The Director of Finance is responsible for over viewing the financial and accounting affairs of an organization along with additional responsibilities such as managing information services, preparing financial reports vis-s-vis fiscal growth and making specific arrangements regarding the budget for the financial year.
- The role played by a Finance Director depends on the size of the company.
- The functions of the Finance Director are exploring the financial trends of the organization thereby devising strategies for better operations within the organization.
- Delivering the financial status and information about the company to the Chief Executive Officer, board members and financial investors.
- Assessing and evaluating the current financial status of the organization and suggest changes for business growth.
There are several duties that are supposed to be performed by the Director of Finance. Here is a brief outline of major job duties of Finance Director:
- Controlling the entire accounting function of the organization.
- Setting financial targets and developing budgets in coordination with the concerned authorities and board members.
- Taking necessary steps regarding corporate finance and dealing with issues such as debt, taxation, merger&acquisition , formulating the company policies regarding capital requirements.
- Preparation of annual accounting reports.
- The regulations of the concerned authorities and managing the financial dealings of the company.
- Planning the finances of an organization by establishing liaison with CEO and senior management.
- Controlling the financial transactions and monitoring the system of audit.
The job of a Finance Director is certainly one that involves lots of skill and knowledge as the decisions taken by him/her affects the growth of the company directly. Here is a short overview of skills that should be present in a Finance Director of the company:
- Should possess leadership skills for taking the company to a new realm.
- The decisions taken by the Finance Director should have positive effects on the revenue of the company.
- A finance director must possess extensive knowledge about matters related to finance and commerce.
- Have the ability to solve problems or find out solutions.
- Analytical bent of mind for handling complex issues and taking crucial decisions.
- Should possess managerial skills and have the capacity to prioritize the duties and decisions.
- Possess high level of communication skills.
- Sheer presence of mind particularly while taking quick decisions.
- Knowledge of IT.
The work environment of a Finance director depends on the status of the company. For instance, a financially weak company will require the finance director to contribute more time as compared to a flourishing company. However, most finance directors spend more time eventually for the best interest of the company.
The position of a Finance Director is high in an organization and involves multifarious activities. The following are the qualifications of a finance director:
- Should possess a degree of university.
- Should have extensive knowledge and experience of working in similar position.
- Ideally, the finance director should have great knowledge or managerial skills.
- Five years experience in the senior management level.
Tips for the job
- A finance director should have strategic thinking capacity.
- She/he must have the power to control and manage the finances of the business organization.
- Follow the advice of corporate stalwarts who have worked in this position before.
With these skills and knowledge climbing the ladder of success will no longer be difficult for a finance director.