a critical role in developing and implementing strong financial and accounting controls, cost accounting, active oversight of the profitability of the business, financial statement preparation and business planning. The individual will play a critical role in strategic decision-making and operations as the company continues to enhance its quality offerings and manages continued growth. The CFO will need to have prior experience in the foods industry as well as working with a small or mid-size manufacturing company.
Need-to-Know Overview of a Chief Financial Officer
1. Responsibilities of Chief Financial Officer
- Design and manage the Company’s Strategic Planning and Budget Process.
- Work closely with the President, Management and Accounting Team to develop long-range planning, cash management, funds allocation and business development.
- Maintain close working relationships with accountants, banks, and legal teams to ensure adherence to Generally Accepted Accounting Principles (GAAP) and maintenance of a financial structure designed to minimize tax liabilities.
- Analyze and review monthly financial statements; pinpoint areas of opportunity and work with the team to address them.
- Analyze, consolidate, and direct all accounting procedures together with other statistical and routine reports.
- Oversee and direct budgeting, audit, tax, accounting, purchasing, real estate, and insurance activities.
- Maintain a close working relationship with legal counsel to ensure that financial activities are properly conducted, documented, and reported.
- Appraise the company's financial position and issues periodic financial and operating reports.
- Analyze and study general economic, business, and financial conditions and their impact on the company's policies and operations; strategize and respond to fluctuating trends.
- Meet quarterly with Strategic Planning Team to adjust/modify the corporate strategic plan.
- Advise/determine business expansion, acquisition and growth opportunities with President.
- Review and adapt management compensation plans to correspond with relevant corporate strategic plan/goals.
- Supervise the preparation of the monthly management financial reporting package
- Analyze product costing and customer pricing
- Review supplier contracts and negotiate when necessary
- Reporting of operational data to key members of the leadership team
- Inventory control management includes coordination of physical and cycle counts, resolution of problem areas and maintenance of procedures
- Develop, analyze, document, and implement internal controls
- Develop, maintain, and enhance accounting and finance policies, processes and procedures to comply with US GAAP
- Seek opportunities to revise or create new policies and procedures to improve the efficiency and effectiveness of the business
2. Qualifications of Chief Financial Officer
- Bachelor’s Degree in Accounting, Finance, or relevant field, with minimum of ten (10) years in a financial leadership position in the manufacturing space
- 10+ years of progressive experience in accounting and finance culminating in a financial leadership role (accounting, budgeting, control, and reporting)
- Ability to proactively identify and implement process improvements is essential; demonstrated approach and methodology for continuous improvement is ideal
- Ability to reduce risk exposure, improve operating margins, implement cost reduction strategies, and develop key business indicators
- Strong strategic agility, critical thinking, problem-solving and analytical skills
- Demonstrated strong teamwork and leadership skills
- Strong organization, communication, interpersonal and computer skills
- General manufacturing and cost accounting experience required
- High comfort level with ERP systems, analytical applications, and MS Excel. Experience with SYSPRO is a plus.