Finance department functions and workflow

How to improve finance department productivity
in 3 minutes

1. Finance department staff members The Finance department has a team of professionals which regularly review the company's practices and converts personal skills into efforts to continually improve the financial statements of the company. Through effective management practices and creative ideas, Financial department team strives to build a working environment that enables to use financial resources and capabilities to serve customers better. The Finance department staff shares the company's dedication to customer satisfaction. The staff structure may include the following team members: Finance Director, Deputy Finance Director, Accountants, Finance Specialist, and Cashiers. 2. Short overview of Finance department staff responsibilities Finance Director Working closely with his Deputy and the Finance Team, Finance Director has direct oversight and responsibility over all finance operations. The emphasis of the departmental director is made in rendering proper financial services and getting accuracy and integrity in financial status reports including financial forecasting, use of finance resource for productivity gains, and providing relevant information to decision-makers, stakeholders and owners. Deputy Finance Director Deputy Finance Director is also called Finance Manager. This person is responsible for the preparation of the annual company budget and assisting in the preparation of the annual financial statements. Deputy Finance Director closely works with the departmental director by providing financial status reports, assisting development of financial strategy and managing the department team. Accountant This is the person who is in charge of processing accounts receivable, accounts payable, and payrolls. There can be several accountants in Finance department depending on the company's size and the scope of financial operations. Accountants assist in the preparation of financial reports, auditing documents, revision memorandum, and the monthly closing of the books. Finance Specialist Finance Specialist is in charge of monitoring the company's capital investment projects as well as the revenue analysis including sales tax and property tax analysis. This person is also accountable for keeping the general ledger, reconciling bank accounts and monitoring the company's funds. Cashier Cashier is in charge of paying and receiving money. This person can be also involved in the process of managing cash transactions with customers. Cashier ensures that all cash money records are in line with existing cash in the cash desk. This employee reports to Accountant. 3. Finance department resource list Staff members of Finance Department hold responsibilities for their department and render a wide range of financial services, including: budget planning, procurement, risk management, cash management, accounting operations, and financial reporting. The variety of responsibilities and the complexity of departmental functions require creation of staff list which contains comprehensive and complete Information about duties and roles of the staff members. This can be reached by using VIP Task Manager.
This software allows to build a list of employees who works at Finance department and specify detailed information about them. In Resource List view there can be added a new user account which contains the following information: employee's name, job title, contact phone, postal address, e-mail address and personal log-in password. Resource List view allows to create and assign roles which means a set of permissions the user has to access the departmental database. For example, Finance Director can be assigned to 'Unlimited' role and so this person will have full access to all tasks in the database. At the same time the role 'Accountant' will give access only to the tasks assigned to accountants of Finance department. Such a flexible system of task permissions allows to create safe and secured database where each employee has strict duties and tasks.
Finance department staff >> Finance department functions and workflow Financial Administration Provision of everyday financial services Financial reporting