Regulation on the financial management of the enterprise. The financial department is a “litmus test” of an enterprise's efficiency. Tax manager or administrator

2. Financial service of the enterprise, its structure and relationship with others

divisions of the enterprise

Financial service – an independent structural unit that performs certain functions in the enterprise management system (Fig. 2.4). This is usually the finance department. Its structure and number depends on the organizational and legal form of the enterprise, the nature of financial activities, the volume of production, the number of employees at the enterprise.

Rice. 2.4. The purpose and objectives of the financial service

The finance service has numerous functions. The main ones are financial planning, financial analysis, financial control and financial management. The functions of the financial service are built in full accordance with the content of financial work at enterprises (Fig. 2.5).

Rice. 2.5. Approximate structure of the financial service

The financial service is part of a single mechanism for managing business activities, and therefore it is closely linked with other services of the enterprise, and therefore it is closely linked with other services of the enterprise.

So, as a result of close contacts with the accounting department, the financial service is presented with production plans, lists of creditors and debtors, documents on the payment of wages to employees, the amount of money in his accounts, and the amount of forthcoming expenses. In turn, the financial service, processing this information, analyzing it, gives a qualified assessment of the company's solvency, liquidity of its assets, creditworthiness, draws up a payment calendar, prepares analytical reports on other parameters of the company's financial condition and acquaints the accounting department with financial plans and analytical reports on their implementation. , which in its daily activities is guided by this information.

The finance department receives sales plans from the marketing department and uses them in planning income and drawing up operational financial plans. To conduct a successful marketing campaign, the financial service justifies selling prices, approves a system of concessions in the contract price, analyzes sales and marketing costs, performs a comparative assessment of the competitiveness of an enterprise's products, optimizes its profitability, thus creating conditions for concluding large transactions (Figure 2.6) ...

The financial service has the right to demand from all the services of the enterprise the actions necessary for the high-quality organization of financial actions and financial flows. In her competence there are also such important characteristics of the enterprise as its image, business reputation.

Rice. 2.6. The relationship of the financial service of the organization with other departments

Like any management system, financial management consists of two subsystems: an object of management and a subject of management.

Rice. 2.7. Financial management system in the organization

The object of management in financial management is the cash flow of an economic entity, which is a flow of cash receipts and payments. Certain sources must correspond to each direction of spending of monetary funds: at the enterprise, the sources include equity and liabilities that are invested in production and take the form of assets. In general, the ongoing cash flow process is shown in Fig. 2.7.

The process of managing money turnover largely consists in forecasting cash flow for the long term and assessing its impact on the financial condition of the enterprise.

The subject of management is the financial service, which develops and implements the strategy and tactics of financial management in order to increase the liquidity and solvency of the enterprise through the receipt and effective use of profits.

The specific structure of the financial service largely depends on the organizational and legal form of the enterprise, its size, the range of financial relations, the volume of financial flows, the type of activity and tasks set by the company's management. Therefore, the financial service can be represented by various formations (Fig. 2.8).

Rice. 2.8. Types of financial services depending on the size of the enterprise

The financial department of an enterprise usually consists of several bureaus responsible for individual areas of financial work: a planning bureau, a banking bureau, a cashier's bureau, and a settlement bureau. Special groups are created within each bureau. The functions of each group are determined by detailing the functions of the bureau.

The financial management of the enterprise combines the financial department, the planning and economic department, the accounting department, the marketing department and other services of the enterprise.

These services are subordinate to the vice president of finance (Figure 2.9).

Rice. 2.9. Organizational structure of organization management

Concentration in the hands of one directorate of the main enterprise management services significantly increases the possibility of a regulatory impact on financial relations and financial flows. In this case, the financial service not only successfully fixes the quantitative parameters of the enterprise, but also, thanks to direct participation in the development of the financial strategy and tactics of the enterprise, largely predetermines their quality.

When determining the content of the work of the financial directorate (financial manager), it is important to note that it is either part of the work of the top echelon of the management apparatus of the enterprise, or is associated with providing him with analytical information, which can be used to make decisions in the field of finance.

The Directorate as a whole and each of its divisions operate on the basis of the Regulation on the Financial Directorate, approved by the management of the enterprise. It clearly reflects the general aspects of the organization and structure of the financial service, defines specific tasks and functions, relationships with other departments and services of the economic entity; the rights and responsibilities of the management. The tasks facing the financial management and its divisions cover all areas of the enterprise.

Financial managers play an important role in managing the financial activities of an enterprise.

In his work, a financial manager is based on the current legislation in the tax, currency, financial and credit spheres, proceeds from an assessment of the economic situation in the country and world financial markets. Two functional managers are subordinate to him - the controller and the treasurer. There are no clear distinctions in the work of the controller and the treasurer, their job responsibilities in different companies differ depending on the policies they pursue and personal qualities (Figure 2.10).

Rice. 2.10. Functions of the controller and treasurer in the financial activities of the organization

The functions of a controller are primarily of an internal nature. They consist in maintaining accounting records, tracking document flow and monitoring the financial performance of past and current economic activities. The controller is, in fact, the chief accountant of the company and is entrusted by the management with the preparation of financial statements, tax returns, and an annual report.

The Treasurer's activities are aimed at solving global issues to ensure the financial stability of the company. The treasurer manages the enterprise capital entrusted to him, that is, forms its optimal structure, evaluates capital costs, manages cash flow, attracts long-term and short-term loans, organizes settlements with customers.

The treasurer focuses his efforts on maintaining the liquidity of the enterprise, receiving cash on liabilities and increasing funds to achieve the company's goal. While the Comptroller places particular emphasis on profitability, the Treasurer places particular emphasis on cash flow, managing the company's accounts receivable and payments. By constantly addressing these issues, the treasurer can promptly see the signs of bankruptcy and warn it.

A financial manager is usually involved in work as an employee under a contract, which strictly defines his functional responsibilities, the procedure and the amount of remuneration. In addition to the salary, the financial manager belonging to the top management apparatus, based on the results of the enterprise's activities, can receive remuneration as a percentage of net profit. Its size is determined by the supreme governing body of the economic entity: the meeting of shareholders, the meeting of founders, the board of the enterprise. In some countries (USA, Japan), chief financial managers own a stake in the company.

For the successful formation of the financial block, the financial director must determine what functions the FES will perform and which divisions will be included in its structure. Then it is necessary to develop and approve documents regulating the activities of the FES and its divisions, as well as job descriptions for each of the employees: during the coordination and approval of these documents, many issues related to the number of employees, the requirements for their qualifications, and the wage fund are removed.

There is no universal recipe for the formation of a financial block. In each specific situation, the structure of the FES and the functions of its employees will depend on a number of factors: the specifics of the business, the requirements of the owners and legislation. In order for the structure of the FES to be optimal, it is recommended to discuss with the company's management the tasks of the financial service arising from the strategic goals, the possibility of delegating powers necessary for the implementation of these tasks, the range of responsibilities of employees, as well as a system for assessing the activities of the financial unit and its head.

When creating a financial block, you will have to take into account the specifics of the business, the traditions that have developed in the company, for example, the performance of related functions by employees, and the specifics of the organizational structure. Of course, this somewhat complicates the adaptation process of a novice CFO, but, for example, not knowing the specifics of the company's business, you will not be able to effectively cope with even the simple tasks facing the FES.

Functions and divisions of the FES company

Consider the tasks that the CFO will have to solve. It is from this that one should proceed when defining the functions of the financial service of the company and including one or another unit in the FES.

Financial controlling. Controlling can be described as a system of setting goals, forecasting and planning, establishing mechanisms and tools to achieve the assigned tasks, and also checking how successfully they are performed. This work is usually performed by the financial controlling department, or the planning and economic department. When defining the functions of the employees of this department, it should be remembered that the controlling system is based on "Four pillars": accounting, analysis, planning and organization of business processes, related to the competence of the financial director.

Treasury function. The competence of the company's treasury usually includes the current management of cash flows, determining the priority of payments, the procedure for mutual settlements, foreign exchange operations, as well as control of payments and balances on the accounts of companies within the perimeter of the group, if we are talking about a holding company. Most often, the treasury is separated into a separate division in large and medium-sized companies; in small firms, one or more employees perform these functions (for example, a bank manager).

Fundraising. To attract financing and choose the most profitable way of placing temporarily surplus funds within the FES, a financing department (credit department) can be created. However, in many companies, the function of raising and placing funds is often also the responsibility of the treasury. At the same time, the activities of these divisions are not limited only to choosing a reliable bank and obtaining loans on conditions acceptable to the company. They often work on replacing credit lines with bank guarantees with deferred payment, issuing securities (promissory notes and bonded loans), introducing factoring, as well as preparatory work to bring companies to IPO.

Rationing. Rationing in one way or another affects various areas of the company. This can be rationing of costs, indicators characterizing the state of circulating assets, etc. And if the head of the company plays the role of some kind of business accelerator, then the financial director - the owner of the rationing process - acts as a constraint, since his task is not to allow the company to step outside their capabilities. In the process of rationing, the functions of FES subdivisions can be distributed in different ways. For example, both the accounting department and the management accounting department (often in conjunction with production departments) can be responsible for cost rationing; for the regulation of current assets - the same controlling department.

Expertise of investment projects. I would like to emphasize that the development of an investment project should be handled exclusively by the project manager, investment block (for example, the capital construction department) or the development block of the company, and the CFO is in charge of assessing how risky the project is and what profit it can bring to the company in the near future or distant future. In this case, in the person of the financial director, the general receives a consultant and at the same time a controller of the company's investment policy.

In the process of agreeing and approving regulations for FES, many issues related to the number of employees, the requirements for their qualifications, the wage fund are removed

Organization and maintenance of accounting and tax accounting. This function is self-explanatory. We only note that the responsibility for submitting tax, financial and statistical reports to the regulatory authorities lies with the chief accountant. His actions are focused on how to correctly calculate taxes within the framework of the current tax accounting system. The CFO is responsible for shaping accounting and tax policies that are closely related to tax planning. At the same time, the work of a financial director is comparable in complexity with the work of a sapper in a minefield. If he led his enterprise to success and did not "explode", it means that he took into account all the legal and financial subtleties when forming the financial and legal scheme of the company's activities (see below).

One of the issues that cannot be considered unambiguously resolved is the determination of the level of subordination of the chief accountant. The chief accountant, following the accounting law, must report to the CEO. If we proceed from the logic of management, then its immediate supervisor is the financial director. The situation is even more complicated when a business structure consists of several legal entities, since this implies the presence of several chief accountants.

I can offer a fairly simple solution. Nothing will prevent you from putting at the head of the accounting and reporting department not the chief accountant, but Head of Accounting and Reporting Department... And then the question of who is subordinate to whom simply will not arise.

Whether, in addition to the accounting and reporting department, a special tax planning department should be created or whether the corresponding functions will be performed by the accounting department is not so important. It all depends on how large the company itself is, the amount of tax payments, what is the volume of contractual work.

Development and implementation of the financial and legal scheme of the company. Both the financial block of the company and the legal one are responsible for the implementation of this function. Sometimes companies form a contractual-commercial department, but one way or another, the financial service takes an active part in contractual work.

"Related" functions. There are two more controversial functions that the CFO may be responsible for - IT implementation and internal control (audit).

Many companies include an information technology service as part of the finance block. This is due to the fact that the CFO is often the main initiator of the automation of accounting, tax, financial and management accounting. In my opinion, information technologies play such an important role in shaping the company's business processes, and not only financial ones, that it is more efficient to separate the IT department into a separate unit subordinate directly to the CEO. With regard to internal control, in many companies the corresponding service is responsible for the analysis of entrepreneurial risks and controls the management procedures in all aspects of the company. Therefore, in order to remain impartial, this unit must report directly to the CEO. However, in companies where the credit of trust to the CFO is high, the function of internal control is delegated to the FES. Thus, the internal control department (or control and audit department) becomes an integral part of the FES.

The situation with internal audit is somewhat different. The tendency is that internal audit affects, among other things, the activities of any top manager of the company, and neither the CFO, nor the general manager is an exception here. Therefore, the unit concerned usually reports directly to the board of directors or the owner of the company.

The structure of the FES, developed taking into account all of the above, is shown in Fig. 1.

Picture 1."Classical" FES structure

Financial block regulations

Having decided on the functions and structure of the FES and coordinating them with the management, the result should be recorded in the documents regulating the activities of the financial service, its divisions and employees. Remember: what is done, but not documented, is not done at all.

What documents are we talking about? This is a set of regulations, rules, instructions governing business processes owned by the CFO, and as basic (budgeting, accounting, fundraising, making payments; regulated, respectively, by budgetary, accounting, credit policies, the procedure for making payments, drawing up financial statements) , and directly related to the management of the personnel of the FES. The latter are often referred to as HR processes. In the process of developing, agreeing and approving documents regulating these processes, many issues related to the number of employees of the financial unit, the requirements for their qualifications, and the wage fund are removed. When the requirements for the functional duties of employees on the part of the company's management change, the regulatory documents approved earlier will minimize potential conflicts, change the staffing level and revise wages.

Several important rules for the formation of FES

Advice from Elena Korneeva
1. You should not split the financial block into many small departments; it is better to single out several large divisions. In this case, it will be much easier to control the FES. Excessive fragmentation of important processes, such as accounting, cost management, planning, etc., increases the risk of duplication of functions of departments.
2. The financial block with a clear allocation of functional divisions (accounting, financial management, cost management) makes it possible to better coordinate the actions of personnel and does not require high administrative costs, but it does not always allow to effectively solve problems that lie outside the scope of these functions.
3. The structure of the FES with the allocation of a block in which the functions of management accounting, strategic financial management are concentrated, and a block where operational financial management is carried out, including payments and current financial transactions, is optimal, but requires highly professional heads of departments of the same rank.
4. The problem of communication between departments within the financial block, that is, the lack of well-established interaction between FES units, is solved with the help of regular planning meetings.
5. The structure, allowing to relieve the CFO of operational work and solving current issues, gives him the opportunity to focus on the tasks of strategic management of the company. The minus of the structure is high administrative costs (the need to pay for highly qualified, capable of making decisions promptly for the heads of the FES units).

The set of documents regulating HR processes includes:

• Regulation on the financial block (department, management, service, etc.);
• Regulations on the departments that are part of the financial block;
• job descriptions, regulations on motivating employees of the financial block, etc.

We can assume that you are lucky if the company's HR department works as it should: develops corporate regulations and job descriptions, conducts systematic training of personnel, regularly pays compensation, etc. In this case, the CFO simply uses the already implemented standards. But what if the company does not have a personnel management system or is formal in nature? The question is rhetorical. Let's take a closer look at what documents the CFO has to prepare.

What affects the structure of the FES

Russian CFOs differ in their views on what affects the future structure of FES. Some tend to the classic scheme: treasury, accounting, budget (planning) department. Others draw attention to the dependence of the structure on the financial strategy of the company (for example, if the latter attracts significant amounts of borrowed funds or conducts operations in the securities market, a separate unit is required to be responsible for financial operations).

Igor Ponomarev,CFO of Genser (Moscow)
The change in the structure of FES is influenced by the specifics of the Russian market, including the labor market. An insufficient level of financial knowledge, often characteristic of linear, operational, and top management, leads to an increase in the role of FES in the company and to the appearance of far from classical departments in its composition. For example, the growing interest in marketing, logistics and the demand for employees of these specialties have led to the fact that people who do not have financial skills often work in the relevant departments. As a result, specialized divisions can neither carry out benchmarking (which includes, among other things, an analysis of financial indicators), nor create an optimal product portfolio for the company, nor plan the costs of transportation by one route or another. And the CFO has to "supervise" them. Failure to understand the basics of management accounting by managers leads to the need for constant monitoring of the data on the basis of which management decisions were made. The high risks inherent in the Russian market are generally not taken into account or taken into account by anyone (relationships with suppliers and buyers, control over commercial loans, delays in payments, price fluctuations in the markets, etc.). And the same CFO creates a division in FES, whose task, in fact, is risk management (in one form or another). Therefore, the FES structure shown in Fig. 2.

Alexander Semyonov,CFO of Medtronic (Moscow)
The structure of the financial service is primarily determined by the specific tasks of the company's development, for the solution of which a financial strategy must be developed. These are the determining factors for the formation of certain subdivisions within the FES, and for the optimization of its structure.

The financial and economic service of any company has some basic functions (budgeting, management accounting, internal control, financial reporting) and there are additional ones. The latter may differ depending on the priorities of the current stage of the company's development. If it is actively developing, then the priority will be to attract financing and a credit department may be required, the function of analyzing and monitoring the implementation of investment projects will appear; if an IPO is planned, then it is necessary to focus on the preparation of consolidated financial statements in accordance with IFRS or US GAAP (depending on which exchange the initial public offering will be carried out). If there is a significant free cash flow, and there are no large investment projects, then the role of the treasury will increase (or it will need to be created), since temporarily free cash must be placed with the maximum benefit for the company.

Picture 2 FES structure in Russian conditions

Financial Block Regulations

When building a system of documents governing the basic processes of personnel management in the financial block, the CFO begins with the development of a “top-level” position, that is, the Regulation on the financial block. Let's consider its components.

1. Organizational and functional structure of the financial block. It is quite convenient to present the organizational structure in the form of a block diagram (see Fig. 1 on p. 72) with the obligatory indication of the names of departments, the number of existing staff units, the category "Reserve".

2. Structural and staffing of the financial block. Usually it is presented in the form of a table with the obligatory indication of the names of departments, positions, the number of existing staff units, the category "Reserve" (see table).

3. The main goals and objectives of the financial block. This section of the regulation usually provides a description of the goals formulated taking into account the company's development strategy, and the tasks that need to be solved by the financial block to achieve them. Tasks are defined for each department.

4. Function matrix. This is a table in which the functions of the financial unit are located vertically, and organizational units, that is, heads and key employees of FES departments, are located horizontally. At the intersection of the lines and the graph, a mark is made (who is responsible for what). The function matrix gives an idea of ​​the possible workload of departments and allows you to optimally group functions by department.

5. The order of interaction between employees of the financial block. Usually, there is an internal order of interaction - between individual employees and (or) structural divisions of the company and external - with individuals (for example, especially large clients) or government (commercial) organizations. The interaction procedure is developed taking into account the organizational structure of the company as a whole, the functions and tasks of its other divisions, the established principles and traditions.

6. The procedure for resolving conflict situations. This section sets out in detail the procedure for filing an appeal or expressing disagreement along the chain "CEO - CFO - head of department - ordinary employee". This applies to any questions and suggestions (task received, decision made, disproportionate compensation, encouragement or punishment), including innovative ones, that may arise from both the employee and his immediate supervisor.

7. A system of indicators to assess the work of the CFO and the financial unit. This section includes lists and a description of the indicators at the achievement of which the work of the CFO and his subordinates is recognized as successful. Indicators should be specific and measurable.

8. Final provisions. This part sets out the procedure for agreeing and approving the Regulation, its validity period, the procedure for making changes, familiarizing employees with the Regulation and the procedure for storing it.

The regulation on the financial block must be coordinated with the company's HR department and approved by the CEO.

table... FES structure and staff

Name of structural divisions and positions	Structural strength
	acting	reserve
CFO	1	0
Financial Controlling Department	5	0
Head of department - specialist in management accounting	1	0
Financial Manager for Budgeting and Planning	1	0
	1	0
Financial specialist of the 2nd category	1	0
Financial analyst	1	0
Treasury Department	4	1
Head of Department - Treasurer	1	0
Loan Officer	1	1
Financial specialist 1st category	1	0
Cashier	1	0
Control and audit department	5	0
Head of department - chief auditor	1	0
Auditor	2	0
The auditor	2	0
Accounting and reporting department	5	1
Head of department (chief accountant)	1	0
Deputy Chief	1	0
Accountant	2	1
Accountant-cashier	1	0
IT support service	3	0
Head of department	1	0
Programmer	2	0
Financial block	23	2

Regulations on the FES department

In the development of regulations on the departments that make up the FES, the financial director involves the heads of departments and delegates to them part of his powers. The regulations for the activities of each of the FES divisions are formed separately and usually consist of the following parts:

1. General Provisions. It indicates that this department is a structural unit of the financial unit of the company, directly subordinate to the CFO; the procedure for the creation and liquidation of the department is prescribed; direct subordination of employees to the head of the department is fixed. It also provides a link to the documents regulating the activities of the department (regulations of the main business processes).

2. Department structure. The first paragraph of this section usually contains information that the structure and staffing of the department, as well as changes made to the organizational and functional structure and staffing, are approved by order of the CEO based on the conditions and characteristics of the company's activities at the suggestion of the head of this department and agreement with the CFO. In the second paragraph, a block diagram of the department is presented with the obligatory indication of the titles and the number of positions, including the category "Reserve".

3. The main functional responsibilities of the department employees. In accordance with the Regulations on the FES and the tasks of the unit, the main responsibilities of its employees are indicated, aimed at implementing the goals set for the department.

4. The rights and responsibilities of employees. This section sets out in detail the rights, as well as the responsibility of each of the staff members of the department for the performance of the assigned job duties.

5. Monitoring and checking the activities of the department. This part regulates the procedure for auditing the activities of the department, here the control system is given and the evaluation criteria are given.

6. Final provisions. Similar to the Regulation on the financial block.

It should be taken into account that in the course of coordinating the provisions on the FES and its departments, the initial structure of the financial block, its tasks and functions may undergo changes. It happens that some functional responsibilities of one employee or department are discordant with general functions and require “moving” to other departments or creating a new unit. This is normal, since all the work on the creation of regulations is also carried out in order to optimize the structure of the financial block.

What to consider when creating regulatory documents

Advice from Elena Korneeva
1. All provisions of regulatory documents should be formulated as concretely as possible. If you allow yourself formulations such as "should contribute to development" or "make every effort to"?, Then get ready for a deliberate failure to fulfill such a task. Indeed, how to measure and control whether the employees of the financial unit contribute to development or not? Did you make every effort or part?
2. Clauses of regulatory documents should be detailed. If, for example, the job description of the head of the control and audit department says: "develops tactical measures to control the company's turnover," then this is the same as nothing is written. Detail. Does it carry out audits of warehouse balances? Does he go on business trips to regional warehouses for this? Does it make plans for inventories? To whom and in what form does it submit a report on the work done? Etc.
3. Everything stated in the regulatory documents must be true and only true. It makes no sense to create a document in which the desired will be presented as valid. Such documents “don't work”.
4. Clauses in regulatory documents should not contradict each other, they should complement each other.

Job descriptions

Job descriptions of company employees are an important but very sensitive topic. On the one hand, everyone emphasizes their importance and usefulness, on the other hand, job descriptions quite often “do not work”. Why do we need job descriptions and how to make them "work"? Here are a few arguments.

Job descriptions allow the CFO to minimize conflicts associated with the fact that the manager is "at odds" with the subordinate in determining the responsibilities of the latter. The main point of job descriptions is to make the labor process more transparent. That is, the instructions should describe the direct responsibilities of a specialist, his sphere of competence, criteria for assessing the effectiveness of work, responsibility. And if all this is reflected in them and, moreover, corresponds to reality, then the manager receives an excellent personnel management tool, which greatly facilitates the solution of such critical problems as, for example, adaptation and motivation of personnel, reduction or increase in wages.

Failure to comply or ignore job descriptions inevitably leads to discrediting in the eyes of subordinates

Among other things, job descriptions require their observance not only by the employee, but to the same extent by the employer. Everything that the manager asks from the subordinate in excess of what is written in the instructions should be paid additionally. If any employee rights are provided, they will have to be secured. Job descriptions discipline the manager: their non-observance or ignoring inevitably leads to discrediting him in the eyes of his subordinates. And since the CFO plays simultaneously two roles: a manager on the one hand, and an employee on the other, job descriptions can protect his own interests as well.

A detailed job description usually includes the following points:
1. General Provisions- description of the document, position, by whom the employee is appointed to this position, etc.
2. Qualification requirements. A description of the level of education, as well as knowledge, skills and abilities corresponding to the named position is given. This paragraph makes sense only if the specified standard is strictly observed: if the qualification requirements are not fundamental, it is better to omit it.
3. Job responsibilities. A detailed and step-by-step description of everything that a specialist should do.
4. Criteria for the success of the performance of labor duties. The criteria are stipulated in advance by which the success of the performance of official duties will be assessed. Not in every case such a description is possible, but its presence is desirable, since in the future it will simplify the process of making a decision on the employee's motivation.
5. Specialist rights. This can be, for example, receiving salaries on time, using company resources to fulfill official duties, receiving feedback from a manager, etc.
6. The rights and obligations of the manager. This paragraph supplements the previous one, it contains an explanation of the duties and powers of the immediate supervisor of the specialist.
7. Responsibility of a specialist. Description of what exactly the employee is responsible for and what will follow if job duties are not fulfilled or any violations are made.

As a result, a rather long and detailed document is obtained, but the details will allow in the future to build relationships with employees at a qualitatively different level.

The job description must be agreed with the immediate and direct supervisors (that is, with the head of the FES department and the financial director), the personnel department and approved by the general director. After the employee gets acquainted with it, confirming this fact with his signature, one copy of the instruction must be handed over to him, and not handed over “to the archive”. Only in this case can we expect any effect from this document.

The importance of motivation

The most urgent task in the development of a motivation system for FES employees is the creation of a transparent and clear management system for remuneration and non-monetary compensation.

Of course, the HR department is primarily responsible for the implementation of this task, but the CFO does not withdraw from this work. Its role is reduced to performing the following actions:
- ensuring the relationship between the scheme of payment of remuneration and compensation, the position occupied by employees, and the long-term budget of the company;
- determination and coordination with the personnel department of the procedure for establishing and changing official salaries, allowances for employees of the financial block;
- assessment of the compliance of the training procedure for employees at the expense of the company with the possibilities of its budget;
- development, together with the legal block, of recommendations for the personnel service on the formation of a social package: vacation pay, sick leave (both with and without receiving the latter), insurance, etc. Linking the fund for payment of the social package with the long-term budget of the company;
- resolving issues related to the provision of time off as compensation for overwork for employees of its unit;
- identification and implementation, together with the HR department, of motivating factors of a non-monetary nature for each of the employees. Only at first glance, such factors seem insignificant; in fact, they motivate financiers no worse than money. For example: a comfortable chair for an employee with a sore back, a separate office (albeit small) for the treasurer, the ability to move around in a convenient mode of transport for employees, revision of the working hours for employees with small children, etc.;
- development of a list of conditions required for career advancement in the financial sector.

After the completion of these works, the financial director has the right to demand from the personnel department regulations on the motivation system for his staff.

The above provisions are by no means a complete list of all possible documents regulating the processes of personnel management in the financial block. But this is the necessary minimum that creates the basis for the management system. In the future, the developed documents will be revised, modified in the course of the development of the company, setting new tasks and goals.

However, a properly developed and implemented system of regulations will help the CFO to “lift” himself above current operations, will not let him get bogged down in a maelstrom of endless numbers, will allow him to influence management decisions in the company and prepare the finance department to fulfill strategic business objectives. And the ability to combine strategic thinking and tactical leadership is the main quality of a modern CFO.

Organizational structure is a set of ways by which the labor process is first divided into separate work tasks, and then coordination of actions to solve problems is achieved.

In essence, the organizational structure defines the distribution of responsibilities and authorities within the organization. As a rule, it is displayed in the form of an organigram - a graphical diagram, the elements of which are hierarchically ordered organizational units (departments, job positions) (Appendix A).

The organizational structure of the enterprise is shown in Figure 2.1.

HEAD OF FINANCIAL DEPARTMENT

	LEADING
	FINANCIAL ECONOMIST CATEGORY 1
	FINANCIAL ECONOMIST CATEGORY 2
	FINANCIAL ECONOMIST
	FINANCIAL ECONOMIST
	FINANCIAL ECONOMIST
	SENIOR CASHIER - COLLECTOR

Figure 2.1 - Organizational structure of the enterprise

The finance department has the following tasks and functions:

— Control over the use of funds in accordance with the approved estimates of loans received, over compliance with legal requirements when making payments.

— Development of the Company's credit policy.

— Accounts payable and receivable management.

— Ensuring the timeliness of tax payments, settlements with creditors and debtors, with suppliers.

— Implementation of the issue and accounting of the movement of shares, preparation and implementation of subsequent issues.

— Conducting various types of operations with securities.

— Monitoring compliance with the law when using a non-monetary form of termination of obligations.

- Control over settlements with the use of securities.

- Control over the reflection of settlement terms in agreements (contracts)

between the Seller and the Buyer.

- In accordance with the main tasks, the financial department is entrusted with the performance of functions:

— Management of the movement of the Company's financial resources and regulation of financial relations arising between business entities in order to make the most efficient use of all types of resources.

- Development of the financial strategy of the Company and the basis for its sustainability.

- Drafting long-term and current financial plans.

— Preparation of materials for drawing up business plans of the Company.

- Development of forecast balances and budgets of funds.

- Participation in the preparation of draft plans:

- sales of products (works, services);

- capital investments;

- research and development.

— Participation in the planning of production costs and profitability.

— Work on finding own funds and attracting borrowed funds

Table 2.1 - Relationship with other departments

Subdivision name	Name of information
receives from this unit	transfers to this unit
Planning and Economic Department	- mid-term and long-term plans of the Company's production activities; - wholesale and retail prices for the Company's products, tariffs for work, services, calculations; - results of economic analysis of all types of the Company's activities; - measures to improve production efficiency, increase the level of production profitability;	- financial and credit plans; - the status of settlements; - operational information on the receipt of funds (in national currency and in foreign currency); - on accounts payable and receivable; - methodological and instructional materials on the financial activities of the Company;
Marketing department	- information about all contracts concluded with the Buyers of the Company's products in the domestic and foreign markets (contract No., date of conclusion, postal and bank details, terms of settlements and delivery, etc. information necessary for making payments and exercising control over payment); - information (monthly and annual) about the expected foreign exchange earnings and earnings in national currency; - operational information about changes in prices for shipped products under export contracts and other changes; - information on the number of products shipped to the domestic market and unmarketable funds; - draft contracts and agreements for the supply, sale of finished products; - forecasts and plans for the sale of products; - data on the state of stocks of finished products; - plans and schedules for the shipment of finished products; - data on the remains of products in warehouses;	- information about unpaid invoices by buyers; - information on the receipt of funds in the context of financing; - information about the balances of funds on the buyers' accounts; - information about letters of credit issued by buyers, guarantees; - notifications of buyers who have violated (refused) obligations to transfer funds for goods shipped by them;
Material and technical supply department	- projects of long-term and current plans for material and technical support of the Company's production activities; - reporting data on the movement of material resources,
Legal department	- decisions on claims and claims presented to the Company; - generalized results of consideration of claims, court and arbitration cases; - clarification of the current legislation and the procedure for its application; - provision of legal assistance in claim work; - agreed materials on the status of receivables and payables; - analysis of changes and additions to financial, tax, civil legislation	- materials for making claims, lawsuits in courts; - conclusions on claims, claims brought against the Company; - documents on the transfer of funds to pay the state duty, in order to satisfy claims, claims brought against the enterprise; - applications for clarification of the current legislation;
Department: Chief Power Engineer, Chief Mechanic, Equipment Completion, Production	- information about the need for funds for timely settlement with suppliers; - copies of agreements, contracts concluded with suppliers; - information on the remains of raw materials and finished products as required (production department);	- information about payments made with suppliers; - methodological and instructional materials on the financial activities of the Company;
Administrative department	- office equipment, forms of documents and stationery necessary for the work of the financial department; - control cards for execution	- applications for the necessary inventory, stationery; - documents submitted for execution control
Accounting department	- accounting information on the activities of the Company; - balance sheet and operational summary reports on income and expenses; - plans for carrying out inventories of fixed assets, goods and materials, cash; - documents for payment of salaries, settlements with the budget; - information about debtors and creditors on the 1st day of the month following the reporting month;	- statements of the flow of funds on the accounts of the enterprise; - information on securities; - information about the tests carried out; - information about the balances of funds on the accounts of consumers; - statements on loans, information on loans;
Labor protection department	- agreed Regulations and job descriptions - information material about accidents	draft regulations and job descriptions

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Unified qualification reference book of positions of managers, specialists and other employees (CEN), 2017
Qualification handbook of positions of managers, specialists and other employees
Sections "Industry-wide qualification characteristics of positions of workers employed in enterprises, institutions and organizations" and "Qualification characteristics of positions of workers employed in research institutions, design, technological, design and survey organizations", approved by the Resolution of the Ministry of Labor of the Russian Federation of 08.21.1998 N 37
(as amended on 05/15/2013)

Head of Financial Department

Job responsibilities. It organizes the management of the movement of financial resources of the enterprise and the regulation of financial relations arising between business entities in market conditions, in order to most efficiently use all types of resources in the process of production and sale of products (works, services) and maximize profits. Provides the development of the financial strategy of the enterprise and its financial stability. Supervises the development of projects of long-term and current financial plans, forecast balances and budgets of funds.

Organizational structure, tasks and functions of the finance department

Provides the communication of the approved financial indicators to the divisions of the enterprise. Participates in the preparation of draft plans for the sale of products (works, services), capital investments, research and development, planning the cost of production and profitability of production, leads the work on calculating profit and income tax. Determines the sources of financing for the production and economic activities of the enterprise, including budget financing, short-term and long-term lending, issue and purchase of securities, leasing financing, raising borrowed funds and using own funds, conducts research and analysis of financial markets, assesses the possible financial risk in relation to each source of funds and develops proposals for its reduction. Carries out the investment policy and management of the company's assets, determines their optimal structure, prepares proposals for the replacement, liquidation of assets, monitors the portfolio of securities, analyzes and evaluates the effectiveness of financial investments. Organizes the development of standards for working capital and measures to accelerate their turnover. Ensures the timely receipt of income, execution of financial and settlement and banking operations on time, payment of bills of suppliers and contractors, repayment of loans, payment of interest, wages to workers and employees, transfer of taxes and fees to the federal, regional and local budgets, to state extra-budgetary social funds, payments to banking institutions. Analyzes the financial and economic activities of the enterprise, participates in the development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory, increasing the profitability of production, increasing profits, reducing the cost of manufacturing and selling products, strengthening financial discipline. Monitors the implementation of the financial plan and budget, the product sales plan, the profit plan and other financial indicators, the cessation of production of products that have no sales, the correct spending of funds and the targeted use of its own and borrowed working capital. Provides accounting for the movement of funds and reporting on the results of financial activities in accordance with financial accounting and reporting standards, the reliability of financial information, controls the correctness of the preparation and execution of reporting documentation, the timeliness of its provision to external and internal users. Supervises the employees of the department.

Must know: legislative and regulatory legal acts governing production and economic and financial and economic activities; regulatory and methodological materials related to the financial activities of the enterprise; enterprise development prospects; the 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 budgets of funds, plans for the sale of products (works, services), profit plans; a system of financial methods and levers that ensure the management of financial flows; 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 and purchasing securities, calculating payments to the state budget and state off-budget social funds; the procedure for distributing financial resources, determining the effectiveness of financial investments; rationing of working capital; the procedure and forms of financial settlements; tax law; financial accounting and reporting standards; economy, organization of production, labor and management; Accounting; computer facilities, telecommunications and communications; fundamentals of labor legislation; rules and regulations of labor protection.

Qualification requirements. Higher professional (economic or engineering and economic) education and work experience in the specialty in the field of organizing financial activities for at least 5 years.

Comments on the post

The above qualification characteristics of the position "Head of the financial department" are intended to address issues related to the regulation of labor relations and ensuring an effective personnel management system in various organizations. On the basis of these characteristics, the job description of the head of the financial department is developed, containing the rights and responsibilities of the employee, as well as a specific list of his job duties, taking into account the peculiarities of the organization and management of the enterprise (institution).

When drawing up job descriptions for managers and specialists, it is necessary to take into account the general provisions for this issue of the handbook and an introduction with general provisions for the first release of the handbook of positions.

Please note that the same and similar job titles may appear in different issues of the TSA. You can find similar names through the job directory (alphabetically).

Job descriptions

Job description of the head of the finance department

Open in WORD format

I. General Provisions

1. The head of the finance department belongs to the category of managers.

2. A person with a higher professional (economic or engineering and economic) education and work experience in the specialty in the field of organizing financial activities for at least 5 years shall be appointed to the position of the head of the financial department.

3. Appointment of the head of the financial department and exemption from

4. The head of the finance department should know:

4.1. Legislative and normative documents regulating production and economic activities.

4.2. Regulatory and methodological materials related to the financial activities of the enterprise.

4.3. Prospects for the development of the enterprise.

The state and prospects for the development of financial markets and sales markets for products (works, services).

4.5. Basics of production technology.

4.6. Organization of financial work at the enterprise.

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

4.8. A system of financial methods and levers that ensure the management of financial flows.

4.9. 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 and purchasing securities, calculating payments to the state budget and state off-budget social funds.

4.10. The order of distribution of financial resources, determination of the effectiveness of financial investments.

4.11. Rationing of working capital.

4.12. The procedure and forms of financial settlements.

4.13. Tax law.

4.14. Financial accounting and reporting standards.

4.15. Economy, organization of production, labor and management.

4.16. Accounting.

4.17. Computer facilities, telecommunications and communications.

4.18. Fundamentals of Labor Law.

4.19. Advanced domestic and foreign experience in improving the financial performance of an enterprise.

4.20. Labor protection rules and regulations.

5.1. Regulations on the financial department of the enterprise.

5.2. This job description.

7. The head of the finance department manages the department employees.

8. During the absence of the head of the financial department (business trip, vacation, illness, etc.), his duties are performed by a deputy (in the absence of such, a person appointed in accordance with the established procedure), who acquires the corresponding rights and is responsible for the proper execution of those assigned to him. responsibilities.

II. Job responsibilities

Head of Financial Department:

1. Organizes the management of the movement of financial resources of the enterprise and the regulation of financial relations arising between economic entities in the market, in order to make the most efficient use of all types of resources in the process of production and sale of products (works, services) and maximize profits.

2. Provides the development of the financial strategy of the enterprise and its financial stability.

3. Supervises the development of projects of long-term and current financial plans, forecast balances and budgets of funds.

4. Ensures that the approved financial indicators are communicated to the divisions of the enterprise.

5. Participates in the preparation of draft plans for the sale of products (works, services), capital investments, research and development, planning the cost of production and production profitability, leads the work on calculating profit and income tax.

6. Determines the source of financing for the production and economic activities of the enterprise, including budget financing, short-term and long-term lending, issue and purchase of securities, leasing financing, raising borrowed funds and using own funds, conducts research and analysis of financial markets, assesses the possible financial risk in relation to to each source of funds and develops proposals for its reduction.

7. Carries out investment policy and asset management of the enterprise, determines their optimal structure, prepares proposals for the replacement, liquidation of assets, monitors the portfolio of securities.

8. Analyzes and evaluates the effectiveness of financial investments.

9. Organizes the development of standards for working capital and measures to accelerate their turnover.

10. Provides:

10.1. Timely receipt of income, registration of financial, settlement and banking operations on time.

10.2. Payment of invoices to suppliers and contractors.

10.3. Repayment of loans.

10.4. Payment of interest, wages to workers and employees.

10.5. Transfer of taxes and fees to federal, regional and local budgets, to state off-budget social funds, payments to banking institutions.

11. Analyzes the financial and economic activities of the enterprise.

12. Participates in the development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory, increasing the profitability of production, increasing profits, reducing the cost of manufacturing and selling products, strengthening financial discipline.

13. Exercises control over:

13.1. Fulfillment of the financial plan and budget, product sales plan, profit plan and other financial indicators.

13.2. Termination of production of products that are not available for sale.

13.3. Correct spending of money.

13.4. Purposeful use of own and borrowed working capital.

14. Ensures the accounting of the movement of funds and the preparation of reporting on the results of financial activities in accordance with the standards of financial accounting and reporting, the reliability of financial information.

15. Controls the correctness of the preparation and execution of reporting documentation, the timeliness of its provision to external and internal users.

16. Participates in the holding of seminars (studies) with employees of the main accounting department and the financial department of the enterprise.

17. Participates in the development of proposals for the social protection of employees of the enterprise.

18. Provides protection of information resources containing their own information of limited access and received from other organizations.

III. Rights

1. To act on behalf of the department, to represent the interests of the enterprise in relations with other structural divisions of the enterprise and other organizations on financial issues.

2. Establish job duties for employees subordinate to him.

3. Submit proposals for improving the financial and economic activities of the enterprise for consideration by the management.

4. Submit to the director of the enterprise:

4.1. Ideas about the appointment, relocation and dismissal of employees of the finance department.

4.2. Offers:

- on the encouragement of distinguished workers;

- bringing to material and disciplinary responsibility violators of production and labor discipline.

6. Participate in the preparation of draft orders, instructions, instructions, as well as estimates, contracts and other documents related to the activities of the financial department.

7. Interact with the heads of all structural divisions on the financial and economic activities of the enterprise.

8. To give the heads of the structural divisions of the enterprise instructions on the issues of proper organization and conduct of financial work.

9. Sign financial documents as authorized by the director of the organization.

10. Visa all documents related to the financial and economic activities of the enterprise (plans, reports, etc.).

The role and functions of the financier in the enterprise

To independently carry out correspondence with the structural divisions of the enterprise as well as other organizations on issues that are within the competence of the department and do not require the decision of the director of the enterprise.

12. Submit proposals to the director of the enterprise on bringing officials to material and disciplinary responsibility based on the results of inspections.

IV. A responsibility

1. The head of the finance department is responsible for:

1.1. For improper performance or non-performance of their official duties provided for by this job description - within the limits determined by the current labor legislation of the Russian Federation.

1.2. For offenses committed in the course of carrying out their activities - within the limits determined by the current administrative, criminal and civil legislation of the Russian Federation.

1.3. For causing material damage - within the limits determined by the current labor and civil legislation of the Russian Federation.

2.1. Untimely and poor-quality execution of documents on behalf of the director of the enterprise, improper record keeping in accordance with the current rules and instructions, as well as the use of information by department employees for non-official purposes.

In its most general form financial management can be defined as a specific area of ​​management activity associated with the purposeful organization of the enterprise's cash flows, the formation of capital, cash income and funds necessary to achieve the strategic goals of enterprise development. The object of management is financial relations, financial resources and their sources.

Financial management functions it is legitimate to systematize as follows:

1. planning - strategic and current financial planning; drawing up various estimates and budgets for any event; participation in determining pricing policy, forecasting sales, forming the terms of agreements (contracts); assessment of possible structural changes (mergers or divisions);
2. organization - the creation of financial management bodies, financial services, the establishment of interconnection between the divisions of the latter, the definition of their tasks and functions;
3. regulation of financial flows - management of cash, portfolio of securities, borrowed funds, etc .;
4. asset protection - risk management; the choice of the optimal way to reduce them;
5. accounting, control and analysis - establishment of accounting policies: processing and presentation of accounting information in the form of financial statements; analysis and interpretation of results; comparison of reporting data with plans and standards; internal audit.

The main tasks of financial management enterprises can be considered:

1. ensuring a balance in the movement of material and cash flows;
2. achieving financial stability and financial independence;
3. provision of funding sources - the search for internal and external short- and long-term sources of funding, the optimal combination of the latter, minimizing financial costs and increasing the return on equity;
4. effective use of financial resources to achieve the strategic and tactical goals of the enterprise.

Incomes from a competently and efficiently run business most often exceed expenses, but the main problem of financing any enterprise is, in practice, the delay in receiving income relative to expenses. The latter must be produced now, and the income, for the sake of extracting them, will come only in the future, often very distant.

JustEconomic

In addition, the company may simply not have enough of its own income. This is observed, for example, in an expanding business, and in order to finance the ongoing growth, it is necessary to continuously attract and maintain borrowed funds. So, the first task is the need to plan capital requirements to achieve the goals set, determine the sources of its income and directions of use. The second task is the implementation of short-term financial solutions, that is, management of the company's liquidity through planning and cash flow management, which ensure the implementation of timely current payments to creditors and suppliers, which is the main condition for long-term business success. Another task is the analysis of projected reporting, which will allow calculating liquidity, leverage, the size of own working capital, and, based on this, assess the financial condition in the future from various points of view.

The solution of the set of tasks leads to the need for financial planning and the formation of a budgeting system at the enterprise. The latter includes the preparation of income and expense budgets, as well as cash flow (cash budget) in the form of a detailed schedule of cash payments to creditors and collection of receipts over time based on exact dates.

In a market economy, there is a shift in emphasis from purely production to financial planning. In an effort to maximize profits, any enterprise, regardless of its size, is faced with the need to plan and regulate its income and expenses. It is clear why: to maintain, and even more so to develop any business, funds are continuously required to finance capital costs, wages, materials, goods and other direct and overhead costs.

OFFICIAL INSTRUCTIONS OF THE HEAD OF FINANCIAL DEPARTMENT

1. GENERAL PROVISIONS

1.1. This job description defines the functional duties, rights and responsibilities of the Chief Financial Officer.

1.2. The head of the financial department is appointed and dismissed in accordance with the procedure established by the current labor legislation by order of the director of the enterprise.

1.3. The head of the finance department reports directly to ____________________________.

1.4. A person with a higher professional (economic or engineering and economic) education and work experience in the specialty in the field of organizing financial activities for at least 5 years is appointed to the position of the Head of the Financial Department.

1.5. The finance manager should know:

- legislative and regulatory legal acts governing production and economic and financial and economic activities; regulatory and methodological materials related to the financial activities of the enterprise; enterprise development prospects; the 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 budgets of funds, plans for the sale of products (works, services), profit plans; a system of financial methods and levers that ensure the management of financial flows; 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 and purchasing securities, calculating payments to the state budget and state off-budget social funds; the procedure for distributing financial resources, determining the effectiveness of financial investments; rationing of working capital; the procedure and forms of financial settlements; tax law; financial accounting and reporting standards; economy, organization of production, labor and management; Accounting; computer facilities, telecommunications and communications; fundamentals of labor legislation; rules and regulations of labor protection.

1.6. During the temporary absence of the Head of the Finance Department, his duties are assigned to ___________________________.

2. FUNCTIONAL RESPONSIBILITIES

Note. The functional responsibilities of the Head of the Finance Department are determined on the basis and in the scope of the qualifications for the position of the Head of the Finance Department and can be supplemented and clarified when preparing the job description, based on specific circumstances.

Head of Financial Department:

2.1. It organizes the management of the movement of financial resources of the enterprise and the regulation of financial relations arising between business entities in market conditions, in order to most efficiently use all types of resources in the process of production and sale of products (works, services) and maximize profits.

2.2. Provides the development of the financial strategy of the enterprise and its financial stability.

2.3. Supervises the development of projects of long-term and current financial plans, forecast balances and budgets of funds.

2.4. Provides the communication of the approved financial indicators to the divisions of the enterprise.

2.5. Participates in the preparation of draft plans for the sale of products (works, services), capital investments, research and development, planning the cost of production and profitability of production, leads the work on calculating profit and income tax.

2.6. Determines the sources of financing for the production and economic activities of the enterprise, including budget financing, short-term and long-term lending, issue and purchase of securities, lease financing, raising borrowed funds and using its own funds, conducts research and analysis of financial markets, assesses the possible financial risk in relation to each source of funds and develops proposals to reduce it.

2.7. Carries out the investment policy and management of the company's assets, determines their optimal structure, prepares proposals for the replacement, liquidation of assets, monitors the portfolio of securities, analyzes and evaluates the effectiveness of financial investments.

2.8. Organizes the development of standards for working capital and measures to accelerate their turnover.

2.9. Ensures the timely receipt of income, execution of financial and settlement and banking operations on time, payment of bills of suppliers and contractors, repayment of loans, payment of interest, wages to workers and employees, transfer of taxes and fees to the federal, regional and local budgets, to state extra-budgetary social funds, payments to banking institutions.

2.10. Analyzes the financial and economic activities of the enterprise, participates in the development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory, increasing the profitability of production, increasing profits, reducing the cost of manufacturing and selling products, strengthening financial discipline.

2.11. Monitors the implementation of the financial plan and budget, the product sales plan, the profit plan and other financial indicators, the cessation of production of products that have no sales, the correct spending of funds and the targeted use of its own and borrowed working capital.

2.12. Provides accounting for the movement of funds and reporting on the results of financial activities in accordance with financial accounting and reporting standards, the reliability of financial information, controls the correctness of the preparation and execution of reporting documentation, the timeliness of its provision to external and internal users.

2.13. Supervises the employees of the department.

3. RIGHTS

The head of the finance department has the right to:

3.1. Give instructions to subordinate employees, assignments on a range of issues included in his functional duties.

3.2. Monitor the implementation of planned tasks and work, the timely implementation of individual orders and assignments.

3.3. Request and receive the necessary materials and documents related to the activities of the Head of the Finance Department.

3.4. Enter into relationships with subdivisions of third-party institutions and organizations to resolve operational issues of production activities within the competence of the Head of the Finance Department.

3.5. Represent the interests of the enterprise in third-party organizations on issues related to the production activities of the enterprise.

4. LIABILITY

The Chief Financial Officer is responsible for:

4.1. Results and efficiency of production activities of the department.

4.2. Failure to ensure the fulfillment of their functional duties, as well as the work of the department on issues of its production activities.

4.3. Inaccurate information about the status of the department's work plans.

4.4. Failure to comply with orders, orders and instructions of the director of the enterprise.

4.5. Failure to take measures to suppress identified violations of safety regulations, fire and other rules that pose a threat to the activities of the enterprise, its employees.

4.6. Failure to ensure compliance with labor and performance discipline by personnel subordinate to the Head of the Finance Department.

5. CONDITIONS OF WORK

5.1. The working hours of the Head of the Finance Department are determined in accordance with the Internal Labor Regulations established at the enterprise.

5.2. Due to operational needs, the Head of the Finance Department can go on business trips (including local ones).

5.1. Functions of the financial, planning and financial departments and accounting departments of the enterprise; Financial department

To resolve operational issues related to production support, the Head of the Finance Department may be assigned company vehicles.

6. SCOPE AND IMPACT OF DECISIONS

6.1. The exclusive area of ​​activity of the Head of the Finance Department is to provide planning and organization of production activities of the Finance Department.

6.2. To ensure his activities, the head of the financial department is given the right to sign organizational and administrative documents on issues that are part of his functional duties.

Other instructions in the section:
- Job description of a translator-dactylologist;
- Job description of a typist (PC operator typist);
- Job description of the academic secretary.

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 are concentrated.

You will learn:

• What is the finance department for?
• What is included in the structure of the finance department
• Who works in the finance department
• What does the finance department do
• What enshrines the Regulation on the financial department

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

Why do you need a financial department at an enterprise

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

The size of the financial turnover, the number of payment documents for settlement with partner enterprises (both suppliers and customers), as well as with private banks, creditors and directly with the budget, depend on the nature of the activities carried out and the production volume. The scale of cash transactions and settlement with employees determines the composition and number of the staff of the finance department.

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

In planning the finance department performs the following functions:

• deals with the planning of finances and loans, taking into account all the necessary expenses;
• analyzes its own circulating needs;
• identifies the possibilities of financing the activities of the enterprise;
• develops capital investment projects, taking into account all the features;
• participates in the preparation of business plans;
• designs cash plans;
• takes part in planning the sale of production products, analyzes profitability and associated costs.

Operational work the financial department is responsible for the performance of tasks of various kinds, the main of which are:

• ensuring the receipt of payments to the budget at a strictly fixed time, payment of interest on short and long-term bank loans, timely issuance of wages to all employees and employees of the enterprise, the implementation of all cash transactions;
• payment for the services of suppliers for the goods and work provided;
• covering the costs of planned costs;
• execution of credit agreements in accordance with contracts;
• daily monitoring of the sale of products, profits coming from them and other sources of income of 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 profit and profitable indicators, and also monitor the appropriateness of using both its own budget and funds from borrowed capital and bank loans.

Practice shows that earlier the duties of the finance department were performed by a group of accountants working at the enterprise.

At present, the tasks of the finance department have expanded significantly, which required the creation of a separate unit 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-governmental commercial organizations. The transfer of objects of municipal and state property to private hands, the growth of subject 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 finance department may be carried out by accountants due to low turnover and small headquarters. A completely different situation can be observed in large organizations, joint-stock companies of closed and open types, where the presence of such a structural unit as a financial department is vital.

• How to prepare a child for running a business: raising an heir

Market relations in economic activities contribute to an increase in the number of functions performed by the financial department, which, in addition to monitoring budget revenues, implementing partnerships with banks, creditors and suppliers, timely provision of wages to employees, planning settlements, monitoring the reasonable spending of its own budgetary funds, is obliged also engage in financial management, which creates a new range of tasks.

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

The finance department is dedicated to main goal- to ensure stability and economic growth, to increase the profit of the enterprise.

The main content of financial work includes the following:

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

How to control your financial situation without a finance department

If the management accounting is poorly established at the enterprise, the director receives information on profit and loss 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: you can control costs, avoid unnecessary costs, and most importantly, create a tool for planning the future without waiting for reports from the accounting department.

Set performance targets and then watch for deviations - such monitoring requires no more than 15 minutes a week. How to set up such a system, told the editorial board of the magazine "Commercial Director".

What the structure of the finance department looks 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:

1. On financial accounting tasks for the implementation of accounting, for the preparation and maintenance of reporting in the balance sheet system, as well as the financial department's report on profits and expenses, the preparation of public reporting in accordance with generally accepted accounting standards and the development of accounting policies.
2. Analytics department performs functions related to the analysis of financial data and the general state of the enterprise. He is engaged in the preparation of the annual financial statements and plays a key role in the preparation of the summary report at the general shareholders meeting. Analyzes the financial performance of the company and monitors the competent design of the investment fund.
3. Financial planning department carries out the development of short and long-term financial projects, and also manages the overall budget of the enterprise.
4. Tax planning department has its task to develop a correct tax policy, draw up reports on the payment of taxes and tax returns, submit them to the relevant authorities, ensure the timely payment of taxes in full, check the calculations with the main budget and non-budgetary sources of funding.
5. Operations department carries out activities on work with creditors and debtors, communicates with banks and other financial and credit organizations. Monitors compliance with payment, tax and settlement discipline by all subsections.
6. Department of Securities and Currency Control forms a package of securities, controls their movement. Monitors the implementation of all financial transactions in accordance with the 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 the structure of the financial department depends on differ significantly.

Some of them consider the ideal classical model, consisting of treasury, accounting, budget (planning) department.

Others point to the importance of a company's strategic goals in influencing the composition of the finance function. For example, if the activity of an enterprise is focused mainly on working with securities, then in the structure of the department there should be a special body performing these functions.

Expert opinion

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

Ella Gimelberg,

CEO, Managing Partner of S&G Partners, Moscow

The structure of the financial department should be divided in the event that this is required by the activities of the enterprise (large turnover, participation in investment and borrowing programs, the presence of accounting in accordance with IFRS, management accounting system, etc.). The CFO can be called a top manager, whose powers do not include primitive management and financial issues. Departments of the finance department - treasury, budget management, management accounting, investment activities - should be part of the structure of the finance department. Such a department structure implies the presence of four line top managers (3 management managers and 1 treasury), responsible for the proper performance of all departments of their main functions. The department's CFO should monitor their performance and develop new strategies for improving the system.

Finance staff 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 finance department. So, employees of the finance department have the following powers and responsibilities:

Controller

A specialist in this area exercises internal control in the finance department. He develops various cost and expense accounting strategies in order to find more profitable production routes. The controller transfers the obtained information to the above-standing structures: the vice president of the company, the general manager and, at the final level, the board of directors.

The main responsibility of the controller is focused on the development of financial estimates. He analyzes the financial situation of the enterprise, its financial condition, gives his forecast, assessment and proposals for changes that contribute to increasing the profitability of the enterprise.

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If the enterprise operates in the regime of a corporation, then the appointment to the position of the controller is made by the board of directors, and his duties are enshrined in the organizational charter. As a rule, the staffing of the position of "controller" is carried out with the support of the president of the company and financial committees.

Treasurer

The main duties of the treasurer are to work with the securities and cash of the company. The treasurer carries out all the necessary monetary operations: collection, transfer, investment, loan and payment of finance. Similarly 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 duties includes partner activities with banks, control over all the company's operations: cash and credit. To forecast the future movement of funds, the treasurer works in cooperation with the director of financial estimates, as well as with the controller, while ensuring cash flow in accordance with the planned short-term bank loans, increasing the flow of cash receipts or reducing the amount of cash deposits and eliminating short-term investments ...

The unique authority of the treasurer is his duty to validate with his signature all company receipts for both large and small amounts. These amounts and cash 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 duties include signing all contracts, bonds and invoices, certificates and other financial documents of the company. The treasurer, or in other words the vice president of the company, plays a key role in the enterprise management system.

Chief Accountant

The finance department of the accounting department includes a number of specialists, however, the maximum responsibility lies with the chief accountant. This specialist is directly subordinate to the controller, 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 implements strategies for accounting for costs and expenses incurred by the enterprise, as well as methods for effective audit. However, these are secondary functions, and the main powers are in accounting, financial reporting.

The chief accountant prepares financial and statistical summaries, which are then passed on to the controller, treasurer or manager. In other words, the task of the accountant is 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 a controller can be combined and performed by one specialist.

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

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Some companies are provided with facilities for processing data in the field of accounting, but over time, these facilities acquire new functions. As a result, the chief accountant is engaged in monitoring and control over these installations, and the controller switches to work with other departments carrying out other operations.

Director of Financial Estimates

In addition to the chief accountant and controller, the finance 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 sales forecasting issues, analyzes the existing economic climate and assesses the possibilities and prospects of labor and raw materials. Based on the data obtained, the specialist forms clear projects on the basis of production and administrative financial estimates for submission to higher structures.

The Director of Financial Estimates prepares the final estimates and provides these copies to the heads and managers of all departments. Working in tandem with the Treasurer, the Director of Financial Estimates vouches for the financial support of the funds indicated in the estimate, if necessary.

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

The auditor

At the headquarters of the finance department, the position of an auditor is optional. The main tasks of the auditor are to check the correctness of the reporting.

In addition to the auditor, this division employs auditor assistants, auditors-representatives of enterprises and departments, as well as all clerical personnel. The planning of internal audits and the conduct of all audit-related operations are the main tasks of this official. The auditor may be subordinate to various specialists, for example, the controller or the chief accountant, but it is also possible that the auditor is subordinate to the president of the enterprise, the board of directors or the financial committee.

If the chief link is the controller, then it is he who controls 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 offer his ideas regarding accounting changes to a superior person.

As a rule, it is the auditor who works with the accountants who audit the books of the enterprise independently. In some firms, 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 headquarters of the Finance Department, which also functions in insurance operations. In large companies, different types of tax transactions (excise, 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 finance committee.

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

Planning Director

The Financial Analysis Division, 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 CFO. As a rule, either the chief accountant or the director of financial estimates can advance to this position on the career ladder.

• Planning director(most often acts as financial analyst)

It is this official who prepares 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, profits and capital expenditures.

When deciding whether to liquidate, merge, or acquire new subsidiaries of an enterprise, the opinion of the planning director is very strong. The Director of Planning and Financial Analysis provides an assessment of the state of the market and the general economic situation of the enterprise.

The role of this specialist is similar to that of the head of the finance department, although in some situations he does the same job as the controller and director of financial estimates. The three officers listed above can carry out the activities of the Director of Planning and Financial Analysis, if this position is not provided for in the headquarters of the company employees. In this situation, the main responsibility rests with the top manager of the finance department.

• Chief Financial Officer: Duties and Functions of the Chief Accountant

Director's position planning appears in the structure of the company in the case of large industries, when the issues of financial analysis and long-term planning play an important role. In such cases, the main responsibility of the planning director is to fulfill part of the financial manager's duties and coordinate the information flow coming from the controller, director of financial estimates, 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 financial decision is the result of the activities of the finance committee.

Typically, the board of directors decides to create a finance committee, which is not only an advisory body for the development of enterprise policy, but also a functional unit of the company.

Finance committee meetings rarely take place on a daily basis, usually a monthly or quarterly meeting to discuss any important issues that have been put on the agenda in advance by the president of the company or the board of directors.

Job responsibilities chairman the finance committee are performed by the president of the company, the chief financial officer, or the 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 companies with a small volume of production, the finance committee consists of all the responsible officials.

If the board of directors has decided to create this body, then the financial committee has the right to resolve all financial issues on behalf of the board of directors in the period between meetings. Explaining financial policy issues at meetings and meetings, the finance committee sets out a general framework that should guide all employees in the company in their business. After that, the discussed issues are subject to a vote, although this is an optional condition of the meetings.

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

In small enterprises, this financial authority agrees to large loan requests, evaluates staff performance and assigns wages according to the duties performed, and also decides on additional incentives for employees.

In large organizations, separate structures are involved in the development of financial estimates, investment plans and planning. However, in the overwhelming majority, all firms have only one body - the financial committee, which deals with all of the above issues.

The main areas of work of the financial service

The CFO applies various enterprise management methods:

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

When using these methods, it is possible to carry out various financial transactions related to credit, loans, interest rates, discounts, quotations of securities and currencies, dividends, etc.

Financial work the department produces in three directions:

1. financial planning (expenses, income, capital);
2. management of financial turnover in the current situation;
3. work in the financial department for the control and analysis of all monetary transactions.

• Financial planning (budgeting of income, expenses and capital)

The financial planning department carries out multifaceted planning of financial plans and provides 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 prepare separate budget and cash proposals for profit and cost centers, financial accounting centers and profit centers.

Financial Accounting Center- the body of the financial structure of the company, carrying out independent management accounting activities.

Financial accounting centers consist of objects of three types:

• influencing the company's profitability (budgetary income and expenses);
• determining the ability of the object to make payments (item of the movement of budgetary funds);
• influencing the future 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, which are analyzed for each separate type of product in order to find out 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, the allocation 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, equipment wear, the percentage of renewal of means of production and their profitability).

Priority actions for budget management:

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

To implement budget management, an employee is first appointed to the position of budget director. Typically, this function is performed by the head of the finance department. Acting as an expert, the CFO is responsible for coordinating 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 acting on a permanent basis that oversees the strategic and financial planning of the company, makes recommendations and ends disputes on various issues arising 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 money management

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

• with suppliers of valuables and services of a material nature;
• with consumers of finished products or services;
• with the state budget system;
• with an arbitration court in resolving controversial issues.

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

• financing at the expense of the company's personal funds;
• policy of moderate financial planning;
• the use of an aggressive financial policy, which implies taking short-term loans from the bank;
• financing of obligations by obtaining a deferral of repayments.

However, the company cannot defer payments on an indefinite basis, but only within the framework established by applicable law.

When using funds received through credit financing, specialists of the finance department use various methods to secure the funds received:

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

It should be borne in mind that these methods lead to a decrease in the profitability of the borrower:

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

When carrying out operational work with finances, employees of the financial department analyze the indicators of debits and loans (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 finance department of the company deals with promissory notes, taking into account the discounts necessary for both receipt and payment. These functions are partially performed by the accounting department.

The decision to take an external loan is made by the finance 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 returned. Even despite the absence of dividends, investors can value the company's shares quite high 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 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 money capital, spending of basic and reserve finances, balance sheet liquidity and solvency. The organization of this work at enterprises of various organizational forms is the responsibility of the chief or financial director.

• Financial control as a method of enterprise finance management

The financial control department manages finances in the last final stage, when control of all the capital of the enterprise is so necessary. In addition, control over the individual circulation of funds occurs at each of its stages, from investing in production stocks 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 the management of corporate funds.

Control and analysis of consolidated budget revenues ensures the consistency and stability of financing the current and operational work of the company. The finance department does this. Controlling and analyzing the expenses of the consolidated budget 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 day-to-day 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 control, analysis and planning of finances. The stability of the company's income depends on the decisions made by the company, calculated for the short and long term.

Expert opinion

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

Dmitry Eremeev,

CEO of Richemont Luxury Goods (RLG), Moscow

It is the CFO who should be fully responsible for all financial information provided in the mandatory presence of the Logistics and Sales Directors. It is necessary to take into account three possible stages of financial control over the general financial condition of the enterprise:

• Operational control stage - a daily, weekly and monthly report on the financial condition of the company. At this stage, planning and forecasting is impossible!
• The stage of short-term control is a quarterly report on the state of the company's finances, requiring discussion, adjustments to 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: Planning for less than a year is impractical.

In the event of a sudden outbreak of crises and other unpleasant surprises, an extremely urgent response is required to urgently halt 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.

Regulation on the financial department of the enterprise

The Regulation on the Financial Department is the most important document that defines the basic aspects of personnel management and the organization of documents, developed by the CFO.

So its constituents:

1. Organizational and functional structure of the financial department.

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

1. The number of structures and staff of the financial service.

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

1. The main tasks and target areas of the finance 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.

1. 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 performing these functions are inscribed on the horizontal. At the intersection of two lines, it is noted who is doing what. A visual option for monitoring the workload of departments and the distribution of functions between departments.

1. The order of interaction between employees of the financial department.

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

1. The procedure for resolving disputes and conflicts.

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

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1. Establishing indicators for assessing the performance of the finance department.

This section describes the metrics that, if met, will assess the finance department's performance as successful. These indicators must be necessarily measurable and specific.

1. Final provisions.

This paragraph contains the main requirements for drawing up the Regulation on the financial department, on the timing of its adoption by the employees of the departments, on the rules for its storage. The personnel workers and the general director of the enterprise must give their consent to the Regulation on the financial service.

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 are concentrated.

You will learn:

• What is the finance department for?
• What is included in the structure of the finance department
• Who works in the finance department
• What does the finance department do
• What enshrines the Regulation on the financial department

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

Why do you need a financial department at an enterprise

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

The size of the financial turnover, the number of payment documents for settlement with partner enterprises (both suppliers and customers), as well as with private banks, creditors and directly with the budget, depend on the nature of the activities carried out and the production volume. The scale of cash transactions and settlement with employees determines the composition and number of the staff of the finance department.

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

In planning the finance department performs the following functions:

• deals with the planning of finances and loans, taking into account all the necessary expenses;
• analyzes its own circulating needs;
• identifies the possibilities of financing the activities of the enterprise;
• develops capital investment projects, taking into account all the features;
• participates in the preparation of business plans;
• designs cash plans;
• takes part in planning the sale of production products, analyzes profitability and associated costs.

Operational work the financial department is responsible for the performance of tasks of various kinds, the main of which are:

• ensuring the receipt of payments to the budget at a strictly fixed time, payment of interest on short and long-term bank loans, timely issuance of wages to all employees and employees of the enterprise, the implementation of all cash transactions;
• payment for the services of suppliers for the goods and work provided;
• covering the costs of planned costs;
• execution of credit agreements in accordance with contracts;
• daily monitoring of the sale of products, profits coming from them and other sources of income of 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 profit and profitable indicators, and also monitor the appropriateness of using both its own budget and funds from borrowed capital and bank loans.

Practice shows that earlier the duties of the finance department were performed by a group of accountants working at the enterprise.

At present, the tasks of the finance department have expanded significantly, which required the creation of a separate unit 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-governmental commercial organizations. The transfer of objects of municipal and state property to private hands, the growth of subject 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 finance department may be carried out by accountants due to low turnover and small headquarters. A completely different situation can be observed in large organizations, joint-stock companies of closed and open types, where the presence of such a structural unit as a financial department is vital.

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Market relations in economic activities contribute to an increase in the number of functions performed by the financial department, which, in addition to monitoring budget revenues, implementing partnerships with banks, creditors and suppliers, timely provision of wages to employees, planning settlements, monitoring the reasonable spending of its own budgetary funds, is obliged also engage in financial management, which creates a new range of tasks.

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

The finance department is dedicated to main goal- to ensure stability and economic growth, to increase the profit of the enterprise.

The main content of financial work includes the following:

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

How to control your financial situation without a finance department

If the management accounting is poorly established at the enterprise, the director receives information on profit and loss 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: you can control costs, avoid unnecessary costs, and most importantly, create a tool for planning the future without waiting for reports from the accounting department.

Set performance targets and then watch for deviations - such monitoring requires no more than 15 minutes a week. How to set up such a system, told the editorial board of the magazine "Commercial Director".

What the structure of the finance department looks 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:

1. On financial accounting tasks for the implementation of accounting, for the preparation and maintenance of reporting in the balance sheet system, as well as the financial department's report on profits and expenses, the preparation of public reporting in accordance with generally accepted accounting standards and the development of accounting policies.
2. Analytics department performs functions related to the analysis of financial data and the general state of the enterprise. He is engaged in the preparation of the annual financial statements and plays a key role in the preparation of the summary report at the general shareholders meeting. Analyzes the financial performance of the company and monitors the competent design of the investment fund.
3. Financial planning department carries out the development of short and long-term financial projects, and also manages the overall budget of the enterprise.
4. Tax planning department has its task to develop a correct tax policy, draw up reports on the payment of taxes and tax returns, submit them to the relevant authorities, ensure the timely payment of taxes in full, check the calculations with the main budget and non-budgetary sources of funding.
5. Operations department carries out activities on work with creditors and debtors, communicates with banks and other financial and credit organizations. Monitors compliance with payment, tax and settlement discipline by all subsections.
6. Department of Securities and Currency Control forms a package of securities, controls their movement. Monitors the implementation of all financial transactions in accordance with the 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 the structure of the financial department depends on differ significantly.

Some of them consider the ideal classical model, consisting of treasury, accounting, budget (planning) department.

Others point to the importance of a company's strategic goals in influencing the composition of the finance function. For example, if the activity of an enterprise is focused mainly on working with securities, then in the structure of the department there should be a special body performing these functions.

Expert opinion

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

Ella Gimelberg,

CEO, Managing Partner of S&G Partners, Moscow

The structure of the financial department should be divided in the event that this is required by the activities of the enterprise (large turnover, participation in investment and borrowing programs, the presence of accounting in accordance with IFRS, management accounting system, etc.). The CFO can be called a top manager, whose powers do not include primitive management and financial issues. Departments of the finance department - treasury, budget management, management accounting, investment activities - should be part of the structure of the finance department. Such a department structure implies the presence of four line top managers (3 management managers and 1 treasury), responsible for the proper performance of all departments of their main functions. The department's CFO should monitor their performance and develop new strategies for improving the system.

Finance staff 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 finance department. So, employees of the finance department have the following powers and responsibilities:

Controller

A specialist in this area exercises internal control in the finance department. He develops various cost and expense accounting strategies in order to find more profitable production routes. The controller transfers the obtained information to the above-standing structures: the vice president of the company, the general manager and, at the final level, the board of directors.

The main responsibility of the controller is focused on the development of financial estimates. He analyzes the financial situation of the enterprise, its financial condition, gives his forecast, assessment and proposals for changes that contribute to increasing the profitability of the enterprise.

• Accounting and Sales: How to Establish Effective Collaboration

If the enterprise operates in the regime of a corporation, then the appointment to the position of the controller is made by the board of directors, and his duties are enshrined in the organizational charter. As a rule, the staffing of the position of "controller" is carried out with the support of the president of the company and financial committees.

Treasurer

The main duties of the treasurer are to work with the securities and cash of the company. The treasurer carries out all the necessary monetary operations: collection, transfer, investment, loan and payment of finance. Similarly 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 duties includes partner activities with banks, control over all the company's operations: cash and credit. To forecast the future movement of funds, the treasurer works in cooperation with the director of financial estimates, as well as with the controller, while ensuring cash flow in accordance with the planned short-term bank loans, increasing the flow of cash receipts or reducing the amount of cash deposits and eliminating short-term investments ...

The unique authority of the treasurer is his duty to validate with his signature all company receipts for both large and small amounts. These amounts and cash 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 duties include signing all contracts, bonds and invoices, certificates and other financial documents of the company. The treasurer, or in other words the vice president of the company, plays a key role in the enterprise management system.

Chief Accountant

The finance department of the accounting department includes a number of specialists, however, the maximum responsibility lies with the chief accountant. This specialist is directly subordinate to the controller, 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 implements strategies for accounting for costs and expenses incurred by the enterprise, as well as methods for effective audit. However, these are secondary functions, and the main powers are in accounting, financial reporting.

The chief accountant prepares financial and statistical summaries, which are then passed on to the controller, treasurer or manager. In other words, the task of the accountant is 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 a controller can be combined and performed by one specialist.

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

• How to become a CEO and organize your business

Some companies are provided with facilities for processing data in the field of accounting, but over time, these facilities acquire new functions. As a result, the chief accountant is engaged in monitoring and control over these installations, and the controller switches to work with other departments carrying out other operations.

Director of Financial Estimates

In addition to the chief accountant and controller, the finance 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 sales forecasting issues, analyzes the existing economic climate and assesses the possibilities and prospects of labor and raw materials. Based on the data obtained, the specialist forms clear projects on the basis of production and administrative financial estimates for submission to higher structures.

The Director of Financial Estimates prepares the final estimates and provides these copies to the heads and managers of all departments. Working in tandem with the Treasurer, the Director of Financial Estimates vouches for the financial support of the funds indicated in the estimate, if necessary.

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

The auditor

At the headquarters of the finance department, the position of an auditor is optional. The main tasks of the auditor are to check the correctness of the reporting.

In addition to the auditor, this division employs auditor assistants, auditors-representatives of enterprises and departments, as well as all clerical personnel. The planning of internal audits and the conduct of all audit-related operations are the main tasks of this official. The auditor may be subordinate to various specialists, for example, the controller or the chief accountant, but it is also possible that the auditor is subordinate to the president of the enterprise, the board of directors or the financial committee.

If the chief link is the controller, then it is he who controls 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 offer his ideas regarding accounting changes to a superior person.

As a rule, it is the auditor who works with the accountants who audit the books of the enterprise independently. In some firms, 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 headquarters of the Finance Department, which also functions in insurance operations. In large companies, different types of tax transactions (excise, 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 finance committee.

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

Planning Director

The Financial Analysis Division, 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 CFO. As a rule, either the chief accountant or the director of financial estimates can advance to this position on the career ladder.

• Planning director(most often acts as financial analyst)

It is this official who prepares 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, profits and capital expenditures.

When deciding whether to liquidate, merge, or acquire new subsidiaries of an enterprise, the opinion of the planning director is very strong. The Director of Planning and Financial Analysis provides an assessment of the state of the market and the general economic situation of the enterprise.

The role of this specialist is similar to that of the head of the finance department, although in some situations he does the same job as the controller and director of financial estimates. The three officers listed above can carry out the activities of the Director of Planning and Financial Analysis, if this position is not provided for in the headquarters of the company employees. In this situation, the main responsibility rests with the top manager of the finance department.

• Chief Financial Officer: Duties and Functions of the Chief Accountant

Director's position planning appears in the structure of the company in the case of large industries, when the issues of financial analysis and long-term planning play an important role. In such cases, the main responsibility of the planning director is to fulfill part of the financial manager's duties and coordinate the information flow coming from the controller, director of financial estimates, 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 financial decision is the result of the activities of the finance committee.

Typically, the board of directors decides to create a finance committee, which is not only an advisory body for the development of enterprise policy, but also a functional unit of the company.

Finance committee meetings rarely take place on a daily basis, usually a monthly or quarterly meeting to discuss any important issues that have been put on the agenda in advance by the president of the company or the board of directors.

Job responsibilities chairman the finance committee are performed by the president of the company, the chief financial officer, or the 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 companies with a small volume of production, the finance committee consists of all the responsible officials.

If the board of directors has decided to create this body, then the financial committee has the right to resolve all financial issues on behalf of the board of directors in the period between meetings. Explaining financial policy issues at meetings and meetings, the finance committee sets out a general framework that should guide all employees in the company in their business. After that, the discussed issues are subject to a vote, although this is an optional condition of the meetings.

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

In small enterprises, this financial authority agrees to large loan requests, evaluates staff performance and assigns wages according to the duties performed, and also decides on additional incentives for employees.

In large organizations, separate structures are involved in the development of financial estimates, investment plans and planning. However, in the overwhelming majority, all firms have only one body - the financial committee, which deals with all of the above issues.

The main areas of work of the financial service

The CFO applies various enterprise management methods:

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

When using these methods, it is possible to carry out various financial transactions related to credit, loans, interest rates, discounts, quotations of securities and currencies, dividends, etc.

Financial work the department produces in three directions:

1. financial planning (expenses, income, capital);
2. management of financial turnover in the current situation;
3. work in the financial department for the control and analysis of all monetary transactions.

• Financial planning (budgeting of income, expenses and capital)

The financial planning department carries out multifaceted planning of financial plans and provides 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 prepare separate budget and cash proposals for profit and cost centers, financial accounting centers and profit centers.

Financial Accounting Center- the body of the financial structure of the company, carrying out independent management accounting activities.

Financial accounting centers consist of objects of three types:

• influencing the company's profitability (budgetary income and expenses);
• determining the ability of the object to make payments (item of the movement of budgetary funds);
• influencing the future 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, which are analyzed for each separate type of product in order to find out 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, the allocation 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, equipment wear, the percentage of renewal of means of production and their profitability).

Priority actions for budget management:

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

To implement budget management, an employee is first appointed to the position of budget director. Typically, this function is performed by the head of the finance department. Acting as an expert, the CFO is responsible for coordinating 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 acting on a permanent basis that oversees the strategic and financial planning of the company, makes recommendations and ends disputes on various issues arising 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 money management

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

• with suppliers of valuables and services of a material nature;
• with consumers of finished products or services;
• with the state budget system;
• with an arbitration court in resolving controversial issues.

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

• financing at the expense of the company's personal funds;
• policy of moderate financial planning;
• the use of an aggressive financial policy, which implies taking short-term loans from the bank;
• financing of obligations by obtaining a deferral of repayments.

However, the company cannot defer payments on an indefinite basis, but only within the framework established by applicable law.

When using funds received through credit financing, specialists of the finance department use various methods to secure the funds received:

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

It should be borne in mind that these methods lead to a decrease in the profitability of the borrower:

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

When carrying out operational work with finances, employees of the financial department analyze the indicators of debits and loans (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 finance department of the company deals with promissory notes, taking into account the discounts necessary for both receipt and payment. These functions are partially performed by the accounting department.

The decision to take an external loan is made by the finance 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 returned. Even despite the absence of dividends, investors can value the company's shares quite high 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 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 money capital, spending of basic and reserve finances, balance sheet liquidity and solvency. The organization of this work at enterprises of various organizational forms is the responsibility of the chief or financial director.

• Financial control as a method of enterprise finance management

The financial control department manages finances in the last final stage, when control of all the capital of the enterprise is so necessary. In addition, control over the individual circulation of funds occurs at each of its stages, from investing in production stocks 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 the management of corporate funds.

Control and analysis of consolidated budget revenues ensures the consistency and stability of financing the current and operational work of the company. The finance department does this. Controlling and analyzing the expenses of the consolidated budget 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 day-to-day 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 control, analysis and planning of finances. The stability of the company's income depends on the decisions made by the company, calculated for the short and long term.

Expert opinion

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

Dmitry Eremeev,

CEO of Richemont Luxury Goods (RLG), Moscow

It is the CFO who should be fully responsible for all financial information provided in the mandatory presence of the Logistics and Sales Directors. It is necessary to take into account three possible stages of financial control over the general financial condition of the enterprise:

• Operational control stage - a daily, weekly and monthly report on the financial condition of the company. At this stage, planning and forecasting is impossible!
• The stage of short-term control is a quarterly report on the state of the company's finances, requiring discussion, adjustments to 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: Planning for less than a year is impractical.

In the event of a sudden outbreak of crises and other unpleasant surprises, an extremely urgent response is required to urgently halt 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.

Regulation on the financial department of the enterprise

The Regulation on the Financial Department is the most important document that defines the basic aspects of personnel management and the organization of documents, developed by the CFO.

So its constituents:

1. Organizational and functional structure of the financial department.

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

1. The number of structures and staff of the financial service.

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

1. The main tasks and target areas of the finance 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.

1. 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 performing these functions are inscribed on the horizontal. At the intersection of two lines, it is noted who is doing what. A visual option for monitoring the workload of departments and the distribution of functions between departments.

1. The order of interaction between employees of the financial department.

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

1. The procedure for resolving disputes and conflicts.

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

• Conflicts in the company: how to try on warring departments

1. Establishing indicators for assessing the performance of the finance department.

This section describes the metrics that, if met, will assess the finance department's performance as successful. These indicators must be necessarily measurable and specific.

1. Final provisions.

This paragraph contains the main requirements for drawing up the Regulation on the financial department, on the timing of its adoption by the employees of the departments, on the rules for its storage. The personnel workers and the general director of the enterprise must give their consent to the Regulation on the financial service.