I. General provisions

1. Chief financial department belongs to the category of managers.

2. A person who has a higher professional (economic or engineering-economic) education and at least 5 years of professional experience in the field of organizing financial activities is appointed to the position of the head of the financial department.

3. Appointment to the position of head of the financial department and dismissal from

4. The head of the financial department must know:

4.1. Legislative and normative documents regulating production and economic activities.

4.2. Regulatory and methodological materials relating to the financial activities of the enterprise.

4.3. Prospects for the development of the enterprise.

4.4. Status and prospects for the development of financial markets and sales markets for products (works, services).

4.5. Fundamentals of production technology.

4.6. Organization of financial work at the enterprise.

4.7. The procedure for drawing up financial plans, forecast balances and budgets of cash, plans for the sale of products (works, services), profit plans.

4.8. The system of financial methods and levers that ensure the management of financial flows.

4.9. The procedure for financing from the state budget, short-term and long-term lending to an enterprise, attracting investments and borrowed funds, using own funds, issuing and acquiring securities, accruing payments to the state budget and state extra-budgetary social funds.

4.10. The procedure for the distribution of financial resources, determining the effectiveness of financial investments.

4.11. Rationing working capital.

4.12. Procedure and forms of financial settlements.

4.13. Tax law.

4.14. Standards financial accounting and reporting.

4.15. Economics, organization of production, labor and management.

4.16. Accounting.

4.17. Computer technology, telecommunications and communications.

4.18. Fundamentals of labor legislation.

4.19. Advanced domestic and Foreign experience improving the financial performance of the enterprise.

4.20. Labor protection rules and regulations.

7. The head of the financial department manages the employees of the department.

8. During the absence of the head of the financial department (business trip, vacation, illness, etc.), his duties are performed by a deputy (in the absence of such, a person appointed in the prescribed manner), who acquires the appropriate rights and is responsible for the proper execution of the duties assigned to him responsibilities.

II. Job responsibilities

Head of Financial Department:

1. Organizes the management of the movement of financial resources of the enterprise and the regulation of financial relations that arise between business entities in the market, in order to most effectively use all types of resources in the process of production and sale of products (works, services) and maximize profits.

2. Ensures the development of the financial strategy of the enterprise and its financial stability.

3. Manages the development of draft long-term and current financial plans, forecast balances and cash budgets.

4. Ensures that the approved financial indicators are communicated to the departments of the enterprise.

5. Participates in the preparation of draft plans for the sale of products (works, services), capital investments, scientific research and development, planning product costs and profitability of production, leads the work on calculating profits and income taxes.

6. Determines the sources of financing for the production and economic activities of the enterprise, including budget financing, short-term and long-term lending, the issue and purchase of securities, leasing financing, raising debt and using own funds, conducts research and analysis of financial markets, assesses possible financial risk in relation to to each source of funds and develops proposals for its reduction.

7. Carries out the investment policy and asset management of the enterprise, determines their optimal structure, prepares proposals for the replacement, liquidation of assets, monitors the portfolio of securities.

8. Conducts analysis and evaluation of the effectiveness of financial investments.

9. Organizes the development of working capital standards and measures to accelerate their turnover.

10. Provides:

10.1. Timely receipt of income, registration of financial settlement and banking operations in a timely manner.

10.2. Payment of invoices of suppliers and contractors.

10.3. Repayment of loans.

10.4. Payment of interest, wages to workers and employees.

10.5. Transfer of taxes and fees to the federal, regional and local budgets, to state extra-budgetary social funds, payments to banking institutions.

11. Analyzes the financial and economic activities of the enterprise.

12. Participates in the development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory items, increasing production profitability, increasing profits, reducing production and sales costs, strengthening financial discipline.

13. Monitors:

13.1. Implementation of the financial plan and budget, product sales plan, profit plan and other financial indicators.

13.2. Termination of production of products that do not have a market.

13.3. Proper spending of money.

13.4. Targeted use of own and borrowed working capital.

14. Provides accounting for the movement of funds and reporting on the results of financial activities in accordance with the standards of financial accounting and reporting, the reliability of financial information.

15. Controls the correctness of the preparation and execution of reporting documentation, the timeliness of its provision to external and internal users.

16. Participates in holding conferences-seminars (studies) with employees of the main accounting department and the financial department of the enterprise.

17. Participates in the development of proposals for the social protection of employees of the enterprise.

18. Ensures the protection of information resources containing proprietary information limited access and received from other organizations.

III. Rights

The head of the financial department has the right to:

1. Act on behalf of the department, represent the interests of the enterprise in relations with other structural divisions of the enterprise and other organizations on financial matters.

2. Establish official duties for employees subordinate to him.

3. Submit proposals for improvement of financial economic activity enterprises.

4. Submit for consideration by the director of the enterprise:

4.1. Representations on the appointment, transfer and dismissal of employees of the financial department.

4.2. Offers:

On the encouragement of distinguished employees;

Bringing to material and disciplinary responsibility violators of production and labor discipline.

6. Participate in the preparation of draft orders, instructions, instructions, as well as estimates, contracts and other documents related to the activities of the financial department.

7. Interact with leaders of all structural divisions on issues of financial and economic activity of the enterprise.

8. Give instructions to the heads of structural divisions of the enterprise on issues of proper organization and conduct of financial work.

9. Sign financial documents under the authority of the director of the organization.

10. Approval of all documents related to the financial and economic activities of the enterprise (plans, reports, etc.).

11. Independently conduct correspondence with structural subdivisions of the enterprise, as well as other organizations on issues within the competence of the department and not requiring the decision of the director of the enterprise.

12. Make proposals to the director of the enterprise on bringing officials to material and disciplinary responsibility based on the results of inspections.

The main functions of the finance department are finding ineffective processes and developing ideas to increase profits. Read what other tasks the financial service solves, what divisions are part of it, and also download the regulations on the financial department.

The finance department can be compared to an oracle. The top manager asks questions:

1. What is the forecast for the company's activities for three years?
2. What can I do to improve my financial situation?
3. Which departments performed better and worse this year?

• How much money do I need to implement the project and where can I get it?

Download and use it:

How to calculate the optimal number of financial service employees

If there are too few employees in the financial service, they cannot cope with the volume of work. A lot of them sit idle and eat up the company’s money. To avoid such problems, determine the optimal number of subordinates.

Functions and tasks of the financial department

A diagram of the functions and objects of the financial department will help you decide how many specialists should work in the financial department of an enterprise, and what kind of specialists they should be.

Functions/Objects	Planning	Operational activities	Analysis	Creation/development
Income and expenses	Budget of income and expenses Business planning	Coordination of requests for expenses,
Price	Calculation of product prices based on cost	Daily, weekly and monthly reporting	Plan-fact analysis, identifying inefficiencies	Regulations, procedures, forms, software
Reporting (local, IFRS)		Performing a broadcast RAS-IFRS	Internal audit (see how to conduct it), analysis of key financial ratios	Regulations, procedures, forms, software
Management reporting	Planned reporting package for internal and external users	Maintaining reports, passing audits	Analysis of key financial ratios	Regulations, procedures, forms, software
Cash	Cash flow budget Payment schedule	Coordination of requests for payments, Payment registers, Attracting funding	Plan-fact analysis, identifying inefficiencies	Regulations, procedures, forms, software
Working capital	Payment schedule, Working capital plan	Control of debt and short-term contracts according to debt terms, Time deposits	Working capital structure, liquidity	Regulations, procedures, forms, software
Taxes	Tax budget			Optimization schemes
Treaties	Maintaining a portfolio of contracts	Coordination		Financial chapters of contracts
Capital investments	Investment plan	Coordination of applications for capital investments	Analysis of fixed assets, depreciation
Financial investments	Finding and planning the best forms of investment	Investment management	Analysis of investment projects	Investment portfolio, regulations, software
Business processes	Calculation of the cost of business processes	Control and optimization of processes in finance		Financial business processes
	Calculation of planned KPIs	Daily, weekly and monthly reporting	Calculation of actual KPIs, payments	KPI system

The list of functions and objects is so extensive that at first glance, it seems that a third staffing table must be given to the financial service. But that's not true.

Let's look at each object and its functions sequentially and decide which employee should perform them.

The first block of company finances

Income and expenses

Financial Controller. The person who starts the finance department. The one who is the first to be hired in the finance function, and as it grows, he often becomes the chief financial officer.

In small companies, the financial controller often creates management accounting from scratch, develops documents, analytics and processes for which accounting should be kept. In medium-sized companies, financial controllers actively participate in the further improvement of management accounting, and daily routine tasks are performed by those subordinate to them financial analysts.

In large companies, financial controllers and financial analysts work in dedicated units - departments financial control by areas of activity (by products, regions, types of expenses, etc.), where they are engaged in planning, accounting and analysis within the framework of their area. Sometimes there is a need to move planning into a separate function and create a planning department, or a budgeting department.

Price

Pricing functions are not very different from calculating income and expenses. Therefore, they are carried out either by the same financial controllers, if the enterprise is small, or by the Pricing Departments. All activities related to pricing and pricing policy are carried out jointly with the Commercial Department, because financiers can only give one of the components of the price - cost and profit, the second term is the market, which is not in their competence

Reporting (local, IFRS)

Maintaining local reporting, of course, is the responsibility of the accounting department. Whereas reporting according to IFRS often dealt with by a financial controller, an IFRS specialist, or entire IFRS departments.

If an enterprise, for one reason or another, needs a planned reporting package, then it can also be done by specialists from the financial control department based on the BDR, BDDS and investment budget.

An internal audit of local accounting statements can puzzle the financial controller. Or create a department internal audit. It all depends on the scale, of course.

External audits are usually carried out by a strong collaboration between the chief accountant and the financial control department.

The analysis of key financial indicators and the writing of analytical notes are usually carried out by the same financial controllers.

Management reporting

Maintaining management reporting is entirely the responsibility of the finance department. Accordingly, the full cycle from planning to analysis of the results obtained lies with financial controllers. Or, if there is a dedicated division, on employees of the Management Reporting Department.

The second block of company finances

Cash

If the financial controller was the main one in calculating income and expenses, then in management in cash The key figure is the treasurer. Tools for short-term planning of DS - payment calendar, and medium-term - the cash flow budget is in his area of ​​responsibility. Every day he coordinates requests for payment and creates payment registers, monitors the profitable placement of DS on time deposits.

In small companies, the treasurer may still be the same financial controller. But such a combination is effective only if the company carries out no more than 30 transactions daily and has well-automated business processes in finance.

The union of a treasurer and an accountant in the payment area works well for medium-sized enterprises, but for large enterprises it is necessary to create a treasury department.

Working capital

Working capital management is a related area to cash management, so it is also handled by the treasurer. In large companies, it is advisable to allocate the functions of controlling accounts receivable to a special department.

Additional and related functions

Taxes

The functions of the financial control department may include reducing the tax burden by developing methods for optimizing and planning tax schemes. In fact, this is a related function of the chief accountant, but it all depends on the distribution of responsibilities in the enterprise.

In large holdings, it is advisable to create a tax consultant position or a tax department.

Treaties

In business sectors based on contractual activities with buyers and suppliers, it is extremely important to establish control of financial specialists over newly concluded contracts. On the one hand, this will reduce the number of financial errors when concluding a contract, such as:

1. Incorrect calculation of amounts and tariffs.
2. Invalid payment term.
3. Lack of price indexation for long-term contracts.
4. Existence or vice versa does not include fines.
5. Etc.

On the other hand, this will allow financiers to include new contracts in planning, extract key data from them, and maintain a portfolio of contracts.

Capital investments

At a certain stage of development for an enterprise, it becomes obvious that fixed assets need to be managed especially carefully, because their cost is enormous. And with the help of competent management, you can save a significant amount on payments, taxes and free up funds for working capital. The management of capital investments is also carried out by the financial control department or a specially designated unit.

Financial investments

When an enterprise has available cash or retained earnings that can generate additional income, the financier’s task becomes to invest it profitably.

On a small scale, the financial director is tasked with managing financial investments. And when volumes grow, it is advisable to allocate an Investment Analyst under the management or create an investment department

Business processes

In process-oriented companies, the question is always acute: “Who will participate in the development of processes from the company?” Because of their mentality, financiers are usually good at this and are willing to be included in various project teams. In addition, finance professionals are required to be aware of key business processes so they know where to turn for information.

KPI

A very common practice is to assign the finance department to be responsible for calculating KPIs, especially if they (KPIs) are not numerous or complex. Otherwise, this is the area of ​​responsibility of a dedicated division of the KPI department.

And here KPI development You shouldn’t completely delegate to financiers, because in the end you will get good KPIs for a stagnating business, but not for rapid development.

Financial department structure

The structure of the financial department depends on the specific development tasks of the company. The unit has basic functions(budgeting, management accounting, internal control, financial reporting) and there are additional ones. The latter may vary depending on the priorities of the current stage of development of the company.

Table. Example of structure and staff financial service enterprises

Names of structural units and positions	Structural strength
	current	reserve
Financial Director
Financial Controlling Department
Head of Department - Management Accounting Specialist
Financial manager for budgeting and planning
Financial specialist of the 2nd category
Financial analyst
Treasury Department
Head of Department - Treasurer
Loan officer
Financial specialist 1st category
Control and audit department
Head of Department - Chief Auditor
Department accounting and reporting
Head of Department (Chief Accountant)
Deputy Chief
Accountant
Accountant-cashier
IT support service
Head of Department
Programmer
Financial block

We've covered most of the functions of the finance department and hope that this article will help you create an effective and not overstaffed department.

1.1 Description and functions of the financial and economic department, interaction with other departments

In the organizational structure of CJSC "Regeton", the financial department is distinguished as an independent structural division of the enterprise, like other structural divisions, the financial department is created and liquidated by order of the head of the enterprise.

The financial department is subordinate to the commercial director of the enterprise.

The staff and composition of the financial department is appointed and approved by the director of JSC "Regeton" and consists of a manager appointed to the position by an internal order of the enterprise at the suggestion of the commercial director and three specialists.

Functions of the financial and economic department

1. Implementation of a unified enterprise policy in the field of finance. Development of a financial strategy for an enterprise and a basis for it financial stability.

2. Drawing up drafts of long-term and current financial plans, with all necessary calculations attached.

3. Organization of the financial activities of the enterprise with the aim of the most efficient use of all types of resources in the process of production and sale of products (works, services) and obtaining maximum profit.

4. Control and management of used working capital of the enterprise, loans. Participation in planning product costs and profitability of production.

5. Analysis of the financial and economic state of the enterprise.

6. Development of forecast balances and cash budgets.

7. Maintaining operational records of financial, settlement and credit operations carried out by the enterprise on accounts in banks and credit institutions.

8. Development of accounting and tax policies Organization of work on the transfer of payments and contributions for taxes and fees to budgets of all levels.

9. Development of the enterprise's credit policy.

10. Ensuring timely tax payments, settlements with creditors and suppliers. Keeping records of the movement of funds and reporting on the results of financial activities in accordance with financial accounting and reporting standards.

11. Creating conditions for the effective use of fixed assets, labor and financial resources of the enterprise. Ensuring the timeliness and completeness of payment of wages to workers and employees of the enterprise.

Relationships between the financial and economic department and other departments.

To perform functions and exercise rights, the financial department interacts:

1. With accounting;

accounting information about the activities of the enterprise;

balance sheet and operational summary reports on income and expenses of funds, on the use of the budget;

reporting calculations of the cost of products (works, services);

plans for conducting inventories of fixed assets, inventory and cash;

payroll calculations; - financial, credit and cash plans;

reports on loan repayments, interest payments on loans;

2. With the economic planning department of medium-term and long-term plans for the production activities of the enterprise;

copies of planned economic targets of the enterprise divisions;

planned technical and economic standards for material and labor costs;

draft wholesale and retail prices for enterprise products, tariffs for work and services;

results of economic analysis of all types of enterprise activities; financial and credit plans;

reports on the implementation of financial plans;

results of financial analysis;

methodological and instructional materials on the financial activities of the enterprise

3. With the department of material and technical supply of projects of long-term and current plans for material and technical support of the production activities of the enterprise;

reporting data on the movement of material and technical resources, their balances at the end of the reporting period;

copies of claims submitted by counterparties;

draft claims against counterparties in case of violation of contractual obligations;

reports on the implementation of logistics plans; agreed upon draft claims;

proposals to eliminate the reasons that served as the basis for filing claims and sanctions against the enterprise;

approved calculations of working capital standards

4. With the legal department, decisions on claims and lawsuits brought against the company;

generalized results of consideration of claims, court and arbitration cases;

explanations of current legislation and the procedure for its application;

legal assistance in claims work;

agreed materials on the status of receivables and payables, proposals for forced collection of debts;

analysis of changes and additions to financial, tax, civil legislation of draft financial agreements for legal examination;

materials for filing claims, lawsuits in courts;

conclusions on claims and suits brought against the enterprise;

documents on the transfer of funds for payment of state duties to satisfy claims and claims brought against the enterprise;

requests for clarification of current legislation.

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Economic analysis: content, subject and object

The enterprise management system is a complex mechanism, and the financial department is one of its most essential components. The essence and organizational tasks of the financial department are the most important information blocks where all data on the activities of the enterprise is concentrated.

You will learn:

• Why do you need a finance department?
• What is included in the structure of the financial department
• Who works in the finance department
• What does the finance department do?
• What does the Regulations on the Financial Department establish?

Financial department The enterprise collects and analyzes data on the activities and operations carried out by the enterprise, including accounting results, data on competitors and consumers, and foreign economic reports.

Why do you need a financial department in an enterprise?

The financial and economic department is a structural entity that performs specific management functions at the enterprise. The organizational and legal form of the enterprise, the nature of the activities carried out, production volume and the total number of employees determine the structure and number of the financial department.

The nature of the activity and production volume determine the amount of financial turnover, the number of payment documents for settlements with partner enterprises (both suppliers and customers), as well as with private banks, creditors and directly with the budget. The scale of cash transactions and settlements with employees determines the composition and number of staff in the financial department.

Main directions of financial work, carried out at the enterprise, - budget planning, operational and control-analytical activities.

In the field of planning The financial department performs the following functions:

• deals with financial and credit planning, taking into account all necessary expenses;
• analyzes its own working needs;
• identifies opportunities for financing the enterprise’s activities;
• develops capital investment projects taking into account all the features;
• participates in drawing up business plans;
• designs cash plans;
• takes part in planning the sale of industrial products, analyzes profitability and related costs.

Operational work The financial department is responsible for performing various types of tasks, the main ones being:

• ensuring receipt of payments to the budget at a strictly established time, payment of interest on short- and long-term bank loans, timely payment of wages to all employees of the enterprise, carrying out all cash transactions;
• payment to suppliers for goods and work provided;
• covering the costs of planned costs;
• execution of credit agreements according to contracts;
• daily monitoring of product sales, profits from them and other sources of income for the enterprise;
• control over the implementation of the requirements of the financial plan and the general financial situation at the enterprise.

Control and analytical work

The financial department of the organization undertakes to constantly monitor financial receipts, cash transactions and the credit plan, calculate profits and profitability indicators, as well as monitor the feasibility of using both its own budget and funds from borrowed capital and bank loans.

Practice shows that previously the responsibilities of the financial department were performed by a group of accountants working at the enterprise.

Currently, the tasks of the financial department have expanded significantly, which required the creation of a separate division in the enterprise dealing with financing issues. The expansion of tasks is associated with the emergence of enterprises of various organizational and legal forms, as well as the formation of non-state commercial organizations. Transfer of municipal and state property into private hands, growth of subjective independence in various fields, including in the field of foreign trade, also played a key role in this process.

In small private corporations and partnerships, the activities of the financial department may be carried out by accountants due to low trading turnover and a small staff. A completely different situation can be observed in large organizations, closed and open joint-stock companies, where the presence of such a structural unit as a financial department is vital.

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Market relations in business activities contribute to an increase in the number of functions performed by the financial department, which, in addition to monitoring budget revenues, carrying out partnership activities with banks, lenders and suppliers, timely provision of wages to employees, planning payments, monitoring the appropriate expenditure of its own budget funds, is obliged also engage in financial management, which creates a new range of tasks.

Financial management is the process of managing all financial receipts and expenses, the purpose of which is to find the most effective ways to use one’s own budget funds and attracted capital to increase production profits. Analyzing financial reports on a number of indicators, including taking into account the system, which depends on the assets and liabilities of the enterprise, financial management sets itself the task of developing the most profitable strategy and tactics for resolving financial issues, thereby radically changing the role and place of the financial service in the management system enterprise.

The activities of the financial department are dedicated to main goal – ensure stability and economic growth, increase the profit of the enterprise.

The main content of financial work includes the following:

• financing of economic activities;
• maintaining partnerships with financial, credit and other business entities;
• appropriate use and planning of equity and borrowed capital;
• ensuring timely budget revenues, bank deductions and payments to employees and suppliers. Thus, the department financial management is engaged in the implementation of financial circulation, taking into account strict planning of funds, as well as maintaining partnerships in order to increase the commercial profit of the enterprise.

How to control your financial situation without a financial department

If management accounting is poorly established at an enterprise, the director receives information about profits and losses from the accounting department a month after the end of the period. This means that it is impossible to influence the situation. To avoid financial problems Weekly planning will allow you: you will be able, without waiting for reports from accounting, to control expenses and prevent extra costs, and most importantly, create a tool for planning the future.

Set performance targets and then monitor their deviations - such monitoring requires no more than 15 minutes per week. The editors of the Commercial Director magazine explained how to set up such a system.

What does the structure of the financial department look like?

The structure of the financial department is determined by the volume of production, the scale of the enterprise, its goals and the direction of its activities.

Approximately financial service structure a large organization looks like this:

1. On financial accounting assigned the tasks of accounting, compiling and maintaining reports in the balance sheet system, as well as the financial department's report on profits and expenses, compiling public reporting in accordance with generally accepted accounting standards and developing accounting policies.
2. Analytics department Performs functions related to the analysis of financial data and the general condition of the enterprise. Involved in the preparation of the annual financial report and plays a key role in the preparation of the reporting report at the general shareholders' meeting. Analyzes the financial performance of the enterprise and monitors the competent design of the investment fund.
3. Financial Planning Department carries out the development of short- and long-term financial projects, and also manages the overall budget of the enterprise.
4. Tax planning department has as its task to develop a correct tax policy, draw up reports on tax payments and tax returns, submit them to the relevant authorities, ensure timely payment of taxes in full, verify calculations with the main budget and extra-budgetary sources of financing.
5. Operations department carries out activities to work with creditors and debtors, communicates with banks and other financial and credit organizations. Monitors compliance by all subdepartments with payment, tax and settlement discipline.
6. Securities Department and exchange control forms a package of securities and controls their movement. Monitors the implementation of all financial transactions in accordance with existing legislation. In other words, it performs a key control and treasury function in the structure of the financial service.

It should be noted that the positions of directors of financial services of various companies on the question of what determines the structure of the financial department vary significantly.

Some of them consider the classic model, consisting of the treasury, accounting, and budget (planning) department, to be ideal.

Others note the importance of a company's strategic goals influencing the composition of the financial function. For example, if the activity of an enterprise is focused mainly on working with securities, then in the structure of the department there must be a special body that carries out these functions.

Expert opinion

The structure of the financial department depends on the needs of the company

Ella Gimelberg,

CEO, managing partner of S&G Partners, Moscow

The structure of the financial department should be divided if the activity of the enterprise requires it (large turnover, participation in investment and borrowing programs, availability of accounting in accordance with IFRS, management accounting system, etc.). The financial director can be called a top manager, whose powers do not include primitive managerial and financial questions. Departments of the financial department - treasury, budgeting management, management accounting, investment activities - should be included in the structure of the financial service. Such a department structure implies the presence of four line top managers (3 management managers and 1 treasury manager), responsible for the proper performance by all departments of their main functions. The department's financial director should monitor their activities and develop new strategies for improving the system.

Financial department employees and their functions

In order to understand the financial management scheme, it is necessary to clearly understand the functions of each person working in the financial department. So, employees of the financial department have the following powers and responsibilities:

Controller

A specialist in this area carries out internal control in the financial department. He develops various cost and expense accounting strategies to find more cost-effective ways of production. The controller transmits the information received to higher-ranking structures: the vice president of the company, the chief manager and, at the final level, the board of directors.

The controller's primary responsibility is focused on developing financial estimates. He analyzes the financial situation of the enterprise, its financial condition, gives his forecast, assessment and proposals for changes that will increase the profitability of the enterprise.

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If the enterprise operates as a corporation, then the appointment of a controller is made by the board of directors, and his job responsibilities are enshrined in the organizational charter. As a rule, the position of “controller” is filled with the support of the company president and financial committees.

Treasurer

The main responsibilities of the treasurer are handling the company's securities and cash. The treasurer carries out all necessary monetary transactions: collection, transfer, investment, borrowing and disbursement of finance. Similar to the previous situation, the treasurer is directly subordinate to the vice president (in exceptional cases, to the president of the company).

The range of his responsibilities includes conducting partnership activities with banks, monitoring all operations of the enterprise: cash and credit. To forecast the future flow of funds, the treasurer works in cooperation with the director of financial budgeting as well as the controller, while ensuring that funds flow in accordance with the planned short-term bank loans, increasing the influx of cash receipts or reducing cash deposits and liquidating short-term investments .

The treasurer's unique authority lies in his responsibility to endorse with his signature all company checks for both large and small amounts. These sums and funds are under his control or under the direction of one of his subordinates. In many organizations, the treasurer also combines the position of secretary, whose responsibilities include signing all contracts, mortgages and invoices, certificates and other financial documents of the company. The treasurer, or otherwise the vice president of the company, plays a key role in the enterprise management system.

Chief Accountant

The financial department of accounting includes a number of specialists, but maximum responsibility lies with the chief accountant. This specialist is directly subordinate to the controller and has related functions, but at a lower level and on a much smaller scale.

The chief accountant is responsible for planning, and also, working in cooperation with the controller, develops and practical use strategies for accounting for costs and expenses incurred by an enterprise, as well as methods for effective auditing. However, these are secondary functions, and the main powers are to conduct accounting and maintain financial statements.

The chief accountant is engaged in the preparation of financial and statistical reports, which are then transferred to the controller, treasurer or manager. In other words, the tasks of an accountant are the preparation of basic reporting documents, which are then transferred to the main shareholders, federal and headquarters organizations. However, in some institutions, the functions of an accountant and a controller can be combined and performed by one specialist.

The chief accountant often oversees the enterprise's data processing system. Thus, it is this specialist who monitors this system, and the controller serves accounting requirements (accounts receivable, resource control, payment of wages, etc.).

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Some firms are provided with facilities for data processing in the field of accounting, however, over time, these facilities acquire new functions. As a result, the chief accountant is engaged in monitoring and controlling these installations, and the controller switches to work with other departments that carry out other operations.

Director of Financial Estimates

In addition to the chief accountant and controller, the financial department of large companies also includes a director who deals with financial estimates and system reporting.

A specialist in this profile is subordinate to the controller and considers sales forecasting, analyzes the current economic climate and evaluates opportunities and prospects work force and raw materials. Based on the data received, the specialist forms clear projects based on production and administrative financial estimates for submission to higher structures.

The Director of Financial Estimates prepares the final estimates and provides copies to the heads and managers of all departments. Working in tandem with the treasurer, the director of financial estimates ensures that the funds indicated in the estimate are financially secured if they need to be used.

This specialist analyzes financial estimates and, in case of any changes, offers possible options for improving both the estimates themselves and production plans.

Auditor

At the headquarters of the financial department, the position of auditor is not mandatory. The main tasks of the auditor are to check the correctness of the records.

In addition to the auditor, this unit employs auditor assistants, auditor representatives of enterprises and departments, as well as all clerical staff. Planning internal audits and conducting all operations related to the audit are the main tasks of this official. The auditor may be subordinate to various specialists, for example, the controller or chief accountant, but there are also cases when the auditor is subordinate to the president of the enterprise, the board of directors or the financial committee.

If the main link is the controller, then it is he who monitors the plans and results of audits. If the auditor sees more effective ways of internal control and simplification of audit and accounting functions, he has the right to propose his ideas regarding accounting changes to a superior.

As a rule, it is the auditor who works with accountants who independently audit the books of the enterprise. In some companies there is single position auditor and director of financial estimates, subordinate to the controller.

Tax Manager or Administrator

The tax manager is subordinate to the treasurer, but despite this, a specialist in this profile often receives assignments from the controller, since in order to resolve issues related to tax obligations, he needs to cooperate with both departments: the audit and general accounting department.

The Tax Administrator is part of the staff of the Finance Department, whose functions also include insurance operations. In large companies, tax operations of various profiles (excise, local, state and federal taxes) are carried out by different sectors of the tax department. In this case, the tax manager reports not to the controller, but directly to the president of the enterprise or the financial committee.

As a rule, a lawyer or "public" accountant who is aware of the existence of certain rules, requirements and regulations is invited to this position.

Director of Planning

The Financial Analysis Division, which deals with both analysis and advanced tax planning, is represented by a Planning Director. Even if this position is not provided for in the company's system, these functions are still necessarily performed by some other specialist.

The Director of Planning is a senior position, and the person holding it operates at a high level in cooperation with the Chief Financial Officer. As a rule, either the chief accountant or the director of financial estimates can advance to this position.

• Planning Director(most often acts as financial analyst)

This official is responsible for preparing the final report for subsequent submission to his superiors. The final conclusion is based on all financial estimates, audits and accounting data. A specialist of this profile develops short- and long-term financial plans, and also determines the main target areas in the areas of sales, profit and capital expenditures.

When making decisions about the liquidation, merger or purchase of new branches of the enterprise, the opinion of the planning director is very weighty. The director of planning and financial analysis assesses the state of the market and the general economic situation of the enterprise.

The functions of this specialist are similar to those of the head of the financial department, although in some situations he performs the same work as the controller and the director of financial estimates. The three officials listed above may serve as the director of planning and financial analysis if this position is not provided in the company's headquarters. In this situation, the main responsibility lies on the shoulders of the senior manager of the financial department.

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Director position according to planning appears in the company structure in case large productions when issues of financial analysis and long-term planning play an important role. In such cases, the main responsibility of the planning director is to perform part of the official duties of the financial manager and coordinate the information flow coming from the controller, director of financial estimates, and treasurer to higher structures.

Finance Committee

The Financial Committee is currently acquiring the functions of the financial monitoring department, which solves the most important strategic tasks. Any major financial decision is the result of the activities of the finance committee.

As a rule, the board of directors decides to create a financial committee, which is not only an advisory body involved in developing enterprise policies, but also a functional element of the company.

Finance committee meetings rarely occur on a daily basis; meetings are usually organized monthly or quarterly to discuss issues important issues, previously placed on the agenda by the company president or board of directors.

Job responsibilities chairman The financial committee is carried out by the company president, financial manager or chairman of the board of directors. The financial committee usually includes the president of the corporation, representatives of the board of directors, and chief specialists of all financial groups. In small-volume companies, the finance committee consists of all responsible officials.

If the board of directors has decided to create this body, then the finance committee has the right to resolve all financial issues on behalf of the board of directors during the period between meetings. By clarifying financial policy issues at meetings and gatherings, finance committee specialists determine the general framework that should guide all company employees in carrying out their activities. After this, the issues discussed are subject to voting, although this is an optional condition of the meetings.

The financial policy of the company is not the only area of ​​activity of the financial committee. In addition, this body, acting on permanent basis, analyzes financial estimates, reviews audit results, evaluates capital expenditure plans and develops pricing policies.

In small enterprises, this financial authority gives consent to large credit requests, evaluates the performance of personnel and appoints wages according to the duties performed, and also makes decisions on additional incentives for employees.

In large organizations, separate structures deal with the development of financial estimates, investment plans and planning. However, in the vast majority of all companies there is only one body - the financial committee, which deals with all of the above issues.

The main areas of work of the financial service

The CFO uses various enterprise management methods:

• lending;
• taxation;
• planning;
• self-financing;
• cashless payment system;
• self-insurance (formation of reserves);
• trust, pledge, leasing, factoring and other operations;
• insurance.

When using these methods, it is possible to carry out various financial transactions related to credit, borrowing, interest rates, discounts, stock and currency exchange rates, dividends, etc.

Financial work The department operates in three areas:

1. planning of financial resources (expenses, income, capital);
2. management of financial turnover in the current situation;
3. work in the financial department to control and analyze all monetary transactions.

• Financial planning (budgeting of income, expenses and capital)

The financial planning department carries out multifaceted planning of financial plans and ensures control over their implementation in each of the structural departments and the company as a whole.

If the headquarters of employees of structural divisions (responsibility centers) is finally determined, then the possibilities for planning and forecasting results are significantly expanded.

Many large companies draw up separate budgetary and monetary proposals for profit and cost centers, financial accounting centers and profit centers.

Financial Accounting Center– a body of the company’s financial structure that carries out independent management accounting activities.

Financial accounting centers consist of objects of three types:

• affecting the profitability of the company (budget revenues and expenses);
• determining the ability of an object to make payments (item of movement of budgetary funds);
• influencing the long-term improvement of the company (capital budget item).

To develop budgets the following data applies:

• information and forecasts about the profitability of sales (works, services provided);
• information on variable production costs for each group of goods;
• data on fixed and total costs analyzed for each separate species product in order to find out the profitability of the product;
• forecasting changes in enterprise assets, investment sources, turnover indicators and profitability of turnover assets.
• data on the tax solvency of the enterprise, deductions of funds to non-budgetary organizations, taking out loans from financial institutions and their quick repayment;
• forecasting the profitability of barter activities and drawing up joint reports on the analysis of its profitability;
• data on the general state of affairs at the enterprise (composition of individual funds, wear and tear of equipment, percentage of renewal of means of production and their profitability).

Priority actions to implement budget management:

• analysis of the company's production potential;
• use of reporting and accounting methods;
• accounting of personnel structure;
• development of a financial management system;
• preparation of budget funds for use and the necessary reporting for monitoring them.

To carry out budget management, an employee is first appointed to the position of budget director. As a rule, this function is performed by the head of the financial department. Acting as an expert, the financial director coordinates the activities carried out by the substructures and services of the enterprise.

The budget director heads the budget committee, which includes the main specialists of all management systems of the enterprise. The budgeting committee is a body that operates on an ongoing basis, monitoring the strategic and financial planning of the company, making recommendations and ending disputes on various issues that arise in the process of working on the budget. In the West, this body has a different name, namely: “group strategic planning"or "financial analysis and planning group."

• Operational (current) activities for cash flow management

Operational financial work consists of maintaining partnerships with other business entities and counterparties of the enterprise:

• with suppliers of values ​​and services of a material nature;
• with consumers of finished products or services;
• with the state budget system;
• with the arbitration court when resolving controversial issues.

Department financial security Carrying out operational financial work, resorts to using various methods of effective financing of the enterprise:

• financing from the personal funds of the enterprise;
• policy of moderate financial planning;
• application of an aggressive financial policy, which involves taking out short-term loans from the bank;
• financing of obligations by obtaining deferred repayments.

However, an enterprise cannot defer payments on an indefinite basis, but only within the framework established by current legislation.

When using funds obtained through loan financing, financial department specialists use various methods to secure the funds received:

• an increase in the percentage of liquid assets (finance and short-term securities);
• increasing the terms of bank loans.

It should be kept in mind that these methods lead to a decrease in the borrower’s profitability:

• due to investing in poorly profitable assets - in the first case;
• due to strict repayment of loans and borrowings in the presence of personal savings - in the second.

When carrying out operational work with finance, employees of the financial department analyze debt indicators for debit and credit (based on quarterly reports and general ledgers, as well as journals for settlements with credit borrowers and debtors) taking into account all values ​​of these indicators.

The company's finance department reviews bills of exchange, taking into account the discounts required for both collection and payment. These functions are partially performed by the accounting department.

The decision to take an external loan is made by the financial department, the plan of which is developed by financial service specialists and includes questions about how, when and at what percentage these funds will be repaid. Even despite the absence of dividends, investors can evaluate the company's shares quite highly if they are confident in the prospects of the enterprise, in its profitability and in the reliability of the information provided on payments and non-payments of dividends in the case of reinvestment of net income. The share of dividend payments, according to Western economists, should be no more than 40% if we are talking about a stable operating enterprise.

Control and analytical activities involve constant monitoring of the local and joint budget, the structure of monetary capital, spending of fixed and reserve finances, balance sheet liquidity and solvency. The organization of this work at enterprises of various organizational forms is carried out by the chief or financial director.

• Financial control as a method of enterprise financial management

The financial control department manages finances at the last final stage, when control of the entire capital of the enterprise is so necessary. In addition, control over the individual circulation of funds occurs at each stage, starting with investing funds in production reserves and ending with the sale of a finished product and making a profit from its sale.

Financial control is one of the main methods used in managing the funds of enterprises.

Control and analysis of consolidated budget income ensures the continuity and stability of financing the current and operational work of the company. This is what the financial service does. Control and analysis of consolidated budget expenses is a stumbling block in any company, and the profitability of the company depends on how successfully this control is carried out.

Speaking about the financial department, what this body does and how it functions, it is necessary to list its main responsibilities: operational current work, financial planning and control, as well as control and analytical work.

To choose a competent strategy and ways of developing an enterprise in the field of investment, finance and innovation, it is necessary to carry out systematic monitoring, analysis and financial planning. The stability of a company's income depends on the decisions made by the enterprise, designed for the short and long term.

Expert opinion

What data from the financial department needs to be constantly monitored?

Dmitry Eremeev,

General Director of Richemont Luxury Goods (RLG), Moscow

It is the financial director who must bear full responsibility for all financial information provided in the obligatory presence of the logistics and sales directors. It is necessary to take into account three possible stages of financial control over the overall financial condition of the enterprise:

• Operational control stage – daily, weekly and monthly report on financial condition companies. At this stage planning and forecasting are impossible!
• The stage of short-term control is a quarterly report on the state of the company’s finances, requiring discussion and adjustment of indicators for the remaining annual period.
• The stage of medium- and long-term control is the implementation of planning indicators for the next year and forecasting for the next two years. Recommendation: It is not practical to plan for less than a year.

In the event of a sudden crisis or other unpleasant surprises an extremely urgent response is needed to urgently stop the crisis, develop an action plan, after which it is necessary immediately identify the causes of the crisis situation and resort to them eliminating. An exception can be made only in the case of a rapidly growing business. In this case, adjustments must be made on a monthly basis.

Regulations on the financial department of the enterprise

The Financial Department Regulations are the most important document that defines the basic aspects of personnel management and the organization of documents, developed by the financial director.

So his components:

1. Organizational and functional structure of the financial department.

The flowchart most clearly represents the structure of the financial service with all its departments and divisions of the reserve category.

1. The number of structures and staff of the financial service.

The most traditional type of presentation of structural headcount is a table containing the names of all departments, officials and the number of employees in a particular department.

1. Main tasks and target areas of the financial department

Depending on the development strategy of the company, the main goals of the company and the tasks of each department and official are determined, the solution of which is mandatory to increase the efficiency of the enterprise.

1. Function matrix.

This is a table that contains the names of various functions vertically, and the names of managers and employees of organizational units responsible for the performance of these functions are written horizontally. At the intersection of the two lines, it is noted who is doing what. A visual option for monitoring the workload of departments and distributing functions between departments.

1. The procedure for interaction between employees of the financial department.

As a rule, an internal procedure for interaction is established between employees of one department or between subdepartments of the financial service and an external one - with individuals (clients) and government (private) organizations. The basis is the structural features of the company, the tasks and goals of the departments and the traditions established by the company.

1. Procedure for resolving disputes and conflicts.

In case of conflict situations, it is necessary to file an appeal along the chain “general director - financial director - department head - ordinary employee.” If employees ask questions to the finance department regarding assignments, compensation, incentives, decision-making, or express innovative development proposals, the same approach applies.

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1. Establishing indicators to evaluate the performance of the finance department.

This section describes the indicators, compliance with which evaluates the work of the financial department as successful. These indicators must be measurable and specific.

1. Final provisions.

This paragraph concentrates on the basic requirements for drawing up the Regulations on the financial department, the timing of its adoption by department employees, and the rules for its storage. They must give their consent to the Financial Service Regulations personnel workers and the general director of the enterprise.

Managing an enterprise is difficult, and one manager cannot do it alone. For this reason, numerous departments are created, one of the most important is financial. We can say that he is the heart of the entire organization. Let's take a closer look at the goals and functions of the financial department.

What does he do?

Each department is endowed certain responsibilities, as for the financial department, they are as follows:

1. This is the most important function. Employees monitor the implementation of plans, as well as their formation. The financial department should not only deal with analysis and accounting, but also control the execution of business processes in the organization.
2. Money management. The second function of the department is financial management of the enterprise. In addition, this includes monitoring the status of mutual settlements and creating a payment calendar. These responsibilities should not be underestimated, because they are also the responsibility of the finance department.
3. Maintaining tax and accounting records and its organization. There is no need to explain anything here, and everything is clear.

It is important to note that some functions may be similar to the responsibilities of a chief accountant, but this is not entirely true. It is necessary to clearly distinguish between them.

Differences

The chief accountant is responsible for maintaining tax and regulated accounting, which fully complies with the requirements of the law. He is obliged to timely prepare tax and financial statements, reflect the facts of the organization’s economic activities on accounting registers.

The functions of the financial and economic department, or rather its head, are that he plans the company’s activities, financial results. Moreover, the boss must ensure that his actions do not contradict the legislation of our country, which is constantly changing. The direct responsibility of the organization's financial director is tax planning.

How do the chief accountant and financial director interact, since their responsibilities are similar? This serious question cannot be answered so quickly. An accountant, according to the law “On Accounting,” must report to the general director of the enterprise, but he is also included in the area of ​​responsibility of the financial director, which means he must carry out his orders. The faithful will obey both.

By the way, most often the responsibilities of the department do not limit the tasks facing the service director.

Concept

We have already noted that the functions of the financial and economic department are very extensive, but have not yet defined this section. It's actually simple. FEO is a structural entity that is engaged in the execution management functions In the organisation.

The number of employees of the entire enterprise and specifically the financial department is influenced by the nature of the activities performed, as well as the organizational and legal form.

Financial turnover and the number of payment documents for settlements with partners depend on the production volume and nature of the organization’s activities. This includes suppliers, customers, creditors, private banks and the budget itself. From how large cash transactions, the number and composition of FEO employees depends.

In previous paragraphs, we have already mentioned that the financial control department plans the budget. In addition, he carries out analytical and operational activities.

About finances

What should we understand by the budget of the department being studied? Experts note that in this case we are talking about:

1. On the analysis of the enterprise’s own turnover needs.
2. About planning loans and finances. All necessary expenses must be taken into account.
3. On identifying opportunities for financing the organization’s work.
4. On participation in drawing up a business plan.
5. On the development of capital investment projects, taking into account all the features.
6. On the design of cash plans.
7. On participation in the planning and implementation of the organization's products.
8. On the analysis of profitability and associated costs.

Thus, the budget is the entire cash turnover produced by the department.

Operational work

The Financial Control Department also carries out activities in this direction. The service is primarily concerned with performing various tasks. Among them:

1. Ensuring budget replenishment through payments on time. This also includes control over the payment of payments on loans - both long-term and short-term, issuing salaries to employees on time, and all cash transactions.
2. Payments to suppliers for work or goods.
3. Coverage of costs included in plans.
4. Processing loans under agreements.
5. Daily monitoring of product sales, profits from them, and other sources of income for the organization.
6. Monitoring the implementation of the requirements of the material plan and the entire material situation of the organization.

But the functions of the financial and economic department do not end there.

Control and analytical work

It was already said above that the FEO is engaged in constantly monitoring cash receipts. This duty is considered one of the main functions of the financial and economic department. But it is not the only one, it is equally important to calculate the feasibility of using the company's budget and borrowed funds. The latter also includes bank loans.

Previously, all duties of the FEO were performed by accountants. But over time, everyone began to be responsible for their own projects. This happened because the department under study had more tasks, which means that it was time to branch off into an independent service. There were more tasks after they appeared non-profit organizations and different organizational and legal forms of the latter. The fact that objects of state and municipal property began to be transferred to private hands also left a mark, and the growth of the independence of subjects has also intensified.

If the enterprise is small, then the accountant takes over the functions of the financial department of the organization. This is due to the fact that there are few employees at the enterprise and the turnover of funds, respectively, is small. But when we are talking about a large organization or open or closed joint stock company, the functions of the department are performed by the service itself. This is due to the large turnover of funds and numerous employees.

Financial management

You can often hear this term, but it is not always clear what it is about. This is the name given to managing all profits and expenses. It is necessary in order for the most effective way use funds from the enterprise budget and attracted from outside to increase the organization’s profits.

The functions of the financial department of an enterprise include analysis of reports on several indicators, and at the same time a system for forecasting future income. FM develops the most profitable strategy and tactics for resolving money issues. It is due to this that the financial service of an enterprise is irreplaceable.

The responsibilities of the financial department of an enterprise are very diverse, as you have already seen. But the service was created primarily so that the organization could prosper and its profits grow.

What is financial work?

The functions and tasks of the FEO are closely intertwined, and therefore the management of the organization entrusts the service employees with:

1. Financing of economic activities.
2. Rational planning and use of enterprise budget funds and borrowed money.
3. Maintaining partnerships with economic and financial-credit entities.
4. Ensuring budget revenues on time, payments to banks, payments for employees and suppliers.

To summarize, it turns out that the financial service is engaged in the circulation of finance, while strictly planning where to spend the funds. This can also include maintaining partnerships to increase commercial profits.

If there is no FEO

With the functions and tasks of the financial department, everything is more or less clear, let's move on to analyzing the situation when there is no such service.

In the case of poorly established management accounting, the director receives data on losses and profits only after the month of closing the billing period. That is, the boss cannot influence the situation in any way, which has a bad effect on the work of the organization. How to be?

It is necessary to plan everything correctly, it is desirable that the plan be for every week. In this case, it is not necessary to wait for accounting reports; you can independently control expenses, avoiding unnecessary expenses.

Proper planning will be a wonderful tool for business prosperity.

Department structure

Like any service, the financial department has its own structure. It depends on the scale of the organization, production volumes, areas of activity and goals of the enterprise.

The department is divided into the following divisions:

1. Accounting. The main function is accounting, maintaining and reporting the balance sheet. This also includes reporting on expenses and profits, drawing up general reporting in accordance with the requirements and legislation.
2. Analytics department. These employees monitor the overall health of the enterprise and analyze financial data. Preparation of annual financial statements for both the enterprise and the shareholder meeting. The analytical department deals with the design of the investment fund and the financial performance of the organization.
3. Financial planning. The functions of the planning and financial department are to develop projects of different durations and manage the organization's budget.
4. Tax planning. Employees are required to develop correct tax policies, prepare reports and tax returns, and submit documents to certain authorities. Employees are also responsible for ensuring that taxes are paid in full on time. Calculations of the main budget and other financial sources must also be reconciled.
5. Operations Department. Service employees interact with debtors and creditors, banks and others financial institutions. Department employees monitor all small groups of workers regarding tax, payment and settlement discipline.
6. Currency Control and Securities Section. The functions of the financial control department are different from this one, and this is natural, because each department does its own job. Here employees form a package of securities and manage their movement. They ensure that all financial transactions are carried out in accordance with the laws of our country. It turns out that the company rests on this department.

There are as many heads of financial departments as there are so many opinions about the structure of the service. Some decide to stick to the classic scheme, others recruit departments in accordance with the goals of the enterprise.

Employees

If we have clarified the functions of the financial department of the administration and other departments, then we will move on to analyzing the employees.

Service includes:

1. Controller.
2. Treasurer.
3. Chief accountant.
4. Director of financial estimates.
5. The auditor.
6. Administrator or tax manager.
7. Planning Directors.

Let's take a closer look at each employee.

Who is a controller?

We have looked at the main functions of the financial department, let's switch to employees. What does a controller do? The employee is required to maintain control within the department. Also empowered to develop various cost accounting strategies to improve production profitability.

The employee passes all the information received upward: to the chief manager, vice president of the company, and the board of directors. He is also responsible for developing financial estimates.

The official is required to conduct an analysis financial situation in the organization, assess the state, predict future events, offer certain options that will only increase profitability.

In a corporation, an employee is appointed to the position of controller by the board of directors, and the job responsibilities are set out in the organization's charter. The appointment to the position must be supported by the president of the company along with the financial committees.

What does the treasurer do?

The treasurer oversees the execution of the functions of the financial support department. It also deals with company cash and securities. All monetary transactions, be it transfer, collection, investment, payment or borrowing of finance, are carried out by the treasurer. He reports to the vice president or president of the company. It is noteworthy that the latter is used only in exceptional cases.

The employee interacts with banks and controls the organization's credit and cash operations. To correctly forecast the financial situation, the treasurer works in tandem with the director of financial estimates. Sometimes a controller is connected.

The functions and tasks of the financial support department, at first glance, seem similar to other departments, but this is just an illusion. The same thing happens with the duties of the treasurer: if you dig deeper, you will find fundamental differences in apparent similarity.

The treasurer has the authority to confirm with his signature all check documents of the organization, no matter if it is a large amount we're talking about or about small ones. We can say that he controls the cash register and the amounts. Or his subordinates do it with his knowledge.

Sometimes the treasurer is also the secretary who signs invoices, contracts, mortgages, certificates and other financial documents.

The treasurer plays an important role in the management system of the organization, but it is important to remember that he reports to the vice president.

Responsibilities of the chief accountant

We said above that the functions of accounting and finance departments are largely similar. Let's talk about the responsibilities that bind them. What does a chief accountant do? He has practically the same responsibilities as the controller, only with a slight clarification - the chief accountant reports to the latter, which means his functions are less extensive.

The employee is responsible for the planning, development and practical implementation of business cost and expense accounting strategies. Methods of effective audit are also within his competence. All of the above are rather side functions, while maintaining financial statements and accounting is the main task.

The employee is required to prepare statistical and financial reports. They are subsequently received by the controller, manager or treasurer. But if the organization is small, then the functions of the financial and economic department at the enterprise, namely the controller and the chief accountant, are combined. This does not affect work productivity.

Who is the Director of Financial Estimates?

Large companies They also have such an employee. He deals with system reporting and financial estimates.

The director of financial estimates reports to the controller, as he has similar functions to him. The manager is obliged to correctly assess the prospects and capabilities of labor and raw materials. Based on the information received, the employee will formulate projects based on administrative and production financial estimates, which are provided to the management of the enterprise.

In addition, the director is obliged to formulate the final versions of the estimate and show them to all department managers and supervisors.

Another task of the cost estimate director is to promptly propose improvements to both estimates and production plans.

The auditor is coming to see us!

Everyone read the cult comedy at school, so we have a rough idea of ​​who we’ll be talking about. Let us note right away that the auditor does not necessarily have to be in the financial department of each enterprise. But if such a position is provided, then you need to know the responsibilities.

The primary task of this employee is to check the reports, or more precisely, how correctly they are maintained. The auditor does not work alone; he has assistants, representatives of departments and office workers.

The inspector can report to anyone: from the controller to the board of directors and the president of the organization.

If one boss is dissatisfied with the work done or does not want to accept it, then the auditor can turn to a higher manager.

Most often, it is this employee who works with accountants who audit the organization’s books.

Sometimes the positions of auditor and director of estimates are combined.

Tax administrator

We already see that sometimes there is duplication of functions between financial services departments, but this does not apply to the tax administrator. The employee reports to the treasurer, but the controller can also give him tasks. After all, in order to resolve tax issues, you need to interact with both the general accounting department and the audit department.

The administrator is obliged to carry out insurance operations. If the company is large, then each type of operation has its own administrator. Well, if the enterprise cannot boast of scale, then one person is responsible for everything.

By the way, in large organizations the administrator reports directly to the financial committee or the president of the company.

Planning Director

We have already explained above what functions of the financial and analytical department exist, but do they coincide with the responsibilities of the planning director?

Of course, this is his direct field of activity. Even if there is no position as such at the enterprise, the functions are performed by some other employee.

The position of director is considered prestigious, because he interacts directly with the company’s managers. As a rule, the chief accountant or the director of estimates can rise to the rank of planning director.

The employee develops financial plans and determines target areas in various areas.

If a decision is made to purchase a new branch or liquidate an enterprise, the opinion of the planning director must be taken into account. It assesses not only the economic situation of the organization, but also calculates the state of the market in the future and present.

The functions of the head of the financial department and the director are very similar, but the similarities do not end there. In fact, the planning director deals with the work of all of the above employees, the same rule applies to reverse side. If the position is not provided for by the scale of the enterprise, responsibilities are shared between the controller, the head of the feasibility study and the director of estimates.

Naturally, the functions of the head of the financial and economic department will be broader than other employees. After all, management is primarily responsible.

What committee did we mention in the title? Why is he needed, what is he in charge of? IN Lately it now has the functions of a financial control department, solving the most important strategic tasks. In other words, every major decision at an enterprise is the result of the work of the financial committee.

The creation of such a body is decided by the board of directors. Meetings are organized only if there is a reason for discussion on the agenda. The chairman can be either a member of the board of directors or a financial manager or president of the organization. If the company is small, then the committee includes all responsible officials.

But such activities are not core. In addition to all of the above, the committee performs the functions of a financial security department. After all, it is he who agrees to large loans, having previously calculated all the risks.

If everything is more or less clear with the positions, then let’s move on to the areas of activity of the department.

How does it work?

To manage an enterprise, the financial director uses different methods. It could be:

1. Taxation.
2. Lending.
3. Self-financing.
4. Planning.
5. Self-insurance. This is what is called the formation of reserves.
6. Cashless payment system.
7. Insurance.
8. Leasing, trust, factoring, collateral and other operations.

Any of the methods provides the possibility of conducting financial transactions.

The work of the department is directed in three directions:

1. Financial turnover management this moment.
2. Financial planning. This includes expenses, capital, income.
3. Control and analysis of all monetary transactions.

How is a budget developed?

To do this correctly, you need to take into account a lot of data. Among them:

1. Forecasts and information about the profitability of a service, product or job.
2. Fixed and general costs. The analysis must be carried out for each individual product, because this is the only way to determine profitability.
3. Variable production costs in each product group.
4. Forecast for changes in the organization's assets, sources of investment, turnover indicators, profitability of turnover assets.
5. Tax solvency of the company, loans, transfers of funds to non-budgetary organizations.
6. Forecasting the profitability of barter work, drawing up reports after analyzing profitability.
7. General position affairs in the organization. This includes equipment wear, the composition of certain products, their profitability and renewal percentage.

To successfully manage your company's budget, you need to consider the following:

1. Use of accounting and reporting methods.
2. Analysis of the company's potential.
3. Development of a funds management system.
4. Accounting for the structure of personnel.
5. Preparation of budget funds for use and reporting on them.

First, a budget director is appointed, who brings everything to life. The employee is engaged in coordinating the activities of the substructures and services of the enterprise.

If the organization has a budget director, then it is he who heads the finance committee.

Regulatory document

Every field of activity has its own law. In our case, this is the “Regulations on the financial department of the enterprise.” It enshrines all the important aspects of personnel management and document management. The document is developed by the Director of Finance.

Components of the Regulations:

1. Organizational and functional structure of the financial service. Presented with a block diagram that best represents the departments with all the divisions.
2. Number of staff and structures of the financial department. Expressed in a table where all departments, number of employees, officials are indicated.
3. Main tasks and target directions. The goals of the enterprise and the tasks of each department depend on the development strategy of the organization.
4. Function matrix. A table containing the names of functions vertically. The names of employees at organizational levels and managers who are responsible for the performance of a particular function are written in the horizontal line. Using the table, you can easily track the workload of each department and make redistribution.
5. The procedure for interaction between financial department employees. Usually, internal order is established between employees of one department and between several divisions of the financial service. A separate external order is established that regulates interaction with public or private organizations and clients. The basis is the structural feature of the enterprise, the tasks and goals of the departments, as well as the traditions of the company.
6. Resolution of disputes and conflicts. If a conflict arises, an appeal must be filed. For this purpose, our own chain has been developed: “general director - director of finance - head of department - employee.” The same scheme applies to questions from ordinary employees. By the way, questions may concern tasks, decisions, incentives, compensation, as well as various proposals that will increase the profitability of the enterprise.
7. Establishing indicators to evaluate the performance of the financial service. This paragraph specifies the indicators, compliance with which indicates successful work department. It is important that the indicators are specific and can be measured. If the formulations are vague, then they cannot serve as a kind of yardstick.
8. Final provisions. Here are the main requirements for the preparation of these Regulations, deadlines for acceptance by department employees, and storage rules. Consent to the Regulations must be given by the general director of the organization and personnel department employees.

As you can see, the work of an enterprise is accompanied by organizational difficulties that must be overcome. But to the man who knows the function financial department of the enterprise, no obstacles are scary.