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finance director

In this article we would be discussing about finance director.

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As the name suggests, in this article we would be discussing about finance director.

What does a Finance Director Do

He / She is responsible for maximizing the returns on company’s investments by establishing:

  • Financial policies,
  • Procedures,
  • Controls and
  • Reporting systems.

His / Her position ensures that all of organisation’s accounting and financial reporting functions meet the land’s legal and regulatory compliance. His / Her position also oversees:

  • Cost and general accounting,
  • Accounts receivable/collection and
  • Payroll and risk management.

Required Educational Qualifications and Experience

  • A Postgraduate degree in a business, financial or related field or an equivalent work experience.
  • 10 or more years of experience in managing an accounting function in a company whether it be a medium or large size company.

Competencies

  • Financial Management.
  • Strategic Thinking.
  • Business Acumen.
  • Ethical Conduct.
  • Technical Capacity and
  • Performance Management.

Essential Functions

  • He / She guides the organisation in taking correct financial decisions by establishing, monitoring and enforcing policies and procedures.
  • He / She protects organisation’s assets by establishing, monitoring and enforcing internal controls.
  • He / She works towards maximisation of returns and limits the risk on cash by minimizing cash balances and making wise investments that have good ROI.
  • He / She provides status of financial condition of the company by collecting, interpreting and reporting key financial data.
  • He / She ensures compliance with federal, state and local legal requirements by:
  • Researching existing and new legislations,
  • Consulting with outside advisors, and
  • Filing financial reports.
  • He / She advises management about the necessary actions to be taken and their potential risks.
  • He / she arranges for audits whenever the need seems to arise and appropriate.
  • He / She manages organisation’s budget and controls expenses effectively.
  • He / She Hires, trains, develops and appraises staff in an effective manner. And takes corrective action whenever the need arises on a timely basis and in accordance with the company policy.
  • He / She Consults with Human Resources whenever he/she seems it appropriate.
  • He / She Keeps himself up-to-date on information and technology affecting functional area(s), so as to encourage and increase in innovation and ensure legal compliance.