What is CHIEF FINANCIAL OFFICER? What does CHIEF FINANCIAL OFFICER mean?
What is CHIEF FINANCIAL OFFICER? What does CHIEF FINANCIAL OFFICER mean?
What is CHIEF FINANCIAL OFFICER? What does CHIEF FINANCIAL OFFICER mean? CHIEF FINANCIAL OFFICER meaning - CHIEF FINANCIAL OFFICER definition - CHIEF FINANCIAL OFFICER explanation.
Source: Wikipedia.org article, adapted under https://creativecommons.org/licenses/... license.
The chief financial officer (CFO) or chief financial and operating officer (CFOO) is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management. In some sectors the CFO is also responsible for analysis of data. The title is equivalent to finance director (FD), a common title in the United Kingdom. The CFO typically reports to the chief executive officer and to the board of directors, and may additionally sit on the board. The CFO supervises the finance unit and is the chief financial spokesperson for the organization. The CFO reports directly to the president/chief executive officer (CEO) and directly assists the chief operating officer (COO) on all strategic and tactical matters as they relate to budget management, cost–benefit analysis, forecasting needs and the securing of new funding.
Most CFOs of large companies have finance qualifications such as a Master of Business Administration, Master of Science, or come from an accounting background such as a Certified Public Accountant. A finance department would usually contain some accountants with Certified Public Accountant, Chartered Accountant, Certified Management Accountant, Chartered Certified Accountant, or equivalent status such as master of finance.
The federal government of the United States has incorporated more elements of business-sector practices in its management approaches, including the use of the CFO position (alongside, for example, an increased use of the chief information officer post, within public agencies).
The Chief Financial Officers Act, enacted in 1990, created a chief financial officer in each of 23 federal agencies. This was intended to improve the government's financial management and develop standards of financial performance and disclosure. The Office of Management and Budget (OMB) holds primary responsibility for financial management standardization and improvement. Within OMB, the Deputy Director for Management, a position was established by the CFO Act, is the chief official responsible for financial management.
The Office of Federal Financial Management (OFFM) is specifically charged with overseeing financial management matters, establishing financial management policies and requirements, and monitoring the establishment and operation of federal financial management systems. OFFM is led by a controller.
The CFO Act also established the CFO Council, chair by the OMB Deputy Director for Management and including the CFOs and Deputy CFOs of 23 federal agencies, the OFFM controller, and the Fiscal Assistant Secretary, the head of the Office of Fiscal Service of the Department of the Treasury. Its mandate is to work collaboratively to improve financial management in the U.S. government and "advise and coordinate the activities of the agencies of its members" in the areas of financial management and accountability.
OMB Circular A-123 (issued 21 December 2004) defines the management responsibilities for internal financial controls in federal agencies and addressed to all federal CFOs, CIOs and Program Managers. The circular is a re-examination of the existing internal control requirements for federal agencies and was initiated in light of the new internal control requirements for publicly traded companies contained in the Sarbanes–Oxley Act of 2002.
While significant progress in improving federal financial management has been made since the federal government began preparing consolidated financial statements, the Government Accountability Office (GAO) reported that "major impediments continue to prevent from rendering an opinion." In December 2006, the GAO announced that for the 10th consecutive year, the GAO was prevented from expressing an opinion on the consolidated financial statements of the government due to a number of material weaknesses related to financial systems, fundamental recordkeeping, and financial reporting.
At the same time, in calendar year 2007, the CFOC announced that for the second consecutive year, every major federal agency completed its Performance and Accountability Report just 45 days after the end of the fiscal year (2006).
In recent years, the role of the CFO has evolved significantly.
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How To Calculate Food Cost Percentage (& SAVE $$) | Cafe Restaurant Management Tips
How To Calculate Food Cost Percentage (& SAVE $$) | Cafe Restaurant Management Tips,
Food cost is one of 3 giant expenses that take a bunch of your margins. If you don't know your food cost or how to manage it, you'll be in big trouble. It is one of the numbers you MUST understand well and tinker around. That is..if you want to open and run a successful restaurant or food and beverage business.
And when restaurant margins are already so thin, you want to do as much as you can to reduce your expenses. One of them is you can control is reducing your food costs.
What you need to do is understand that there are two food costs: Ideal and Actual. Ideal is the cost of goods sold (COGS) in a perfect world - where there is no food wastage or theft. Actual takes into account those mishaps - which is the reality. When you know both numbers, you can compare them and see what you can do to fix it. How close are they? If your Actual food cost percentage is way higher than your Ideal food cost percentage, that means you have a big problem in your hands. The good news is that you're atleast aware of the discrepancies and can make adjustments. Many rookie restaurant owners and restaurant management fail to know their numbers and end up driving their business to the ground.
I can't emphasize enough how important it is to know your numbers.
So if you're a restaurant owner, a small business owner, or part of the restaurant management team and want learn how to calculate food cost percentage, ways to reduce food costs, food costing and pricing, or simply how to run a restaurant successfully....keep watching!
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Here’s Why An Accounting Degree is Worth It!
Here’s Why An Accounting Degree is Worth It!
There's a lot of people out there that think accounting degrees will become worthless in the near future
They think this because it's estimated that the work of an accountant will be automated in the near
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Is an INTERNATIONAL BUSINESS degree worth it?
Is an INTERNATIONAL BUSINESS degree worth it?
Sources and further readings for jobs and college degrees:
bls.gov(bureau of labor statistics)
nces.ed.gov(national center for educational statistics)
payscale(provides information on jobs and degrees)
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What is TREASURY MANAGEMENT? What does TREASURY MANAGEMENT mean?
What is TREASURY MANAGEMENT? What does TREASURY MANAGEMENT mean?
What is TREASURY MANAGEMENT? What does TREASURY MANAGEMENT mean? TREASURY MANAGEMENT meaning - TREASURY MANAGEMENT definition - TREASURY MANAGEMENT explanation.
Treasury management (or treasury operations) includes management of an enterprise's holdings, with the ultimate goal of managing the firm's liquidity and mitigating its operational, financial and reputational risk. Treasury Management includes a firm's collections, disbursements, concentration, investment and funding activities. In larger firms, it may also include trading in bonds, currencies, financial derivatives and the associated financial risk management.
Most banks have whole departments devoted to treasury management and supporting their clients' needs in this area. Until recently, large banks had the stronghold on the provision of treasury management products and services. However, smaller banks are increasingly launching and/or expanding their treasury management functions and offerings, because of the market opportunity afforded by the recent economic environment (with banks of all sizes focusing on the clients they serve best), availability of (recently displaced) highly seasoned treasury management professionals, access to industry standard, third-party technology providers' products and services tiered according to the needs of smaller clients, and investment in education and other best practices. A number of independent treasury management systems (TMS) are available, allowing enterprises to conduct treasury management internally.
For non-banking entities, the terms Treasury Management and Cash Management are sometimes used interchangeably, while, in fact, the scope of treasury management is larger (and includes funding and investment activities mentioned above). In general, a company's treasury operations comes under the control of the CFO, Vice-President / Director of Finance or Treasurer, and is handled on a day-to-day basis by the organization's treasury staff, controller, or comptroller.
In addition the Treasury function may also have a Proprietary Trading desk that conducts trading activities for the bank's own account and capital, an Asset liability management (ALM) desk that manages the risk of interest rate mismatch and liquidity; and a Transfer pricing or Pooling function that prices liquidity for business lines (the liability and asset sales teams) within the bank.
Banks may or may not disclose the prices they charge for Treasury Management products, however the Phoenix Hecht Blue Book of Pricing may be a useful source of regional pricing information by product or service.
Concerns about systemic risks in Over The Counter (OTC) derivatives markets, led to G20 leaders agreeing to new reforms being rolled out in 2015. This new regulation, states that largely standardized OTC derivative contracts should be traded on electronic exchanges, and cleared centrally by Central Counterparty/Clearing House trades. Trades and their daily valuation should also be reported to authorized Trade Repositories and initial and variation margins should be collected and maintained .
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The BEST DOUBLE Majors For BUSINESS Degrees!
The BEST DOUBLE Majors For BUSINESS Degrees!
These videos are for entertainment purposes only and they are just Shane's opinion based off of his own life experience and the research that he's done. Shane is not an attorney, CPA, insurance, or financial advisor and the information presented shall not be construed as tax, legal, insurance, safety or financial advice. If stocks or companies are mentioned, Shane might have an ownership interest in them. Affiliate links may be present, the offers and numbers presented may change over time so please make sure to confirm that the offer is still valid. Some offers mentioned may no longer be available or they have been changed. Please don’t make buying or selling decisions based on Shane’s videos. If you need such advice, please contact the qualified legal or financial professionals, don't just trust the opinion of a stranger on the internet and always make sure to do your own research and enjoy this family friendly content.
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Is a MANAGEMENT INFORMATION SYSTEMS degree worth it?
Is a MANAGEMENT INFORMATION SYSTEMS degree worth it?
These videos are for entertainment purposes only and they are just Shane's opinion based off of his own life experience and the research that he's done. Shane is not an attorney, CPA, insurance, or financial advisor and the information presented shall not be construed as tax, legal, insurance, safety or financial advice. If stocks or companies are mentioned, Shane might have an ownership interest in them. Affiliate links may be present, the offers and numbers presented may change over time so please make sure to confirm that the offer is still valid. Some offers mentioned may no longer be available or they have been changed. Please don’t make buying or selling decisions based on Shane’s videos. If you need such advice, please contact the qualified legal or financial professionals, don't just trust the opinion of a stranger on the internet and always make sure to do your own research and enjoy this family friendly content.
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What is FINANCE CHARGE? What does FINANCE CHARGE mean? FINANCE CHARGE meaning & explanation
What is FINANCE CHARGE? What does FINANCE CHARGE mean? FINANCE CHARGE meaning & explanation,
In United States law, a finance charge is any fee representing the cost of credit, or the cost of borrowing. It is interest accrued on, and fees charged for, some forms of credit. It includes not only interest but other charges as well, such as financial transaction fees. Details regarding the federal definition of finance charge are found in the Truth-in-Lending Act and Regulation Z, promulgated by the Federal Reserve Board.
In personal finance, a finance charge may be considered simply the dollar amount paid to borrow money, while interest is a percentage amount paid such as annual percentage rate (APR). These definitions are narrower than the typical dictionary definitions or accounting definitions.
Creditors and lenders use different methods to calculate finance charges. The most common formula is based on the average daily balance, in which daily outstanding balances are added together and then divided by the number of days in the month.
In financial accounting, interest is defined as any charge or cost of borrowing money. Interest is a synonym for finance charge. In effect, the accountant looks at the entire cost of settlement on a Housing and Urban Development (HUD) form 1 (the HUD-1 Settlement Statement) document as interest unless that charge can be identified as an escrow amount or an amount that is charged to current expenses or expenditures other than interest, such as payment of current or prorated real estate taxes.
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Why study financial mathematics?
Why study financial mathematics?
Financial Mathematics (STATS 370/722) is a joint course between the Departments of Mathematics and Statistics.
License
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Graham Stephen Exposed is coming | What is wrong with the Personal Finance Community on Youtube
Graham Stephen Exposed is coming | What is wrong with the Personal Finance Community on Youtube,
Graham Stephen Exposed is coming | What is wrong with the Personal Finance Community on Youtube
Offers
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What is FINANCIAL ENGINEERING? What does FINANCIAL ENGINEERING?
What is FINANCIAL ENGINEERING? What does FINANCIAL ENGINEERING? What dose it mean?
Financial engineering is a multidisciplinary field involving financial theory, the methods of engineering, the tools of mathematics and the practice of programming. It has also been defined as the application of technical methods, especially from mathematical finance and computational finance, in the practice of finance. Despite its name, financial engineering does not belong to any of the fields in traditional engineering even though many financial engineers have studied engineering beforehand and many universities offering a postgraduate degree in this field require applicants to have a background in engineering as well. In the United States, the Accreditation Board for Engineering and Technology (ABET) does not accredit financial engineering degrees. In the United States, financial engineering programs are accredited by the International Association of Quantitative Finance.
Financial engineering draws on tools from applied mathematics, computer science, statistics and economic theory. In broadest definition, anyone who uses technical tools in finance could be called a financial engineer, for example any computer programmer in a bank or any statistician in a government economic bureau. However, most practitioners restrict the term to someone educated in the full range of tools of modern finance and whose work is informed by financial theory. It is sometimes restricted even further, to cover only those originating new financial products and strategies. Financial engineering plays a key role in the customer-driven derivatives business which encompasses quantitative modelling and programming, trading and risk managing derivative products in compliance with the regulations and Basel capital/liquidity requirements.
The financial engineering program at New York University Polytechnic School of Engineering was the first curriculum to be certified by the International Association of Financial Engineers.
Computational finance and mathematical finance are both subfields of financial engineering. Computational finance is a field in computer science and deals with the data and algorithms that arise in financial modeling. Mathematical finance is the application of theoretical mathematics to finance.
Quant is a broad term that covers any person who uses math for practical purposes, including financial engineers. Quant is often taken to mean “financial quant,” in which case it is similar to financial engineer. The difference is that it is possible to be a theoretical quant, or a quant in only one specialized niche in finance, while “financial engineer” usually implies a practitioner with broad expertise.
“Rocket scientist” is an older term reserved for the first generation of financial quants who arrived on Wall Street in the late 1970s and early 1980s. While basically synonymous with financial engineer, it implies adventurousness and fondness for disruptive innovation. Rocket scientists were usually trained in applied mathematics, statistics or finance; and spent their entire careers in risk-taking. They were not hired for their mathematical talents, they either worked for themselves or applied mathematical techniques to traditional financial jobs. The later generation of financial engineers were more likely to have PhDs in mathematics or physics and often started their careers in academics or non-financial fields.
The first degree programs in financial engineering were set up in the early 1990s. The number and size of programs has grown rapidly, so now some people use the term “financial engineer” to mean someone who has a degree in the field.
An older use of the term "financial engineering" that is less common today is aggressive restructuring of corporate balance sheets. It is generally (but not always) a disparaging term, implying that someone is profiting from paper games at the expense of employees and investors.
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Is a MARKETING DEGREE worth it?
Is a MARKETING DEGREE worth it?
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These videos are for entertainment purposes only and they are just Shane's opinion based off of his own life experience and the research that he's done. Shane is not an attorney, CPA, insurance, or financial advisor and the information presented shall not be construed as tax, legal, insurance, safety or financial advice. If stocks or companies are mentioned, Shane might have an ownership interest in them. Affiliate links may be present, the offers and numbers presented may change over time so please make sure to confirm that the offer is still valid. Some offers mentioned may no longer be available or they have been changed. Please don’t make buying or selling decisions based on Shane’s videos. If you need such advice, please contact the qualified legal or financial professionals, don't just trust the opinion of a stranger on the internet and always make sure to do your own research and enjoy this family friendly content.
Sources and further readings for jobs and college degrees:
bls.gov(bureau of labor statistics)
nces.ed.gov(national center for educational statistics)
payscale(provides information on jobs and degrees)
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My Personal Cashflow, Finance & Budgeting Secrets || SugarMamma.TV
My Personal Cashflow, Finance & Budgeting Secrets || SugarMamma.TV
I provide an inside look into how I manage my cashflow, stick to my budget, manage my bank accounts and prioritise my financial goals and dreams. Consider this an all access pass into my personal financial system!
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Business Degree Tier List (Business Majors Ranked)
Business Degree Tier List (Business Majors Ranked)
This is the Business Degree Tier list! In this video I will rank many of the common business majors from S tier (Superb) to F tier (Craptastic).
I'm doing a series on this because the college degree tier list video where I ranked college majors did really well and people requested more videos like it.
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Is Finance A Good Job Or Major?
Is Finance A Good Job Or Major?
s finance a good major? Finance degrees are interesting... There's a lot to talk about when it comes to a finance major so that's what we'll be going over today!
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