Bookkeeping and Accounting: Maintain accurate financial records, including income, expenses, assets, and liabilities, using accounting software or manual systems.
Financial Reporting: Prepare regular financial reports, such as profit and loss statements, balance sheets, and cash flow statements, to track the company's financial performance.
Tax Planning and Compliance: Ensure compliance with tax laws and regulations by maintaining records, filing tax returns, and making timely tax payments. Additionally, optimize tax strategies to minimize tax liabilities.
Budgeting and Forecasting: Develop annual budgets and forecasts to plan and manage the company's finances effectively, considering expected revenues, expenses, and cash flow.
Cash Flow Management: Monitor cash flow to ensure that the company has enough liquidity to meet its financial obligations, such as paying suppliers, covering expenses, and managing debt payments.
Credit and Collections: Manage accounts receivable by invoicing customers, tracking payments, and following up on overdue accounts to maintain healthy cash flow.
Expense Management: Control expenses by monitoring spending, negotiating vendor contracts, and implementing cost-saving measures to improve profitability.
Financial Analysis: Analyze financial data to identify trends, variances, and opportunities for improvement, providing insights to support strategic decision-making.
Financial Planning and Strategy: Develop financial goals and strategies aligned with the company's overall business objectives, such as expansion, investment, or debt reduction.
Risk Management: Identify financial risks facing the business, such as market volatility, credit risk, or cash flow issues, and implement strategies to mitigate these risks.
Owner Reporting and Communication: Provide regular financial updates and reports to the owner, including summaries of financial performance, key metrics, and recommendations for improvement.
Compliance and Legal Matters: Stay informed about regulatory requirements relevant to the business, such as business licenses, permits, and industry-specific regulations, and ensure compliance.
Continuous Improvement: Continuously review and improve financial processes, systems, and controls to enhance efficiency, accuracy, and effectiveness in managing the company's finances.
