Whats Is a Finance Director?
What Does a Finance Director Do?
The role of a Finance Director is to give financial advice and direction to a business to ensure the company’s financial commitments are met. A Finance Director will also ensure policies and procedures are in place so that finances are managed effectively and efficiently throughout the business.
In a ‘traditional’ business, a Finance Director will report directly to the Chief Financial Officer (CFO).
What Is the Difference Between a Finance Director and a Finance Manager?
The main difference between a Finance Director and a Finance Manager is that the Finance Director is responsible for the policy of the business.
A Finance Manager is responsible for adhering to the policies which a Finance Director sets and they will usually report directly into them.
What Are the Responsibilities of a Finance Director?
A Finance Director must oversee a company’s financial operations, offering crucial financial advice on investment decisions and strategic financial planning. They are responsible for providing insights into what benefits the business financially and developing systems which are likely to promote success.
While working as a Finance Director, you could be required to:
- Oversee financial operations within the business.
- Contribute to achieving the businesses objectives by providing financial advice, guidance and strategy.
- Contribute to the development and delivery of strategic plans which maximise revenue streams and minimise operating costs.
- Identify areas for financial improvement.
- Produce analysis and insights into the financial performance of the business.
- Develop annual financial plans, forecasting, projections and budgets.
- Provide guidance and training to business managers, accounting personnel and employees to help them to achieve their financial objectives or targets.
- Provide guidance and training to business managers in relation to daily tasks such as cash flow, debt recovery, income and expenditure and budget management.
- Ensure the company’s financial accounts are prepared and presented within the designated time frame.
- Be a point of contact for internal and external audits.
- Oversee the preparation of the company’s financial accounts to ensure that these are presented accurately and on time.
- Develop and maintain systems, policies and procedures to ensure the smooth running of finances within the business.
- Ensure the business meets its financial and legal obligations.
- Analyse financial risks to the business and recommend remedial or evasive action.
- Strive to improve technology to ensure the business is running as efficiently as it can.
- Work with the businesses payroll provider to ensure accurate and timely processing and completion of statutory returns.
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