The financial department has a very important role to play when it comes to the success of business, no matter what it is and it is the backbone of any organization and its operation and processes. The proper management of the available finance is crucial for the success of the business and hence, no business can run without its finance department.
The responsibilities of this department is immense and includes preparation and analysis of financial statements, operating transactions, investment analysis, tax planning, financial analysis and of course accounting. The financial department works in liaison with the organization management to make them understand about the various developments in terms of economic activities and also help them to take strategic decisions. It is also responsible for the daily cash flow that is needed for the day-to-day activities in the company. Below given are the major job hierarchy positions in the financial job services.
The overall control of the accounting function of the organization is looked after by the financial director. He/she needs to formulate and decide on the financial targets and also set the budget, keeping in mind the strategic decisions that have been taken by the board of directors. He/she also needs to manage the company policies related capital requirements, taxations, debt, equity and acquisitions.
There is usually more than one in the large organizations and he/she needs to prepare the tax return statements for the company. He/she also needs to maintain a proper accounting system and make proper analysis of the accounting records and review the past records as well. The person also has to manage the taxation process of the company and prepare accounts annually. They also need to handle the various investment projects and deal with budget control.
Financial Manager for Account
The person at the post is responsible for providing accurate financial information and for interpreting the same. Monthly salary statements of all the employees are made by him. Future trends are predicted by the person and he also needs to monitor the cash flow. Analyzing the market and competitor trends, do research regarding the factors that affect the business, cost effective financial management are some of the other responsibilities of the financial manager.
Manager for Financial Services
The person at the post needs to make arrangements for new resources for financing the debt facilities of the organization. He also needs to be well informed regarding any changes taking place in financial regulations and legislations. He also needs to maintain a healthy relationship with the auditor, solicitors, bankers and statutory organizations.
He/she has lots of responsibilities and the main function include the collection and recording of financial data, analyze and review the company’s financial operations and budget and ensure that the accounting reports are accurate and complete.
Financial Assistance for Sale
He/she needs to prepare the budget plan of the company annually for the promotion of the company and also maintain the record regarding the expenditure for all kinds of sale transaction like advertising expenditure and salary of sale staff.
Financial Assistance for Purchase
He/she needs to maintain all records of purchase that have been used in the organization. Choosing suppliers and negotiating prices are the other functions.