If you are applying to be the chief financial officer of a company, you’re preparing to take on a lot of responsibility. Make sure you know what you’re signing up for by learning about these standard roles of a CFO.

Maintain Your Company’s Financial Records

Financial records include your accounts receivable reports, tax forms, and spending logs. You must keep this information organized and safe so that whenever it’s needed, your company has access to it. Depending on the size of your company, you may be in charge of an accounting team. Regardless, it’s your duty to keep records well, so impress on your team the importance of saving every financial report.

Strategize for Your Company’s Future

Because you understand your company’s finances so well, you’re uniquely positioned to develop strategies for your business’s future. You understand the state of your company’s cash flow and you know how much of a difference even a small change in supply makes. Not only can you predict what the effects of a new strategy will be, but you can also advise your team on whether a decision is financially sound.

Ensure Your Company’s Actions Are Legal

In addition to your planning and record-keeping duties, as a CFO, you’re in charge of making sure that your business operates legally. It’s easy to exploit loopholes in the legal system or get away with unethical deals. However, if you want to run a successful company you can be proud of, you must understand the laws regarding your industry and hold your company to them.

Understand Your Company’s Market

It’s important to have a good understanding of your company’s current financial standing, but you need to do more to ensure your long-term success. Watch the stock market to see how the economy as a whole is performing, and pay attention to financial trends within your industry and related markets. For example, are many of your competitors going bankrupt, and if so, what are you doing differently to ensure that the same doesn’t happen to your company? Finally, particularly if you’re planning to expand your company overseas, keep an eye on the global market. Changes in other countries’ economies have drastic effects on yours, especially if you rely on them for supplies.

Becoming a business’s CFO is a great way to influence its direction and future. Make sure you’re ready for the challenge by educating yourself about these responsibilities.