Video: FINANCE MANAGER Interview Questions And Answers (How To Become A Finance Manager!) 2024, July
The goal of any business is to spend as few resources as possible and get maximum profit. It is for this task that companies have the position of financial manager. Moreover, this specialist is not needed at every enterprise. Small firms do not hire additional workers, and the duties of this type are performed by the director or accountant. At the same time, in large corporations, the role of financial manager is performed not by one person, but by a whole department of employees.
The presence of the job description of a financial manager is not provided by law, and it is very important to have this legal document. After all, it helps the employee understand what management requires of him, and what role he plays in the company. At the same time, using instructions, management can regulate the employment of its staff. It is not possible to study this profession directly at the moment, so the employee will need a related education in this area.
More detailed information on this subject contains a sample job description of a financial manager. Its items may vary depending on the direction, scale and needs of the company. The most important thing is that the document is fully consistent with the current legislation of the country.
General Provisions
The main task of a specialist holding such a position is to ensure the movement of company resources, as well as to control the financial relations of the company. This helps him to most efficiently distribute and use the organization’s reserves at the time of its core business. It also allows you to get maximum profit at minimum cost, which, in fact, is the main goal of having this position.
The legal document, namely, the job description of the financial manager, states that he is subordinate to the financial and chief directors. This post belongs to managerial posts, therefore only the general director can appoint or dismiss an employee. The employee, while fulfilling his duties, must be guided by the laws of the country, the orders of management, the rules of the company and its charter. It is also necessary to consider other documentation that governs its activities, including the job description of the financial manager.
Knowledge
Entering work, the employee is obliged to study all legal documentation that relates to the financial and economic activities of the company, to know the current state and development prospects of both the company itself and the market for services and sales. Know the principles by which the financial employment of an enterprise is carried out, how plans, forecast balances, budgets, plans for profit and sales of goods and services are drawn up. The employee should be familiar with the system of financial instruments that is necessary to ensure control and management of cash flows.
The job description of the financial manager implies that he understands the management of the company's own capital, knows the methods of valuing assets, and can determine their profitability and risk. He must learn how to properly manage working capital, and understand the methods by which his own working resources are formed. Understand the principles by which entrepreneurial risk is determined, in what order short-term and long-term lending to a company is carried out, how to attract borrowed funds and investments for an enterprise, and how best to use the company's own resources.
Other knowledge
The job description of the financial manager in the trading company states that he is obliged to know the rules for the production and purchase of securities, the procedure for distributing the organization's resources; be able to determine whether the firm’s investments are being used effectively He should be familiar with the principles of financial control, monetary payments, know by what principles and methods taxation is carried out.
Also know how to pay them correctly and what tax fees exist. To study the entire tax system as a whole, to know the characteristics of its main points, as well as the standards for reporting and accounting for financial resources of the company. According to the job description fin. manager, he must be familiar with accounting, labor law and economics. It is good to know how and why computer technology, communications and telecommunications are used. He is also required to study the rules and procedures of the company, including fire safety, discipline and labor protection.
Functions
The main task of this employee is to manage the financial resources of the company for the organization to maximize profits. Also, his responsibilities include the development of draft financial plans for the current and future type. He is engaged in forecasting the budget and balance of the company, developing working capital standards, as well as conducting activities to increase the speed of their turnover.
As indicated in the job description of the financial manager for a small business, the employee must develop measures aimed at managing capital and determining its price characteristics. The employee analyzes the economic and financial condition of the company, and also evaluates the effectiveness of its work. It should ensure the solvency of the enterprise, eliminate material and technical resources that are not used, and prevent their occurrence. Should be engaged in increasing the profitability of production, increase profits, reduce costs for the economic activity of the company, as well as strengthen monetary discipline in the organization.
Job description and responsibilities fin. manager
An employee registered for this position is responsible for ensuring the implementation of the company's budget and financial plans drawn up taking into account all necessary indicators. He develops methods for regulating the company's production efficiency. This means that the financial manager determines the best options for forming the cost of production, allocates costs, monitors the formation of prices and so on. The employee is engaged in asset management of the company. It takes into account financing of production, repair work, the release of new products, the expansion of production facilities, the opening of subsidiaries and much more.
The specialist manages free cash flows, carries out the reorganization, liquidation and sale of the property of the company. According to the job description of the financial manager in the construction company, he must determine the sources of financing the economic and production activities of the company. That is, look for ways to obtain budget financing, lending, issuing and buying securities, control leasing, borrow and operate existing funds, and more. In addition, he should conduct analysis and development of schemes for using sources of obtaining financial resources.
Other functions
An employee holding the post of financial manager must endorse proposals for the redirection and storage of funds, obtaining loans, as well as the use of other sources of obtaining financial resources. He is obliged to send all this documentation to the higher management. His responsibilities include establishing and establishing business relations with various types of credit institutions, leasing companies and other organizations of a commercial type. The financial manager is responsible for ensuring the targeted operation of the credit and own financial resources of the organization, preparing bank documentation for all payment purposes.
As indicated in the job description of the financial manager, in the singular, he is obliged to engage in the investment policy of the company and asset management, while determining their structure, preparing documentation for replacement and liquidation, and managing the securities portfolio. His responsibilities include evaluating and analyzing the effectiveness of cash flow, ensuring the receipt of income, arranging financial and settlement banking operations, paying for the work of contractors and suppliers, monitoring the timely repayment of loans and paying the company’s staff the money earned.
Other duties
If we consider the job description of the financial manager at the enterprise, there is a clause where it is indicated that the employee should provide operational financing, fulfill payment and settlement obligations, reflect all changes in a timely manner regarding the payment capabilities of the company, and track the company's own funds. He calculates profits from the sale of goods and services, uses resources, performs other operations affecting the main activities of the enterprise. The responsibilities of this employee include making decisions regarding the distribution of profits. This includes financing production processes for the implementation of the declared plans, payment of wages and dividends, the implementation of social programs, loan repayments, etc.
Other tasks
The employee is engaged in tax calculations, their minimization, transfer of funds in order to pay them to specialized institutions and funds. The job description of the financial manager (including the Republic of Kazakhstan) assumes that the employee analyzes the implementation of estimates, accounting and other reports affecting the financial activities of the company, monitors the implementation of plans, the stoppage of production of products that are unfavorable for sale, and the correct spending of the company’s financial resources.
It is he who organizes the accounting of financial resources and the preparation of reporting documentation for management and other structures that need this information. Ensures the correct execution of all documents and verifies the accuracy of the data indicated in them. Also, his tasks may include coordinating and advising management on financial matters.
Rights
According to the available job descriptions fin. manager, he has the right to demand from the management to provide him with normal working conditions. This means that the employee has the right to provide premises, organize a workplace and provide all necessary tools to fulfill the functions assigned to him. He has the right to use guidelines, instructions, orders, orders and other documents that govern his activities.
He can offer the chief methods of improving the company’s activities, as well as options for improving the forms and methods of work, if it falls within his competence. It is his right to receive draft decisions that affect his work, to request documents and data from all employees of the company, including statistics, reports and more; inform the authorities about the shortcomings of the company and propose solutions to the problem. A financial manager can sign and endorse documentation of various types, if it is within his competence. He has the right to use different methods of obtaining information to solve the tasks assigned to him.
A responsibility
An employee may be held liable if he fails to fulfill the tasks assigned to him untimely or poorly for the unlawful use of his rights, including the abuse of his powers or the use of them for personal purposes. He is responsible if he does not follow orders, instructions, instructions and other points. If he violates the charter and rules of the company, he casually treats the property of the company, roughly treats the employees and staff of the organization. The financial manager is responsible for the preservation of documents and confidential information, keeping trade secrets and espionage. He may also be held accountable for providing management with knowingly false or distorted information regarding the financial situation of the company and the turnover of its financial resources.
Conclusion
These are the main points that contain a sample job description of a financial manager. Depending on the direction of economic activity of the organization and other points, they can be changed or supplemented, without going beyond the scope of current legislation. This document regulates the main activities of the financial manager. Many people mistakenly confuse this post with the post of director, but in reality this is a bit wrong. The financial manager is only an employee of the department and is subordinate not only to the general director, but also to the financial director. The profession is very common and demanded in the labor market, but there is still no way to get a direct specialized education in this type of activity on the territory of our country, so those who wish have to choose related professions.
