Chief Financial Officer (or CFO)– CFOs are typically the head financial executive of large

businesses. They oversee the financial strategy, health of the business, and manage the rest of the
financial department. CFO’s are very forward thinking and will help businesses navigate through
growth stages and downturns. With their knowledge of company finances, they help senior
management understand the financial impact of real-time decisions to ensure the fiscal success of
the business.

Their duties include financial planning, reporting and controls, short and long term business
strategy, investments, hedging, mergers and acquisitions, cash management, internal risk
management, corporate finance, auditing and accounting.

Financial Controller – Financial Controllers are key players within accounting departments and
work alongside CFO’s, COO’s, and Financial Directors. Their function and responsibilities
include financial accounting, preparation, reporting, analysis, budgeting, project management
and more. Their key role tends to focus on immediate financial issues and management.

Treasury Manager – The treasury manager’s role in the accounting department revolves around
the formulation and development of treasure policies. This includes identifying the best
investment opportunities, developing great banking relations, optimizing credit facilities, and
minimizing finance costs.

Accounting Manager – An accounting manager is responsible for a company’s accounting

activities that include maintaining and reporting on both the cost and financial sets of accounts
but does not handle or negotiate. The accounting manager establishes and enforces the
accounting principles based on statutory requirements and auditing policy.

Chief Accounting – The chief accountant holds the same responsibilities as the accounting
manager, but the role simply differs in terms of the job title.

Accounting Supervisor – Shares the same responsibilities as an accounting manager and provides
support as a member of his/her team.
Accountant – Accountants play a key role in finance departments such as the measurement and
interpretation of financial information. The results of their work ensure compliance, and provide
the groundwork for greater financial strategies.

Bookkeepers – Bookkeepers provide the day-to-day efforts needed to record and assess basic
accounting data. They typically do not take a strategic role.

Primary Personnel Roles in the Accounting Department

Chief Financial Officer (CFO)

Certified Public Accountant (CPA)
Controller
Advanced Accountant
Bookkeeper

Chief Financial Officer (CFO) – Your CFO is a C-Level Executive who is responsible for
overseeing and managing all the various financial aspects of your business. The CFO is
concerned with the long-term success of the company; the company ROI (return on investment)
in time, resources and direct investment. Included in the CFO’s role and function are the
following:

Financial Reporting and Analysis

Financial operations
Risk management
Strategic Initiatives
Treasury/Cash Management
Tax Planning
Fund Raising
Certified Public Accountant (CPA) – The CPA is involved at the tax strategy level but typically
an external expert and resource. The role of the CPA is primarily focused on and specializes in
preparing tax returns. The CPA collaborates with the CFO, providing insights into all aspects of
taxes, including a strategic viewpoint, both short- and long-term tax strategies and tax-related
business goals.

Controller – This key role serves as the “corporate manager” of a company’s accounting
department. The Controller is responsible for:

Accounting Systems Set-up

Preparation and reporting of financial statements
Cost accounting and budgeting
Supervision and training of accounting staff
Reconciling bank and credit statements
Financial controls and documented procedures

Advanced Accountant – The Advanced Accountant roles in your organization is responsible for
performing and overseeing the basic, day-to-day functions of the company’s accounting
department, including accounts receivable, accounts payable, tax preparation and payment,
payroll, internal accounting and accounting systems and operations.

Bookkeeper – Completing our hierarchy of the accounting department is your Bookkeeper. The
bookkeeper is responsible for the daily performance of the accounting department’s basic
operations, including creating and maintaining invoices for account receivables, writing checks,
processing stop payments, requesting and maintaining W-9 information for vendors, filing and
document storage.

Whether you maintain these roles in-house, hire outside vendors or work with a financial
services outsourcing company, clearly these roles are vital parts of your business operations.
Chief Financial Officer (CFO): The CFOs are usually at the top of the finance department of
large corporations. They are responsible for overseeing the business’s financial health and
managing the overall finance department, which includes financial planning
& reporting, short & long-term business strategy, auditing, internal risk management, etc. They
also help senior management understand the financial implications of various ongoing activities
– within and outside the organization.
Financial Controller: The Financial Controllers work alongside the CXOs, and they are
responsible for financial accounting
and the preparation of reports on project management, budget, and more. However, their major
focus is on managing immediate financial issues.
Treasury Manager: The Treasury Managers help in the formulation and development of various
treasury policies, which include identification of best investment opportunities, optimized usage
of credit facilities
, reduction of financing costs
, etc.
Accounting Manager/ Chief Accountant/ Accounting Supervisor: These managers are responsible
for maintaining and reporting all the financial transactions. They also establish and enforce the
accounting principles based on the auditing policy and statutory requirements.
Accountants: Accountants
play a vital role in an accounting department as they are involved in measuring and interpreting
all the financial information.