Expectations of a Chief Financial Officer I. Company Values and Philosophy A. Adhere to and exemplify the Company’s stated core values and beliefs. B. Promote the company and the brand wherever possible. C. Conduct operations of sales department within the framework of the law and the ethics of good business practices. D. Exercise good judgment in all areas where the company’s interests are represented. E. Work with a team first, individual second philosophy. F. Come to work each and every day dressed with a positive mental approach. II. Leadership Expectations A. Set the tone for the company by living the company core values. B. Set clear, concise expectations for all department personnel. C. Provide feedback on a regular basis to all department employees. D. Keep the company organized and focused on a business plan.. E. Lead the department effort to create a safe learning environment. F. Develop key personnel in the to prepare them for future opportunity. G. Implement training and skill development programs as directed by the leadership team. H. Produce & track employee performance based on specific KPI’s. I. Produce information that supports the company decision making III. Administrative & Customer Service Expectations A. Assure admin functions are performing to maintain information flow B. Exceed customer’s expectations for quality and value through customer service C. Work with leadership team to establish clear policies for company D. Insure that key systems, phone, computers, communications are always in peak working condition and maintain pace with innovations E. Communicate with leadership team on a weekly basis and routine basis to resolve questions, concerns, or issues. Copyright EPL Residential Inc. IV. Accounting Department Performance A. Track, and measure, all assigned financial goals as decided by the leadership team B. Support the development of a quarterly financial plan that ties back to a yearly business plan C. Implement all company better practices that apply within the department in a timely manner that deal with accounting and clerical functions. D. Integrate any acquisitions made by the company through customer integration and financial payback based on initial model for acquisition E. Formulate budgets and monthly financial planning measures to meet goals F. Participate in weekly leadership team meetings, and monthly senior leadership team meetings to focus objectives. G. Develop departmental goals that align with center and company goals each year. H. Gain thorough and complete understanding of how sales department performance impacts the center’s financial and KPI results. V. Communications, Reporting and Compliance A. The CFO needs to facilitate the discussion regarding departmental and company performance. B. The CFO needs to focus on training all managers within the company on departmental measures and KPI’s to insure understanding and commitment. C. CFO is responsible for the creation of reporting that supports company evaluation. D. The CFO is responsible for acting as the challenger to financial transactions to insure all aspects of any transaction are brought to discussion. VI. Reviews, Feedback and Personnel A. CFO will conduct performance reviews with all department personnel as directed by company leadership team/owner. B. CFO is responsible for providing constant positive coaching and feedback to team members. C. The CFO will work with the Leadership team and Owner to define training needs within the department. VII. Skill Development A. CFO will keep up-to-date with current accounting, legal and tax related issues to maintain the company development and efficacy. B. CFO will provide routine and ongoing training (technical, customer service, time management, etc.) for all personnel within the departmental scope. C. CFO must work with leadership team to develop a set of personal development goals. Employee Signature: Manager Signature: Date: Date: Copyright EPL Residential Inc. Scope of the Role: The CFO will be responsible for all major financial decisions and transactions. The CFO works with the leadership team to develop and implement the company’s long-term strategy, and key objectives based on a business plan. Job Functions: The CFO will have several key responsibilities: 1. Develop the companies financial systems to facilitate formal and informal management decision-making. Maintain company’s finance functions to reflect business needs (e.g., Accounts Receivable and Accounts Payable functions). Design and implement processes to give managers the necessary financial data to make decisions and monitor performance. P&L – maintain daily accounting system Cash Flow Forecast Balance Sheet KPI report – Weekly Backlog report – weekly Productivity reports - weekly Champion budgeting and forecasting process. Champion the mix shift in the company to a desired target for cash flow and profitability by market segment Participate in financial accountability portion of weekly team leadership meetings (forecasting & managing to forecast) 2. Ensure the effective management of company’s financial operations. Ensure that all external reporting obligations are met by making information available as needed, and kept current (Daily). Ensure integrity of company’s cash, receivables, and payables management is met to leadership teams standards. Execute all major financial transactions, including any loans, acquisitions, asset sales, or expenditures over established departmental guidelines. Monitor the overall financial health of company using Key Performance Indicators and communicate to management team on a weekly basis from daily accounting activities. Enforce financial discipline/guidelines and controls for the entire company. Copyright EPL Residential Inc. 3. Champion company’s cash position. Make regular cash flow projections based on projected sales and sales backlog, and flow of cash within and externally. Communicate cash flow projections to top management team. Monitor accounts receivable aging and collection procedures Champion collections process – policy and actual collection Take advantage of vendor cash discounts 4. Build finance capability at company. Select current software for company needs and remain up-to-date Facilitate integration and implementation of systems such as software, bar-coding, GPS navigation and any other modern controls system Maintain financial controls at company for separation of duties to maintain financial security for the company Select and hire personnel with the experience and skills necessary to perform company finance functions. Evaluate and develop admin & finance personnel. Support effective development and performance of staff 6. Provide recommendations to the management team on major financial decisions and carry out the financial policy decisions made by management team. Proactively participate in strategic planning. Train key managers on financial measures for departments Evaluate acquisition options. Examples of Job Activities: 1. Maintain a daily accounting status 2. Implement software 3. Implement controls – GPS, Bar Coding, Inventory replenishment, tracking 4. Assess companies financial management needs and current capability. 5. Interview, hire, and develop staff. Conduct performance evaluations 6. Negotiate and approve large contracts, strategic alliances and preferred vendor arrangements. 7. Represent finance in presentations/ discussions with potential customers and other external concerns. 8. Continuously examine and refine budgeting and other financial processes. 9. Meet with management team to establish annual budget meeting. 10. Conduct staff meetings as needed with financial staff. 11. Participate in team leadership meetings to update company’s financial position. Copyright EPL Residential Inc. Key Qualifications: 1. The CFO should have extensive financial management experience, in the contracting business. 2. Business acumen and competency. 3. Functional competence. The candidate should also possess a mastery of the basics of financial management - financial and managerial accounting, treasury operations, acquisitions, tax understanding, general legal understanding. 4. Presence to deal with the financial community. 5. Demonstrated ability to lead / orchestrate negotiations in major transactions. 6. Accounting or business education. 7. A predisposition to focus on measurements and accountability. Key Measurements: 1. Free Cash Flow of the organization - EBITDA of the company maintained as a cash surplus, and working capital not to be below 15% of company sales at any time. 2. Return on Net Asset Value - RONA – target RONA of 6.0 as defined by EBIT divided by Average Asset Turns 3. Cash discounts meet target assigned in budget (1.5% target against sales) 4. Maintain Equipment cost of sales to 25% or less by negotiating firmly and directly with suppliers to reduce costs on line items of P&L. 5. Maximizing supplier co-op to 8% of purchases as a negotiated agreement. 6. Direction of mix to company target (60% service, replacement, maintenance, 40% new home) 7. Daily accounting installed 8. State of the art operational software installed and implemented/trained Copyright EPL Residential Inc.
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