What does the finance department do? Organizational structure of the financial and economic service of an industrial enterprise

1.1 Description and functions of the financial and economic department, interaction with other departments

In the organizational structure of CJSC "Regeton", the financial department is distinguished as an independent structural division of the enterprise, like other structural divisions, the financial department is created and liquidated by order of the head of the enterprise.

The financial department is subordinate to the commercial director of the enterprise.

The staff and composition of the financial department is appointed and approved by the director of JSC "Regeton" and consists of a manager appointed to the position by an internal order of the enterprise at the suggestion of the commercial director and three specialists.

Functions of the financial and economic department

1. Implementation of a unified enterprise policy in the field of finance. Development of a financial strategy for an enterprise and a basis for its financial stability.

2. Drawing up drafts of long-term and current financial plans, with all necessary calculations attached.

3. Organization of the financial activities of the enterprise with the aim of the most efficient use of all types of resources in the process of production and sale of products (works, services) and obtaining maximum profit.

4. Control and management of used working capital of the enterprise, loans. Participation in planning product costs and profitability of production.

5. Analysis of the financial and economic state of the enterprise.

6. Development of forecast balances and cash budgets.

7. Maintaining operational records of financial, settlement and credit operations performed by the enterprise on accounts in banks and credit institutions.

8. Development of accounting and tax policies Organization of work on the transfer of payments and contributions for taxes and fees to budgets of all levels.

9. Development of the enterprise's credit policy.

10. Ensuring timely tax payments, settlements with creditors and suppliers. Keeping records of the movement of funds and reporting on the results of financial activities in accordance with financial accounting and reporting standards.

11. Creating conditions for the effective use of fixed assets, labor and financial resources of the enterprise. Ensuring the timeliness and completeness of payment of wages to workers and employees of the enterprise.

Relationships between the financial and economic department and other departments.

To perform functions and exercise rights, the financial department interacts:

1. With accounting;

accounting information about the activities of the enterprise;

balance sheet and operational summary reports on income and expenses of funds, on the use of the budget;

reporting calculations of the cost of products (works, services);

plans for conducting inventories of fixed assets, inventory and cash;

payroll calculations; - financial, credit and cash plans;

reports on loan repayments, interest payments on loans;

2. With the economic planning department of medium-term and long-term plans for the production activities of the enterprise;

copies of planned economic targets of the enterprise divisions;

planned technical and economic standards for material and labor costs;

draft wholesale and retail prices for enterprise products, tariffs for work and services;

results of economic analysis of all types of enterprise activities; financial and credit plans;

reports on the implementation of financial plans;

results of financial analysis;

methodological and instructional materials on the financial activities of the enterprise

3. With the department of material and technical supply of projects of long-term and current plans for material and technical support of the production activities of the enterprise;

reporting data on the movement of material and technical resources, their balances at the end of the reporting period;

copies of claims submitted by counterparties;

draft claims against counterparties in case of violation of contractual obligations;

reports on the implementation of logistics plans; agreed upon draft claims;

proposals to eliminate the reasons that served as the basis for filing claims and sanctions against the enterprise;

approved calculations of working capital standards

4. With the legal department, decisions on claims and lawsuits brought against the company;

generalized results of consideration of claims, court and arbitration cases;

explanations of current legislation and the procedure for its application;

legal assistance in claims work;

agreed materials on the status of receivables and payables, proposals for forced collection of debts;

analysis of changes and additions to financial, tax, civil legislation of draft financial agreements for legal examination;

materials for filing claims, lawsuits in courts;

conclusions on claims and suits brought against the enterprise;

documents on the transfer of funds for payment of state duties to satisfy claims and claims brought against the enterprise;

requests for clarification of current legislation.

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The financial management of an organization is an integral part of the entire system of enterprise functioning. It is carried out using various methods and techniques. Financial management of an enterprise makes it possible to make important strategic decisions that will determine the successful development of the organization and its solvency. Thanks to this system, the profit received is used as efficiently as possible, which increases the value of the enterprise.

Planning is an important element of the financial management system. Its main goal is to determine and coordinate the expenses and income of the enterprise. Planning allows you to determine a development strategy and prevent bankruptcy due to mistakes in financial management.

Planning functions:

— Providing financial resources.

— Determining ways to effectively invest funds.

— Determining ways to increase profits using enterprise reserves.

— Financial contacts with banks, budget, etc.

— Taking into account the interests of shareholders.

— Monitoring the state of the budget, solvency, and creditworthiness of the organization.

Financial planning methods:

Financial planning is carried out using the following methods:

Method	Purpose
Economic analysis	Determines internal reserves, financial development indicators
Normative method	Calculates the required budget size based on existing standards (for example, tax rate).
Balance calculations	Building a forecast of basic income and expenses
Cash flow forecast	Calculation of expected income and timing of their receipt
Multivariate calculations	Creation of several options for planned calculations for further selection of the most successful option.
Economic and mathematical modeling	Determining the relationship between financial indicators and factors that influence their formation.

Strategic Goals

The main goal of financial management is to maintain the well-being of the enterprise by constantly increasing its market value. Making a profit at a given time is not one of the goals of financial management, since this alone is not enough. A company may undertake risky financial transactions in order to obtain greater profits. In such cases, the income received does not guarantee the stability of the organization and its prospects for further development. While making a profit at a given point in time, an organization may be on the verge of bankruptcy. The organization's welfare system includes the following strategic goals:

— Elimination of the possibility of bankruptcy. In order to prevent an enterprise from going bankrupt, it is important to constantly monitor the relationship between expenses and income, take into account changes in the economic situation in the country as a whole, carefully monitor the state of the budget and solvency, etc.

— Increase in production volumes. Constant progress and the planned development strategy are the key to stability and constant increase in the profitability of the organization.

— Avoiding financial losses. It is necessary to take into account all possible financial risks when concluding transactions and reduce them to a minimum.
— Ability to withstand competition and take a leading position in the market.

— Increasing the value of the organization. The market price of an enterprise is important for its owners, especially for shareholders (if it is a joint-stock company). The higher the price of a company, the higher the value of its shares. An increase in profits for members of a joint stock company means an increase in the amount of money they can receive when selling their share, liquidating the enterprise, or merging.

— Ensuring maximum profit for a specific period. The higher the profit, the greater the capital of the owners of the enterprise. When calculating profit, the favorable correspondence of the costs incurred for the production of products to the expected income from its sale is determined. The higher the expected profit, the greater the degree of material interest of the organization's management. It is important to understand that there is a direct relationship between the amount of expected profit and the degree of financial risk. Big profits are always achieved by concluding transactions with a high degree of risk. Therefore, financial managers of an enterprise must clearly assess the acceptable amount of financial risk and its feasibility.

— Ensuring solvency. Maintaining a balance between the receipt of funds and their expenditure is a way to ensure the constant solvency of the organization. This is achieved through strict adherence to the terms of accounts receivable, analysis of the solvency of debtors, timely repayment of the company’s debts, etc.

— Formation of necessary financial resources. This goal involves assessing the need for resources, maximizing the use of internal resources of the enterprise, using resources from external sources, attracting financial resources from borrowers, and forming the resource potential of the organization.

— Ensuring the financial stability of the organization. The stability of an enterprise is manifested in its financial stability, solvency, and the ability to independently finance its material needs.

Financial management tasks

Achieving goals involves solving the following key tasks:

— Formation of a balanced movement of material and cash resources.

— Formation of the amount of financial resources required in a given period of time.

— Effective use of resources in all areas of the organization.

— Ensuring financial stability.

— Achieving financial independence.

— Maintaining solvency.

Elimination of ineffective areas of activity.

— Profit maximization.

— Risk minimization.

— Ensuring continuous development.

— Assessing the correctness of decisions made.

— Crisis management (to avoid bankruptcy).

— Organization of a system of performance indicators, which is the key to financial stability.

Features of the organization of financial management

The effectiveness of financial management depends on compliance with the following conditions:

Interrelation with the general management system. Financial management of an organization cannot be effective without interaction with other enterprise management systems. Financial management is directly related to the activities of the production department, innovation department, personnel department, etc.
Complex nature of decision making. Since all structures of the enterprise are in direct interaction, the direction of financial flows to one department can lead to a lack of funding for another department. The effectiveness of financial management is manifested in an integrated approach to building and distributing cash flows.
Dynamism. Financial management should be built on the basis of the currently established economic situation in the country and the conditions that exist in the enterprise. Techniques, indicators and standards that were effective and relevant in past periods may not be effective in a given period of time. Sensitive response to the slightest changes in the financial situation and timely development of the management system required at the moment make it possible to minimize the likelihood of bankruptcy of the enterprise and maintain its solvency.
Availability of alternative options for solving problems. Every management decision must be made after a thorough analysis of all options.

Classification of financial management functions

The financial management of an organization performs a number of functions aimed at ensuring stability and creating prospects for its further development. These functions include:

Function	Scope of application
Control	Organization of an internal control system at the enterprise. Control over the implementation of assigned tasks is carried out by specially created divisions and departments. The control system includes the presence of certain indicators and control periods. Based on the results of the data obtained, one can judge the efficiency of the enterprise and make adjustments to the work to further improve performance.
Strategy Development	Based on the development plan of the enterprise itself and the situation in the market as a whole, a strategy is formed that provides for further ways of developing the organization. The forecast is formed for the long term, taking into account all areas of the organization’s activities.
Information function	Provides an explanation of all existing options for financial decisions, determines the scale of financial needs, generates sources of information (internal, external), and systematically monitors the financial condition of the organization and the entire economy as a whole.
Organizational function	Management decisions regarding the activities of the organization are accepted. Financial management must clearly respond to any changes. The effective implementation of this function becomes possible if there is an organizational structure with a clear hierarchy, in which each department performs its assigned tasks under the control of its immediate supervisor. Departments performing organizational functions must be in close cooperation with other structures of the enterprise.
Analysis	It involves an assessment of the financial situation that has developed at a given time, and a more thorough assessment for the long term. The results of the activities of the organization, specific departments, subsidiaries, branches, etc. are also analyzed.
Stimulation	It involves the creation of an incentive system for employees working in the management system (heads of departments, managers). Incentives help to interest employees in the effective execution of management decisions. Employees are tasked with fulfilling plans, meeting deadlines, achieving established indicators, complying with necessary standards, etc. When solving the tasks set by management, employees of financial management departments receive encouragement in various forms. If employees fail to fulfill their obligations, they are punished (forfeiture of bonuses, cancellation of privileges, etc.).

Thus, financial management is an important element of the management structure of an organization. The main goal of financial management is not to obtain a one-time profit, but to ensure the well-being of the enterprise as a whole. This is manifested in the implementation of a whole range of measures and techniques aimed at eliminating the likelihood of bankruptcy, efficient use of resources, maintaining solvency, increasing the market value of the company, etc. To achieve positive results, it is important to use an integrated approach, dynamically respond to any changes in the economic situation, and interact with other management systems of the organization.

I APPROVED _____________________________________ (name of the position of the head of the enterprise)

____________________________________ (full name, signature)

"____"______________ _____ G.

POSITION

about the financial department of the enterprise

1. GENERAL PROVISIONS

1.2. The department was created on the basis of the order of the head of the enterprise N _____ dated "__"_______ ____.

1.3. The head of the department is appointed and dismissed by order of the head of the enterprise.

Employees of the department are appointed and dismissed by order of the head of the enterprise upon the proposal of the Head of the department.

1.4. The department is guided in its work by:

Federal laws of the Russian Federation;

Decrees and orders of the President of the Russian Federation;

Resolutions and orders of the Government of the Russian Federation;

Laws of ____________________ (specify the subject of the Russian Federation);

Charter of the enterprise;

By these Regulations.

1.5. The department should have documents and materials on the following issues:

Legislative and regulatory legal acts regulating production, economic and financial and economic activities;

Regulatory and methodological materials relating to the financial activities of the enterprise;

Methods of organizing and planning information work; new information technologies;

Prospects for the development of the enterprise;

State and prospects for the development of financial markets and sales markets for products (works, services);

Basics of production technology;

Organization of financial work at the enterprise;

The procedure for drawing up financial plans, forecast balances and cash budgets, plans for the sale of products (works, services), profit plans;

A system of financial methods and levers that ensure financial flow management;

The procedure for financing from the state budget, short-term and long-term lending to an enterprise, attracting investments and borrowed funds, using own funds, issuing the purchase of securities, charging payments to the state budget and state extra-budgetary social funds;

The procedure for distributing financial resources, determining the effectiveness of financial investments;

Rationing of working capital;

Procedure and forms of financial settlements;

Tax law;

Financial Accounting and Reporting Standards;

Economics, organization of production, labor and management;

Accounting;

Unified state system of office work;

Methods for the effective use of office equipment and other technical means of managerial work;

Internal labor regulations;

Labor protection rules and regulations.

2. DEPARTMENT STRUCTURE

2.1. The structure and staffing of the department is approved by the head of the enterprise.

2.2. The department is managed by the Head of the Department.

2.3. The department includes (specify positions):

- __________________________________________;

- __________________________________________.

3. MAIN TASKS OF THE DEPARTMENT

3.1. Management of the movement of financial resources of the enterprise.

3.2. Regulation of financial relations.

3.3. Ensuring the financial stability of the enterprise.

3.4. Determining the financial strategy of the enterprise.

3.5. Implementation of the enterprise's investment policy.

3.6. Analysis and control of the financial and economic activities of the enterprise.

4. FUNCTIONS OF THE DEPARTMENT

In accordance with the tasks assigned to it, the department carries out the following functions:

4.1. Managing the movement of financial resources of an enterprise and regulating financial relations that arise between business entities in market conditions, in order to most effectively use all types of resources in the process of production and sale of products (works, services) and obtain maximum profit.

4.2. Development of draft long-term and current financial plans, forecast balances and cash budgets.

4.3. Development of a financial strategy for the enterprise and its financial stability.

4.4. Bringing approved financial indicators to the divisions of the enterprise.

4.5. Preparation of draft plans for the sale of products (works, services), capital investments, scientific research and development, planning of product costs and production profitability.

4.6. Calculation of profit and income tax.

4.7. Determination of sources of financing for the production and economic activities of an enterprise, including budget financing, short-term and long-term lending, issue and acquisition of securities, leasing financing, borrowing and use of own funds, research and analysis of financial markets, assessment of possible financial risks in relation to each source of funds and development of proposals to reduce them.

4.8. Implementation of investment policy and management of enterprise assets, determination of their optimal structure, preparation of proposals for replacement, liquidation of assets, control of the securities portfolio, analysis and evaluation of the effectiveness of financial investments.

4.9. Development of working capital standards and implementation of measures to accelerate their turnover.

4.10. Ensuring timely receipt of income, processing financial, settlement and banking transactions within the established time limits, paying bills of suppliers and contractors, repaying loans, paying interest, wages to workers and employees, transferring taxes and fees to the federal, regional and local budgets, to state extra-budgetary social funds, payments to banking institutions.

4.11. Analysis of the financial and economic activities of the enterprise, development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory, increasing production profitability, increasing profits, reducing costs of production and sales of products, strengthening financial discipline.

4.12. Monitoring the implementation of the financial plan and budget, product sales plan, profit plan and other financial indicators, the cessation of production of unsaleable products, the correct expenditure of funds and the targeted use of own and borrowed working capital.

4.13. Keeping records of the movement of funds and reporting on the results of financial activities in accordance with financial accounting and reporting standards.

4.14. Ensuring the reliability of financial information.

4.15. Control over the preparation and execution of reporting documentation, its timely provision to external and internal users.

4.16. Provide methodological guidance to the activities of other structural divisions on financial issues.

4.17. Carrying out, within one’s competence, record keeping, generating and sending/receiving correspondence and other information via electronic communication channels.

4.18. Implementation of the organization of maintaining regulatory and reference information related to the functions of the department.

4.19. Ensuring, within its competence, the protection of information constituting state secrets and other information of limited distribution.

4.20. Carrying out, in accordance with the legislation of the Russian Federation, work on the acquisition, storage, recording and use of archival documents generated during the activities of the department.

The assignment to the department of functions that are not related to the functions of the department is not permitted.

5. RIGHTS

To solve the tasks assigned to it, the department has the right:

5.1. Request, in the prescribed manner, information (materials) from the structural divisions of the enterprise on issues within the competence of the department.

5.2. Monitor the implementation by structural divisions of the enterprise of programs developed by the department.

5.3. Monitor the financial and economic activities of the structural divisions of the enterprise.

5.4. Conduct negotiations with third-party organizations within the limits of their competence in accordance with the established procedure, and sign contracts.

5.5. Make proposals on issues within the competence of the department in the form of projects.

6. INTERACTION WITH STRUCTURAL DIVISIONS OF THE ENTERPRISE

6.1. In the process of production activities of the enterprise, the department interacts with the following structural divisions:

- ____________________________________________________________,

- ____________________________________________________________.

7. RESPONSIBILITY

7.1. The Head of the Department bears full responsibility for the quality and timeliness of fulfillment of the tasks and functions assigned to the department by these Regulations.

7.2. The responsibility of department employees is established by current legislation and job descriptions.

7.3. The head and other employees of the department are personally responsible for the compliance of the documents they prepare and transactions with correspondence with the legislation of the Russian Federation.

8. CRITERIA FOR EVALUATING THE DEPARTMENT’S ACTIVITIES

8.1. Timely and high-quality implementation of set goals and objectives.

8.2. High-quality performance of functional duties.

Head of Financial Department

____________________________

The enterprise management system is a complex mechanism, and the financial department is one of its most essential components. The essence and organizational tasks of the financial department are the most important information blocks where all data on the activities of the enterprise is concentrated.

You will learn:

Why do you need a finance department?
What is included in the structure of the financial department
Who works in the finance department
What does the finance department do?
What does the Regulations on the Financial Department establish?

Financial department The enterprise collects and analyzes data on the activities and operations carried out by the enterprise, including accounting results, data on competitors and consumers, and foreign economic reports.

Why do you need a financial department in an enterprise?

The financial and economic department is a structural entity that performs specific management functions at the enterprise. The organizational and legal form of the enterprise, the nature of the activities carried out, production volume and the total number of employees determine the structure and number of the financial department.

The nature of the activity and production volume determine the amount of financial turnover, the number of payment documents for settlements with partner enterprises (both suppliers and customers), as well as with private banks, creditors and directly with the budget. The scale of cash transactions and settlements with employees determines the composition and number of staff in the financial department.

Main directions of financial work, carried out at the enterprise - budget planning, operational and control-analytical activities.

In the field of planning The financial department performs the following functions:

deals with financial and credit planning, taking into account all necessary expenses;
analyzes its own working needs;
identifies opportunities for financing the enterprise’s activities;
develops capital investment projects taking into account all the features;
participates in drawing up business plans;
designs cash plans;
takes part in planning the sale of industrial products, analyzes profitability and related costs.

Operational work The financial department is responsible for performing various types of tasks, the main ones being:

ensuring receipt of payments to the budget at a strictly established time, payment of interest on short- and long-term bank loans, timely payment of wages to all employees of the enterprise, carrying out all cash transactions;
payment to suppliers for goods and work provided;
covering the costs of planned costs;
execution of credit agreements according to contracts;
daily monitoring of product sales, profits from them and other sources of income for the enterprise;
control over the implementation of the requirements of the financial plan and the general financial situation at the enterprise.

Control and analytical work

The financial department of the organization undertakes to constantly monitor financial receipts, cash transactions and the credit plan, calculate profits and profitability indicators, as well as monitor the feasibility of using both its own budget and funds from borrowed capital and bank loans.

Practice shows that previously the responsibilities of the financial department were performed by a group of accountants working at the enterprise.

Currently, the tasks of the financial department have expanded significantly, which required the creation of a separate division in the enterprise dealing with financing issues. The expansion of tasks is associated with the emergence of enterprises of various organizational and legal forms, as well as the formation of non-state commercial organizations. The transfer of municipal and state property into private hands, the growth of subjective independence in various areas, including in the field of foreign trade, also played a key role in this process.

In small private corporations and partnerships, the activities of the financial department may be carried out by accountants due to low trading turnover and a small staff. A completely different situation can be observed in large organizations, closed and open joint-stock companies, where the presence of such a structural unit as a financial department is vital.

How to prepare a child to manage a business: raising an heir

Market relations in business activities contribute to an increase in the number of functions performed by the financial department, which, in addition to monitoring budget revenues, carrying out partnership activities with banks, lenders and suppliers, timely provision of wages to employees, planning payments, monitoring the appropriate expenditure of its own budget funds, is obliged also engage in financial management, which creates a new range of tasks.

Financial management is the process of managing all financial receipts and expenses, the purpose of which is to find the most effective ways to use one’s own budget funds and attracted capital to increase production profits. Analyzing financial reports on a number of indicators, including taking into account the system, which depends on the assets and liabilities of the enterprise, financial management sets itself the task of developing the most profitable strategy and tactics for resolving financial issues, thereby radically changing the role and place of the financial service in the management system enterprise.

The activities of the financial department are dedicated to main goal– ensure stability and economic growth, increase the profit of the enterprise.

The main content of financial work includes the following:

financing of economic activities;
maintaining partnerships with financial, credit and other business entities;
appropriate use and planning of equity and borrowed capital;
ensuring timely budget revenues, bank deductions and payments to employees and suppliers. Thus, the financial management department is engaged in the implementation of financial circulation, taking into account strict planning of funds, as well as maintaining partnerships in order to increase the commercial profit of the enterprise.

How to control your financial situation without a financial department

If management accounting is poorly established at an enterprise, the director receives information about profits and losses from the accounting department a month after the end of the period. This means that it is impossible to influence the situation. Weekly planning will help you avoid financial problems: without waiting for reports from the accounting department, you will be able to control expenses, avoid unnecessary expenses, and most importantly, create a tool for planning the future.

Set performance targets and then monitor their deviations - such monitoring requires no more than 15 minutes per week. The editors of the Commercial Director magazine explained how to set up such a system.

What does the structure of the financial department look like?

The structure of the financial department is determined by the volume of production, the scale of the enterprise, its goals and the direction of its activities.

Approximately financial service structure a large organization looks like this:

On financial accounting assigned the tasks of accounting, compiling and maintaining reports in the balance sheet system, as well as the financial department's report on profits and expenses, compiling public reporting in accordance with generally accepted accounting standards and developing accounting policies.
Analytics department Performs functions related to the analysis of financial data and the general condition of the enterprise. Involved in the preparation of the annual financial report and plays a key role in the preparation of the reporting report at the general shareholders' meeting. Analyzes the financial performance of the enterprise and monitors the competent design of the investment fund.
Financial Planning Department carries out the development of short- and long-term financial projects, and also manages the overall budget of the enterprise.
Tax planning department has as its task to develop a correct tax policy, draw up reports on tax payments and tax returns, submit them to the relevant authorities, ensure timely payment of taxes in full, verify calculations with the main budget and extra-budgetary sources of financing.
Operations department carries out activities to work with creditors and debtors, communicates with banks and other financial and credit organizations. Monitors compliance by all subdepartments with payment, tax and settlement discipline.
Securities and Currency Control Department forms a package of securities and controls their movement. Monitors the implementation of all financial transactions in accordance with existing legislation. In other words, it performs a key control and treasury function in the structure of the financial service.

It should be noted that the positions of directors of financial services of various companies on the question of what determines the structure of the financial department vary significantly.

Some of them consider the classic model, consisting of the treasury, accounting, and budget (planning) department, to be ideal.

Others note the importance of a company's strategic goals influencing the composition of the financial function. For example, if the activity of an enterprise is focused primarily on working with securities, then the structure of the department must have a special body that carries out these functions.

Expert opinion

The structure of the financial department depends on the needs of the company

Ella Gimelberg,

General Director, Managing Partner of S&G Partners, Moscow

The structure of the financial department should be divided if the activity of the enterprise requires it (large turnover, participation in investment and borrowing programs, availability of accounting in accordance with IFRS, management accounting system, etc.). The financial director can be called a top manager whose powers do not include primitive management and financial issues. Departments of the financial department - treasury, budgeting management, management accounting, investment activities - should be included in the structure of the financial service. Such a department structure implies the presence of four line top managers (3 management managers and 1 treasury manager), responsible for the proper performance by all departments of their main functions. The department's financial director should monitor their activities and develop new strategies for improving the system.

Financial department employees and their functions

In order to understand the financial management scheme, it is necessary to clearly understand the functions of each person working in the financial department. So, employees of the financial department have the following powers and responsibilities:

Controller

A specialist in this area carries out internal control in the financial department. He develops various cost and expense accounting strategies to find more cost-effective ways of production. The controller transmits the information received to higher-ranking structures: the vice president of the company, the chief manager and, at the final level, the board of directors.

The controller's primary responsibility is focused on developing financial estimates. He analyzes the financial situation of the enterprise, its financial condition, gives his forecast, assessment and proposals for changes that will increase the profitability of the enterprise.

Accounting and sales department: how to establish effective cooperation

If the company operates as a corporation, then the appointment of a controller to the position is made by the board of directors, and his job responsibilities are fixed in the organizational charter. As a rule, the position of “controller” is filled with the support of the company president and financial committees.

Treasurer

The main responsibilities of the treasurer are handling the company's securities and cash. The treasurer carries out all necessary monetary transactions: collection, transfer, investment, borrowing and disbursement of finance. Similar to the previous situation, the treasurer is directly subordinate to the vice president (in exceptional cases, to the president of the company).

The range of his responsibilities includes conducting partnership activities with banks, monitoring all operations of the enterprise: cash and credit. To forecast the future flow of funds, the treasurer works in cooperation with the director of financial budgeting as well as the controller, while ensuring that funds flow in accordance with the planned short-term bank loans, increasing the influx of cash receipts or reducing cash deposits and liquidating short-term investments .

The treasurer's unique authority lies in his responsibility to endorse with his signature all company checks for both large and small amounts. These sums and funds are under his control or under the direction of one of his subordinates. In many organizations, the treasurer also combines the position of secretary, whose responsibilities include signing all contracts, mortgages and invoices, certificates and other financial documents of the company. The treasurer, or otherwise the vice president of the company, plays a key role in the enterprise management system.

Chief Accountant

The financial department of accounting includes a number of specialists, but maximum responsibility lies with the chief accountant. This specialist is directly subordinate to the controller and has related functions, but at a lower level and on a much smaller scale.

The chief accountant is responsible for planning, and also, working in cooperation with the controller, develops and practically applies strategies for accounting for costs and expenses incurred by the enterprise, as well as methods for effective auditing. However, these are secondary functions, and the main powers are to conduct accounting and maintain financial statements.

The chief accountant prepares financial and statistical summaries that are then submitted to the controller, treasurer, or manager. In other words, the tasks of an accountant are the preparation of basic reporting documents, which are then transferred to the main shareholders, federal and headquarters organizations. However, in some institutions the functions of an accountant and controller can be combined and performed by one specialist.

The chief accountant is often responsible for monitoring the enterprise's data processing system. Thus, it is this specialist who oversees this system, and the controller serves the accounting requirements (accounts receivable, resource control, payroll, etc.).

How to become a CEO and organize your own business

Some companies are equipped with installations for data processing in the field of accounting, but over time these installations acquire new functions. As a result, the chief accountant is responsible for monitoring and controlling these installations, and the controller switches to working with other departments that carry out other operations.

Director of Financial Estimates

In addition to the chief accountant and controller, the financial department of large companies also includes a director who deals with financial estimates and system reporting.

A specialist in this profile is subordinate to the controller and considers issues of sales forecasting, analyzes the existing economic climate and assesses the capabilities and prospects of labor and raw materials. Based on the data obtained, the specialist forms clear projects based on production and administrative financial estimates for presentation to higher structures.

The Director of Financial Estimates prepares the final estimates and provides copies to the heads and managers of all departments. Working in tandem with the treasurer, the director of financial estimates ensures that the funds indicated in the estimate are financially secured if they need to be used.

This specialist analyzes financial estimates and, in case of any changes, offers possible options for improving both the estimates themselves and production plans.

Auditor

At the headquarters of the financial department, the position of auditor is not mandatory. The main tasks of the auditor are to check the correctness of the records.

In addition to the auditor, this unit employs auditor assistants, auditor representatives of enterprises and departments, as well as all clerical staff. Planning internal audits and conducting all operations related to the audit are the main tasks of this official. The auditor may be subordinate to various specialists, for example, the controller or chief accountant, but there are also cases when the auditor is subordinate to the president of the enterprise, the board of directors or the financial committee.

If the main link is the controller, then it is he who monitors the plans and results of audits. If the auditor sees more effective ways of internal control and simplification of audit and accounting functions, he has the right to propose his ideas regarding accounting changes to a superior.

As a rule, it is the auditor who works with accountants who independently audit the books of the enterprise. In some companies, there is a single position of auditor and director of financial estimates, subordinate to the controller.

Tax Manager or Administrator

The tax manager is subordinate to the treasurer, but despite this, a specialist in this profile often receives assignments from the controller, since in order to resolve issues related to tax obligations, he needs to cooperate with both departments: the audit and general accounting department.

The Tax Administrator is part of the staff of the Finance Department, whose functions also include insurance operations. In large companies, tax transactions of various types (excise taxes, local, state and federal taxes) are performed by different sectors of the tax department. In this case, the tax manager reports not to the controller, but directly to the president of the enterprise or the financial committee.

As a rule, a lawyer or “public” accountant who is aware of the existence of certain rules, requirements and regulations is invited to fill this position.

Director of Planning

The Financial Analysis Department, which deals with both analysis and forward-looking tax planning, is represented by the Director of Planning. Even if this position is not provided for in the company’s system, these functions are still necessarily performed by some other specialist.

The Director of Planning is a senior position, and the person holding it operates at a high level in cooperation with the Chief Financial Officer. As a rule, either the chief accountant or the director of financial estimates can advance to this position.

Planning Director(most often acts as financial analyst)

This official is responsible for preparing the final report for subsequent submission to his superiors. The final conclusion is based on all financial estimates, audits and accounting data. A specialist in this profile develops short- and long-term financial plans, and also determines the main target areas in the areas of sales, profit and capital expenditures.

When making decisions about the liquidation, merger or purchase of new branches of the enterprise, the opinion of the planning director is very weighty. The director of planning and financial analysis assesses the state of the market and the general economic situation of the enterprise.

The functions of this specialist are similar to those of the head of the financial department, although in some situations he performs the same work as the controller and the director of financial estimates. The three officials listed above may serve as the director of planning and financial analysis if this position is not provided in the company's headquarters. In this situation, the main responsibility lies on the shoulders of the senior manager of the financial department.

Financial director: responsibilities and functions of the chief “accountant”

Director position planning appears in the company structure in the case of large-scale production, when issues of financial analysis and long-term planning play an important role. In such cases, the main responsibility of the planning director is to perform part of the official duties of the financial manager and coordinate the information flow coming from the controller, director of financial estimates, and treasurer to higher structures.

Finance Committee

The Financial Committee is currently acquiring the functions of the financial monitoring department, which solves the most important strategic tasks. Any major decision concerning finances is the result of the activities of the finance committee.

As a rule, the board of directors decides to create a financial committee, which is not only an advisory body involved in developing enterprise policies, but also a functional element of the company.

Finance committee meetings rarely occur on a daily basis; meetings are usually organized monthly or quarterly to discuss any important issues that have been placed on the agenda in advance by the company president or board of directors.

Job responsibilities chairman The financial committee is carried out by the company president, financial manager or chairman of the board of directors. The financial committee usually includes the president of the corporation, representatives of the board of directors, and chief specialists of all financial groups. In small-volume companies, the finance committee consists of all responsible officials.

If the board of directors has decided to create this body, then the finance committee has the right to resolve all financial issues on behalf of the board of directors during the period between meetings. By clarifying financial policy issues at meetings and meetings, finance committee specialists determine the general framework that should guide all company employees in carrying out their activities. After this, the issues discussed are subject to voting, although this is an optional condition of the meetings.

The financial policy of the company is not the only area of activity of the financial committee. In addition, this body, operating on an ongoing basis, analyzes financial estimates, reviews audit results, evaluates capital expenditure plans and develops pricing policies.

In small enterprises, this financial authority gives consent to large loan requests, evaluates the performance of personnel and sets wages according to the duties performed, and also decides on additional incentives for employees.

In large organizations, separate structures deal with the development of financial estimates, investment plans and planning. However, in the vast majority of all companies there is only one body - the financial committee, which deals with all of the above issues.

Main areas of work of the financial service

The CFO uses various enterprise management methods:

lending;
taxation;
planning;
self-financing;
cashless payment system;
self-insurance (formation of reserves);
trust, mortgage, leasing, factoring and other transactions;
insurance.

When using these methods, it is possible to carry out various financial transactions related to credit, borrowing, interest rates, discounts, stock and currency exchange rates, dividends, etc.

Financial work The department produces in three areas:

financial planning (expenses, income, capital);
financial turnover management in the current situation;
work in the financial department to control and analyze all monetary transactions.

Financial planning (budgeting income, expenses and capital)

The financial planning department carries out multifaceted planning of financial plans and ensures control over their implementation in each of the structural departments and the company as a whole.

If the headquarters of employees of structural divisions (responsibility centers) is finally determined, then the possibilities for planning and forecasting results are significantly expanded.

Many large companies draw up separate budgetary and monetary proposals for profit and cost centers, financial accounting centers and profit centers.

Financial Accounting Center– a body of the company’s financial structure that carries out independent management accounting activities.

Financial accounting centers consist of objects of three types:

influencing the profitability of the company (budget revenues and expenses);
determining the ability of an object to make payments (item of movement of budgetary funds);
influencing the long-term improvement of the company (capital budget item).

To develop budgets The following data applies:

information and forecasts about the profitability of sales (works, services provided);
information on variable production costs for each group of goods;
data on fixed and total costs that are analyzed for each individual type of product in order to determine the profitability of the product;
forecasting changes in enterprise assets, investment sources, turnover indicators and profitability of turnover assets.
data on the tax solvency of the enterprise, deductions of funds to non-budgetary organizations, taking out loans from financial institutions and their quick repayment;
forecasting the profitability of barter activities and drawing up joint reports on the analysis of its profitability;
data on the general state of affairs at the enterprise (composition of individual funds, wear and tear of equipment, percentage of renewal of means of production and their profitability).

Priority actions to implement budget management:

analysis of the company's production potential;
use of reporting and accounting methods;
accounting of personnel structure;
development of a financial management system;
preparation of budget funds for use and the necessary reporting for monitoring them.

To carry out budget management, an employee is first appointed to the position of budget director. As a rule, this function is performed by the head of the financial department. Acting as an expert, the financial director coordinates the activities carried out by the substructures and services of the enterprise.

The budget director heads the budget committee, which includes the main specialists of all management systems of the enterprise. The budgeting committee is a body that operates on an ongoing basis, monitoring the strategic and financial planning of the company, making recommendations and ending disputes on various issues that arise in the process of working on the budget. In the West, this body has a different name, namely: “strategic planning group” or “financial analysis and planning group”.

Operational (current) activities for cash flow management

Operational financial work consists of maintaining partnerships with other business entities and counterparties of the enterprise:

with suppliers of values and services of a material nature;
with consumers of finished products or services;
with the state budget system;
with the arbitration court when resolving controversial issues.

The financial support department, which carries out operational financial work, resorts to using various methods of effective financing of the enterprise:

financing from the personal funds of the enterprise;
policy of moderate financial planning;
application of an aggressive financial policy, which involves taking out short-term loans from the bank;
financing of obligations by obtaining deferred repayments.

However, an enterprise cannot defer payments on an indefinite basis, but only within the framework established by current legislation.

When using funds obtained through loan financing, financial department specialists use various methods to secure the funds received:

an increase in the percentage of liquid assets (finance and short-term securities);
increasing the terms of bank loans.

It should be kept in mind that these methods lead to a decrease in the borrower’s profitability:

due to investing in poorly profitable assets - in the first case;
due to strict repayment of loans and borrowings in the presence of personal savings - in the second.

When carrying out operational work with finance, employees of the financial department analyze debt indicators for debit and credit (based on quarterly reports and general ledgers, as well as journals for settlements with credit borrowers and debtors) taking into account all values of these indicators.

The company's finance department reviews bills of exchange, taking into account the discounts required for both collection and payment. These functions are partially performed by the accounting department.

The decision to take an external loan is made by the financial department, the plan of which is developed by financial service specialists and includes questions about how, when and at what percentage these funds will be repaid. Even despite the absence of dividends, investors can evaluate the company's shares quite highly if they are confident in the prospects of the enterprise, in its profitability and in the reliability of the information provided on payments and non-payments of dividends in the case of reinvestment of net income. The share of dividend payments, according to Western economists, should be no more than 40% if we are talking about a stable operating enterprise.

Control and analytical activities involve constant monitoring of the local and joint budget, the structure of monetary capital, spending of fixed and reserve finances, balance sheet liquidity and solvency. The organization of this work at enterprises of various organizational forms is carried out by the chief or financial director.

Financial control as a method of enterprise financial management

The financial control department manages finances at the last final stage, when control of the entire capital of the enterprise is so necessary. In addition, control over the individual circulation of funds occurs at each stage, starting with investing funds in production reserves and ending with the sale of a finished product and making a profit from its sale.

Financial control is one of the main methods used in managing the funds of enterprises.

Control and analysis of consolidated budget income ensures the continuity and stability of financing the current and operational work of the company. This is what the financial service does. Control and analysis of consolidated budget expenses is a stumbling block in any company, and the profitability of the company depends on how successfully this control is carried out.

Speaking about the financial department, what this body does and how it functions, it is necessary to list its main responsibilities: operational current work, financial planning and control, as well as control and analytical work.

To choose a competent strategy and ways of developing an enterprise in the field of investment, finance and innovation, it is necessary to carry out systematic monitoring, analysis and financial planning. The stability of a company's income depends on the decisions made by the enterprise, designed for the short and long term.

Expert opinion

What data from the financial department needs to be constantly monitored?

Dmitry Eremeev,

General Director of Richemont Luxury Goods (RLG), Moscow

It is the financial director who must bear full responsibility for all financial information provided in the obligatory presence of the logistics and sales directors. It is necessary to take into account three possible stages of financial control over the overall financial condition of the enterprise:

Operational control stage – daily, weekly and monthly report on the financial condition of the company. At this stage planning and forecasting are impossible!
The stage of short-term control is a quarterly report on the state of the company’s finances, requiring discussion and adjustment of indicators for the remaining annual period.
The stage of medium- and long-term control is the implementation of planning indicators for the next year and forecasting for the next two years. Recommendation: It is not practical to plan for less than a year.

In the event of sudden crises and other unpleasant surprises, an extremely urgent response is required to urgently stop the crisis, develop an action plan, after which it is necessary immediately identify the causes of the crisis situation and resort to them eliminating. An exception can be made only in the case of a rapidly growing business. In this case, adjustments must be made on a monthly basis.

Regulations on the financial department of the enterprise

The Financial Department Regulations are the most important document that defines the basic aspects of personnel management and the organization of documents, developed by the financial director.

So it's components:

Organizational and functional structure of the financial department.

The flowchart most clearly represents the structure of the financial service with all its departments and divisions of the reserve category.

The number of structures and staff of the financial service.

The most traditional type of presentation of structural headcount is a table containing the names of all departments, officials and the number of employees in a particular department.

Main tasks and target areas of the financial department

Depending on the development strategy of the company, the main goals of the company and the tasks of each department and official are determined, the solution of which is mandatory to increase the efficiency of the enterprise.

Function matrix.

This is a table that contains the names of various functions vertically, and the names of managers and employees of organizational units responsible for the performance of these functions are written horizontally. At the intersection of the two lines, it is noted who is doing what. A visual option for monitoring the workload of departments and distributing functions between departments.

The procedure for interaction between employees of the financial department.

As a rule, an internal procedure for interaction is established between employees of one department or between subdepartments of the financial service and an external one - with individuals (clients) and government (private) organizations. The basis is the structural features of the company, the tasks and goals of the departments and the traditions established by the company.

Procedure for resolving disputes and conflicts.

In case of conflict situations, it is necessary to file an appeal along the chain “general director – financial director – department head – ordinary employee.” If employees ask questions to the finance department regarding assignments, compensation, incentives, decision-making, or express innovative development proposals, the same approach applies.

Conflicts in the company: how to try on warring departments

Establishing indicators to evaluate the performance of the finance department.

This section describes the indicators, compliance with which evaluates the work of the financial department as successful. These indicators must be measurable and specific.

Final provisions.

This paragraph concentrates on the basic requirements for drawing up the Regulations on the financial department, the timing of its adoption by department employees, and the rules for its storage. Personnel employees and the general director of the enterprise must give their consent to the Regulations on the Financial Service.

Practice-tested solutions shared by successful financiers will help you create an effective scheme for the work of the financial service and the right motivation system, establish a dialogue with other departments of the company, and also minimize the risks of transferring accounting functions to a third-party contractor.

Have you joined a new company and need to create a financial unit from scratch? It is possible to solve a problem even without relevant experience. We need a clear algorithm of actions. It’s worth starting with a description of the key goals of the department, cascading them into processes, and then local procedures. It is more difficult for a manager who has been tasked with completely rebuilding the financial function, adapting it to new business processes. We will have to break the existing structure, overcome the resistance of employees, while respecting the deadlines and budget of the project. Well-structured business processes in the financial service do not guarantee the efficient work of employees. The bonus system for specialists should influence not only the improvement of the quality of the department’s work, but also encourage employees to actively participate in its optimization.

Where to start building a financial service

It is good if the financial director already has experience in organizing or modernizing the financial economic service (FES). If you have to create a department for the first time or the enterprise has just been created, there will be plenty of issues that require prompt resolution. Where to begin? A simple, but perhaps not always effective way is to invite a third-party consultant who will develop a FES structure for the company. At the first stage, you will receive a presentation of at least 30 sheets, which presents the vision of the financial function and only briefly mentions the cost of development and implementation, as well as the duration of adaptation. Consultants should be invited at the moment when top management has already decided on the structure of the FES, the timing of its formation, the project budget and other wishes. What can you do on your own?

Expert opinion: Irina Grigorieva- Financial Director of Gedon Group of Companies

As a rule, the financial director, before starting to build or reorganize the FES, consults with the owner of the business on the main strategic issues of its development in the foreseeable future. Together they form a rating of key economic and business indicators that will form the basis of the project. Thus, service development priorities, structure, and necessary resources are determined.

Layout and functions of the financial department

Direct development can begin with the financial director taking a large sheet of Whatman paper and dividing it into two parts with the headings “As is” and “As should be.” There will be no problems if the first column is empty. Then we move on to the next step - creating a team, for which we will recruit specialists who will lead the main directions of the project. For example, a medium-sized enterprise with small turnover and several dozen reports to create a planning department first of all needs to develop three areas: economics, treasury, document flow.

You can start building a diagram of the finance department by describing the business processes that you expect will be under its responsibility. It is impossible to “embrace the immensity”, so do not complicate the description; use the top-down approach, that is, from top to bottom. Start with the main thing, and the details will come later. For example, you can consider the common business process “calculation of planned production costs” (standart costs), which is used in manufacturing enterprises with a large number of products or in subsidiaries of foreign companies to compare operating efficiency. Using the standard instructions for a developer of corporate IT systems, we conduct interviews with the organization’s accountants and create a business process diagram. All that remains is to add the FES functions, which are not yet on the diagram.

As an example, let's look at the FES device of the Ariston Thermo Rus company. Perhaps the main business process and function of the department is planning. The department performs the following activities on a daily, monthly or as needed basis:

calculation of the planned cost of production - once a year or when launching a new type of product;
changing the planned cost of production - as necessary, for example, when upgrading an already produced type of water heater;
formation of a budget of income and expenses - annually;
budget revision - quarterly, taking into account the achieved indicators;
drawing up a cash flow budget - annually, with monthly adjustments;
calculation of return on investment planned within the budget.

In addition, the responsibilities of the FES include the development of measures for the efficient use of production capacity (reducing unnecessary downtime), material (reducing losses from defects) and labor (inflating staffing) resources. Naturally, work in each area is impossible without interaction with production and technical services, and the purchasing department. For example, when drawing up a schedule for planned equipment repairs, technical services must take into account the seasonality of demand (Ariston Thermo Rus has peak demand in the spring months). This means that equipment maintenance must be carried out in winter.

It is impossible to imagine the company's work without the control of financiers. It applies, first of all, to the plans of the sales department (year, quarter, month) and plans for the production department (daily). These functions are performed by all FES employees, but taking into account the areas (treasury, document flow, planning).

Another important function of the FES is the analysis and preparation of management decisions. Here are some components of this work:

accounting and analysis of operating results together with the accounting department, preparation of a plant report - a production report that reflects the implementation of the production plan, analysis of deviations of the actual cost from the planned one;
control of the sales budget using sales variances report - a report that summarizes deviations of the fact from the sales plan, taking into account the average price for a group of goods, sales volumes, etc.;
calculations of economic efficiency of activities in accordance with the requirements of the head office (Ariston Thermo Rus is owned by Italian owners);
drawing up an explanatory note to the annual report together with the accounting department;
preparation of the necessary summary materials and certificates at the request of local authorities;
generation of statistical reporting for the company - together with the accounting department, FES collects the necessary materials, summarizes them and prepares reports based on these data.

The described functions of the FES, including interaction with other departments, cannot be imagined without a streamlined document flow. For example, at the Ariston Thermo Rus company, the movement of incoming and outgoing documents is structured as shown in tables 1 and 2. It is worth noting that the basis for the sales budget is prepared by the commercial service, but here is the breakdown by main types (in an enlarged nomenclature) and Accordingly, the planning department makes the average sales price. The same thing happens with the production budget, which is formed by the production department, and then the economist responsible for planning in this area works with it.

Gradually, the file with business processes will be filled with new records, which will ultimately make it possible to easily formulate the basic requirements for the FES, which should be enshrined in the regulations on the department, listing there the main tasks and functions of the department, as well as indicating the regulations that will guide employees in their work . They can be divided into two groups – external documents (legislative and regulatory acts) and internal ones. The latter include the company's charter, group reporting standards (if the company is a subsidiary of a Western concern), internal regulations, and job descriptions.

Formation of the department

Having received a rough description of the structure of the financial service, we move on to its formation. To do this, we will try to apply the existing staffing table to the already described and recorded business processes, taking into account the expected labor costs. At the same time, you need to fill out the employee working time matrix. This process can cause certain difficulties, because subconsciously you will imagine the ideal service, but in practice this is difficult to achieve. However, you will be able to see where employee functions duplicate each other, and where the process was left uncontrolled. As a result, you should have a regulation on FES, a working time matrix, a staffing table with draft versions of job descriptions. Now you can contact a recruitment agency or company personnel service.

New structure - new people. Of course, if the company has been operating for some time, you can teach the functions of financial management to colleagues from the accounting department. If we are rebuilding an existing finance block, we must strictly adhere to the rule: any structure is built based on the requirements of business processes, and not vice versa, when business processes are tailored to specific individuals.

Attracting consultants

The first steps have already been taken, and at this stage you can invite a consultant who will conduct an independent assessment of your work. Some financial directors may disagree with this, believing that the costs of consulting services are often not justified. But if you are still interested in a professional look from the outside, you can take note of a few recommendations based on the author’s experience.

It’s better to start a substantive conversation with consultants with a short presentation. It succinctly describes the scope and geography of the company’s activities and key business parameters (revenue, gross profit, number of employees, description of production facilities, etc.). Separately, it is necessary to describe the existing organizational structure of the financial service and the actual business processes that it provides. It might make sense to conduct some kind of SWOT analysis of your proposed model of FES operation. This will help consultants understand your logic when implementing the project. And finally, a summary of the presentation in which management sets its requirements for the result. After the presentation, you can take a tour of the enterprise and introduce the employees of the financial service.

Well, then comes the most difficult part - the time of negotiations, agreeing on a contract, hard work with consultants on the project. Most likely, as a result, you will receive a report with recommendations, some of which you will accept with a bang, others you will reject as unsuitable for the business, and some you will shelve until better times.