Not all companies have Finance Directors, and there is a shared view that only large, enterprise level, companies need - and can afford. However, many companies from a Finance Director to help grow before they reach the enterprise level, understanding the role of financial director is the first step towards gaining the expertise of an individual who literally make the difference between success or failure of a company.
The main functionsa financial director can be divided into six points:
1st Finance Directors are responsible for managing the financial function of the business which include overseeing such things as recording transactions, cash flow management, internal controls and management reporting, finance department personnel management and development, external accountants and tax would be responsible.
2nd The FD manages the financial and business planningCompanies, including budgets, forecasts, strategic business reviews, financial strategy, cash and financial and formal requirements for business plans, to a third party, such as potential investors may be displayed.
3rd FDs manage relationships with key external stakeholders, including donors, banks, external investors, lawyers and corporate financiers as well as the aforementioned accountants and tax
4th A finance director withBusiness background is often in a position to contribute to and functions as the management of IT systems, legal, HR, real estate and other facilities. Special projects such as mergers and acquisitions and internal change management are often treated by the Finance Director.
5th The FD, the amount of interpreters and translators. A good Financial Director will describe not only good-quality figures with sound and robust systems and processes, but also in a position toWhat do the numbers. Moreover, this interpretation includes not only that, what happened, but what will happen in the future, with the help of indicators and key performance indicators. The translation of numbers into facts on the ground is probably the most important differentiating factor for a good finance director has a good financial control.
6th Finally, it is also is crucial to the FD is perfectly positioned to the company's number two of the management, the ideal partner, Devil's Advocate, conscience,Voice of reason and where occasionally necessary to brake. A good fund FD can talk to people, finance and current financial issues that affect the day to day running of the business in a clear and concise manner of the management team.
It could be logical to conclude that all these tasks required for a finance director is a full time role of larger company. However, more and more companies are discovering that there is a significantPeriod in the life of a growing company where the skills and experience that can provide the above services are required, but not on a full time basis, and that a flexible Finance Director is a low risk, cost-effective bridge between the Using an accountant / auditor and the combination of acquisition, the first full-time FD.
What is a "flexible" Finance Director?
A flexible or part-time FD is not just about everything you expect for a permanent Finance Directorto do as long as it is not illegal, unethical or immoral! Some customers have only an accountant, others have a controller, a leading finance team and the flexible finance director adapts to the resources of the client.
In general, flexible finance directors work on an ongoing basis with clients on projects of strategic importance but are also happy to oversee finances in all their parts.
In addition, a flexible FD is not native, as theynot work in the business full time. The main advantage of this, there is the possibility to obtain an external perspective on issues. This can be very important if the management teams in SMEs are often overworked and have no valuable time re-survey questions to see them in a new light.
Finally, with a flexible model FD-growing businesses can use to ensure this critical expertise at a fraction of the cost of a full time finance director.
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