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