Financial service concept

Financial service is a structural unit in the organization of an enterprise that performs the functions of developing proposals for establishing the financial policy of the enterprise, as well as its implementation in various manifestations, control and preparation of financial statements.

The purpose of the financial service at the enterprise is to ensure the effective creation and further use of financial resources, as well as the organization and control of these processes

Tasks financial services

Basically, the tasks can be represented as the following diagram.

Functions financial services on enterprise

1. Organization of financial and credit planning (long-term, operational, annual balances), tasks and distribution of responsibilities between performers, monitoring the implementation of assigned tasks.

2. Carrying out calculations to provide staff with cash payments. If it is necessary to quickly receive funds into a bank account, the financial service speeds up the shipment and its payment of taxes and deductions. She also makes calculations of payments for submission to the tax office, draws up documents for obtaining loans, monitors the accuracy of completed documents for the shipment of goods, the completeness of payment of invoices and the timing of work.

3. Carrying out economic work that increases production efficiency. The responsibilities of financial services also include developing and improving plans to accelerate the turnover of working capital, identifying unnecessary inventories, and their implementation. The financial service works closely with the marketing service to study consumer demand in the market, develop price plans for new types of products, etc.

4. Monitoring the implementation of financial plans and optimal use of resources. The financial service carries out logistics contracts, and also monitors the implementation of the production plan, profit and profitability plan, and consideration of claims in line.

5. Analysis of the financial activities of the enterprise, using accounting, financial and statistical reporting, development of measures to increase production efficiency.

Stages development financial services, relevant stages development financial management:

1. Beginning of implementation of the basic elements of financial management at the enterprise. For the financial service, this stage means the beginning of the formation of a financial culture in the enterprise.

2. Drawing up the main elements of financial management at the enterprise. Here the financial service masters new technologies of the enterprise and begins to manage the enterprise using financial and economic methods.

3. Beginning of operational control at the enterprise. The financial service introduces operational control systems into the structural divisions of the enterprise.

4. Creation of current financial management at the enterprise. For the financial service, this stage means the foundation of financial management with a planning period of one year and planning.

5. Implementation of a strategic financial management system. The financial service begins to plan financial activities for the future and conduct regular strategic planning.

6. Creation of a complete financial management system at the enterprise. At this stage, management of the enterprise begins as a structure, consisting of operational, current and strategic management.

Features of the organization of the financial service of the enterprise JSC Moststroyindustriya

In modern conditions, decisions made by financial managers and analysts are becoming increasingly significant in their consequences for the activities of enterprises. Pricing and dividend policies, capital management are of fundamental importance for the results of its activities. The transition of the Russian economy to market relations has raised a large number of questions and imposed new demands on the financial management of enterprises. The study of the laws of the market and the organization of financial relations occurred “along the way,” and the automatic transfer of Western concepts to domestic soil led to the rejection of quite viable ideas by Russian practitioners. The above reasons partly influenced the economic condition of Russian enterprises. In this regard, it seems necessary to discuss the problems of organizing and functioning of the financial and economic service of an enterprise.

Of course, this service should meet his interests, depending on the goals and objectives facing him. Let's consider these problems using the example of Rostovstalmost JSC, other enterprises of Mostostroyindustry JSC and some industrial enterprises in the city of Rostov-on-Don. Let us consider and analyze the organizational structures of financial and economic services of enterprises.

A peculiar subject of work of the financial and economic service is money and cash flows that arise within the enterprise itself and outside its borders, connecting it with other enterprises, the credit and banking system, and economic entities in the association. To manage the finances of enterprises, a financial mechanism is used - a system for managing financial resources in order to effectively influence the final results of production. The financial mechanism is designed to ensure the implementation of finance functions related to:

- providing the enterprise with funds;
- distribution and control of the use of funds.

The first function implies optimal provision of the enterprise with funds. Optimizing cash flows is one of the main tasks of the financial service.

The distribution function is associated with reimbursement of production costs and income generation. This income, in turn, is distributed between the enterprise and external organizations with which it has obligations, as well as between the enterprise and the state. The control function involves the use of various kinds of indicators and the establishment of economic incentives or sanctions.

The main goal of the financial service is the most complete implementation of finance functions by strengthening the financial position of the enterprise by increasing its profitability, profit, increasing labor productivity, reducing costs, improving product quality and introducing new advanced technologies and scientific achievements Poderegin A.N., Enterprise Finance, - K.: KNEU, 2009 - 329 p..

The most important tasks assigned to the financial and economic service include:

- mobilization of financial resources to ensure simple and expanded reproduction in order to make a profit;
-fulfillment of financial obligations and organization of payroll settlements with suppliers, banks, and the budget;
-promoting the efficient use of production assets and investments;
-development and implementation of a financial plan and enterprise budget;
- ensuring an optimal capital structure;
-control over the rational use of financial resources, compliance with financial and economic indicators of production activities.

The organizational structure of the financial service reflects the composition of the numerous functional divisions of the enterprise and determines the coordination of their joint activities towards achieving the goals set for the enterprise. It is this coordination that serves as the basis of the organizational structure, which is usually defined as a set of stable connections in the organization. Connections are seen here as expressions of relationships rather than as specific actions. Through structural connections, coordination relations between divisions of the enterprise are realized, the interaction of functional services is carried out, in which two important components are distinguished: the rights of a structural unit and its information support.

Financial and economic management is part of the process of general enterprise management, therefore management in this area can be built according to management schemes traditionally related to the enterprise as a whole. Financial management / Ed. Polyaka G.B. M.: Finance, Unity, 2008 - 484 pp. These can be linear-functional management schemes that have proven themselves in stable conditions, or flexible and adaptive schemes focused on changing market conditions, or matrix, product management schemes. The main condition for choosing a management scheme is that it must meet the production conditions and the type of organization.

Let us consider, as an example, the organizational structure of the financial and economic service at the enterprises of Mostostroyindustry JSC. In Fig. Figure 1 shows the organizational structure of the economic service of Ulan-Udestalmost CJSC. Enterprises in Kurgan and Ulan-Ude were built on the model of the Rostov plant, repeating its organizational structure. Over time, it began to change at all enterprises

Rice. 1

The organizational structure of the financial and economic service of the Ulan-Ude plant has currently undergone the least changes. This management scheme can be considered the original one, preserved from the time of the planned economy. It includes traditional groups within the accounting and economics departments.

In Fig. 2, 3 show diagrams of financial and economic services of the Rostovstalmost and Kurganstalmost enterprises.

Rice. 2

Rice. 3

There are many similarities in the organizational structures of the financial and economic services of these enterprises. The highest management level is the general director. The second level is deputy general director (at the Kurgan enterprise traditionally - “for economics and finance”, at the Rostov plant - “for long-term development”). At the same time, the chief accountant and his department, according to the organizational structure diagrams, report directly to the director. To a greater extent, this is appropriate for a Rostov enterprise, since the main activity of the deputy director is related to long-term planning, working with customers and justifying product prices. The same functions are typical for the deputy director for economics and finance of the plant in Kurgan. It is under his subordination that the department of foreign economic relations is located, the work of which is primarily aimed at providing production with orders. The subordination of the chief accountant and his department directly to the general director is explained by the compliance of the organizational structure with the essence of a planned economy, as well as the right of the chief accountant to manage funds in the current account based on the requirement of a second signature on payment documents. The personal responsibility of the chief accountant for the use of funds remains. Today, the subordination of the chief accountant directly to the general director is enshrined in the statutory and official documents of enterprises.

One of the elements of the organizational structure of the Kurgan plant deserves special attention - the subordination of the legal department to the deputy director for economics. The work of this service is largely connected with the preparation of contracts with external organizations, with assessing the legality of decisions made by economic services, with the fulfillment of the enterprise’s obligations to the state and contractors. Therefore, this position of the legal service in the organizational structure, in our opinion, is natural. Also, in our opinion, the direct subordination of the department of foreign economic relations (EFR) to the deputy director for economics of the Kurgan plant or the deputy director for long-term development of the Rostov plant is completely justified. The main activity of OVES is aimed at providing production with orders, which is closely related to the economic analysis of a potential order. Having a group of economists in both the planning department and the OVES is impractical and expensive. The consolidation of these services under the leadership of a deputy director is entirely justified. Evidence confirming the appropriateness of the provisions of the OVES and the economic planning service are changes in the organizational structure of the Rostov plant over the past few years.

After the creation of the foreign economic relations service at the plant, the price bureau, which was responsible for product costing and subordinate to the chief economist, was transferred to the structure of the external relations department. Later he was returned directly to the chief economist. Currently, the organizational structure looks more complete: both economists and marketing specialists are united under a single leadership (at the Rostov plant - deputy director for long-term planning, in Kurgan - deputy director for economics and finance). The Price Bureau remains under the authority of the Chief Economist, works within the structure of the financial and economic service and reports ultimately to the Deputy Director for Economic Affairs.

The economic services of factories include the labor and wages department (LOW), which is traditional for the structure of the financial and economic service.

A peculiarity of the structure of the economic service of the Kurgan plant is the allocation of an independent financial department within its structure. His position and subordination directly to the Deputy Director for Economics and Finance meets modern requirements. The Rostov plant does not have an independent financial department. Its functions are performed by the financial group within the accounting department. There is no doubt that the role of the financial service has increased and is strengthening with the development of market relations in Russia. Currently, there is a need for financial departments whose responsibilities include the tasks of forming a rational capital structure, assessing the enterprise's supply of working capital, managing cash flows, conducting financial analysis, searching for sources of financing, budgeting, etc. In this regard, the experience of the Kurgan plant in separating accounting functions and the financial department seems to meet the requirements of the time. At the Rostov plant, the financial group is part of the accounting department. In this regard, the main functional responsibilities of accounting include: financial management, accounting for materials and other property, depreciation, financial reporting and taxes. At the same time, the accounting department does not have an analytical service that would assess the current financial and economic state of the enterprise, sources of financing, and investment flows. There is no such service in the structure of the economic planning department. Calculation of the cost of new orders, comparison of planned and actual indicators are carried out by the economic service, financial activities are controlled by the accounting department, which records the progress of the movement of financial resources, manages them and sums them up. Thus, forecasting the financial and economic state of the enterprise and operational analysis of its production activities are missing. The assessment of the economic state is carried out based on actual data, when it is no longer possible to influence them. To improve the organization of work and coordination of the activities of the financial and economic service, each of the analyzed enterprises can and should optimize the organizational structure of this service. It is no coincidence that the number of members of the accounting department at the Rostov plant has increased significantly in recent years. Increasing the number of functional responsibilities within one department has a negative impact on the results and efficiency of its work. To change the situation, it is necessary to streamline and clearly delimit the functional tasks of the financial and economic service and reflect this in its organizational structure. Today, it is important to provide within the financial and economic service positions of specialists in financial planning, conducting current operational analysis, assessing the attractiveness of investment projects, drawing up an enterprise budget, assessing various sources of financing, i.e. positions of financiers or financial managers.

Along with the enterprises of JSC Mostostroyindustriya, the organizational structures of other enterprises in Rostov were analyzed: JSC RZ Pribor and the Rostov Electric Locomotive Repair Plant (RERP). Diagrams of the organizational structures of the economic services of these enterprises are shown below in Fig. 4 and 5.

financial finance shareholder forecasting

Rice. 4

It should be noted that if the first three enterprises are comparable in production volumes, then the RZ Pribor plant and RERZ are almost twice as large both in production capacity and in the number of employees. The structure of the financial and economic service of the RZ Pribor enterprise is focused on the modern requirements of financial management of a commercial organization and, in our opinion, is quite complex. The entire service is headed by the Deputy Director for Economics and is divided into departments: economic planning and accounting and analysis (which includes accounting and financial departments). The service also includes a tax department.

Economic planning management includes traditional divisions: economic, labor organization and wages. The management structure of accounting and finance includes services that meet modern requirements. Here, in addition to the traditional sectors, the accounting department includes separate services: management accounting and analysis, budgeting, mutual settlements and work with banks. However, the subordination of the financial department to the chief accountant seems unjustified. The head of the financial department does not have direct access to the head of the economic service. It is more expedient, in our opinion, to reserve for each of the services only the functions inherent to them and to bring each of them under direct subordination to the deputy director for economics: accounting, economic planning and financial departments. The tax department has been removed from the accounting department, although it bases its activities on the basis of accounting data and, therefore, should be part of the accounting department.

The organizational structure of the economic service of RERZ, on the contrary, is not complicated by the modern division of functions and is similar to the organizational structure of Ulan-Udestalmost CJSC. The difference between the financial and economic service of the RERZ plant is that it is headed by a deputy director for economics. The service itself is divided into economic department and accounting department. Each division includes traditional functional groups and bureaus. It is worth paying attention to the fact that the economic department of this enterprise has an accounting and analysis sector. Typically, such a sector is present in the structure of accounting (in its financial part).

Rice. 5

At the time of the survey of the activities of the financial and economic service of the RERZ, an additional tax specialist was added to the accounting department. In our opinion, in the modern situation, the presence of such specialists in the economic service of an enterprise has become a necessity.

After considering the organizational structures of several joint-stock companies, we can conclude that they all have a rather complex organization of financial and economic services, but at the same time they have a number of shortcomings, the elimination of which is possible, but requires making some changes to the organization. structure of enterprises.

The structure of the financial and economic service, most typical for Russian enterprises, is presented in

In addition to the listed divisions, the financial and economic service of an enterprise can be structurally divided into an analytical department, a tax planning department, a labor and wages department, etc.

It should be noted that this structure is typical for many, but not all enterprises, therefore it may be different at a particular enterprise. It is not the units themselves that are important, but the functions they perform. The main functions performed by the financial and economic service of an enterprise are presented on.

Accounting keeps track of "fact". Its activities are oriented “to the past” (which is reflected by the arrow to the left). The main task of accounting is the most accurate reflection of the “fact”, bringing it to the user departments.

By its nature, accounting is not focused on managing processes in an enterprise. The main documents are reporting: balance sheet and profit and loss report (financial results of the enterprise).

Planning and Economic Department (PEO) plans production volume (based on sales volume) in general and by workshop, as well as income, costs and use of profits, coordinates the pricing process at the enterprise. The main resulting document is the profit and loss plan and analysis of its execution.

Financial department (FO) develops and implements a plan for the flow of cash and other means of payment, analyzes its implementation, and consolidates (plans) cash receipts and payments on the basis of data from the marketing department and other departments.

Question:
Which division is involved in capital management? Accounting?- No, its main function is to track the fact.
PEO?- Only one of the components of liabilities is profit.
FO? - Only the movement of cash (payment) funds, sometimes - the management of receivables and payables.

According to some experts, most Russian enterprises do not have capital management (in particular, there are no departments for which this task is the main one). Of course, the absence of a special unit does not mean failure to perform the function. However, assigning a significant function to other departments that have a different range of responsibilities, as a rule, leads to the displacement of less urgent tasks. A typical result of this approach to the distribution of functional responsibilities is “seven nannies have a child without an eye.”

Question:
If an enterprise does not manage the most important factor (indicator), and the aggressive “capitalist” environment is monitoring it (and looking for where to make money), will the enterprise’s capital increase or decrease?
Answer:
if it increases, it will be by accident or due to an extremely profitable market niche.

Rational structure of FES. Any of the main functions performed by the financial and economic service, be it profit management, cash flow (CDF) or capital management, requires significant time and intellectual expenditure. In this regard, within the FES it is advisable to identify structurally separate divisions that specialize in performing one or another main function of enterprise financial management ().

A possible structure of the financial and economic service of an enterprise, rational from the point of view of the division of functional responsibilities, is presented on. Naturally, this is just one of the possible options, which should be linked with other functions performed by the financial and economic service, its divisions and personnel.

It would be more appropriate to subordinate the labor and wages department to the personnel management service. The chief accountant often reports directly to the general director, but in practice it is more expedient to operationally report to one person - the financial director or introduce the position “financial director - chief accountant”.

Forming a financial department at an enterprise is a responsible task. The functions of the financial department are constantly expanding and are formed based on the tasks that the financial director will have to solve.

Functions of the financial service

Financial controlling is one of the main functions of the financial department, which consists of forming plans and monitoring their implementation. The performance of this function is associated not only with accounting and analysis, but also with control over the execution of business processes of the enterprise
Treasury Department. Managing the company's funds, creating a payment calendar, monitoring the status of mutual settlements - all these are functions of the treasury and their importance cannot be underestimated.
Organization and maintenance of accounting and tax records. This function does not require much explanation.

The only thing I would like to focus on is the distinction between the functions of the chief accountant and the financial director. The responsibility of the chief accountant is maintaining regulated and tax accounting in accordance with legal requirements, timely preparation of accounting and tax reporting, and reflection of the facts of the company's economic activities on accounting registers. The functions of the financial director are to plan the company’s activities and its financial results, including in the context of constantly changing legislation. The tax planning function is the direct responsibility of the company's financial director. The subordination structure of the chief accountant is a topic for a separate discussion. On the one hand, the chief accountant is included in the area of responsibility of the financial director and must report to him, on the other hand, in accordance with the law “on accounting”, the chief accountant reports directly to the general director of the organization. The simplest way out in this situation is the dual subordination of the chief accountant.

It should be understood that in a particular company, the functions of the financial service may not limit the tasks facing the financial director in the process of organizing the financial department.

Financial service structure

Once the functions of the financial department have been determined, you can begin to form its structure.

The structure of the financial department can be represented in the following diagram:

At the same time, the “Contractual Department” and “IT Department” divisions are not part of the FEO, but are strategically subordinate to the CFO.

The simplest thing is to allocate a separate service to implement each function.

But no one bothers you to split a function into several services or, conversely, to combine several functions into one service.

Having determined the tasks and structure of the financial service, it is necessary to begin developing internal regulations.

Financial Service Regulations

Financial service regulations are a set of provisions, rules, instructions regulating business processes, the owner of which is the financial director, and as basic ones (budgeting, accounting, raising financing, making payments; regulated accordingly by budget, accounting, credit policies, payment procedures, preparation of financial statements) and directly related to the management of personnel of the financial service of the enterprise. The latter are often called HR processes.

In the process of developing, agreeing and approving documents regulating these processes, many issues related to the number of financial service employees, the requirements for their qualifications, and the wage fund are eliminated. If the requirements for the functional responsibilities of employees change on the part of the company's management, the regulatory documents approved earlier will help minimize potential conflicts, change the staffing level and revise wages.

Regulations on the financial service of the enterprise

The set of tasks of the financial department, its regulations and structure form the basis for the formation of the final document - the Regulations on the financial service of the enterprise.

This provision is an internal regulatory document that has the following structure:

Organizational and functional structure of the financial service. Typically, an organizational structure is an organizational chart highlighting departments and describing their functions. For HR planning purposes, it is useful to display information on the number of staff units (existing and planned) on a diagram.
Structural and staffing levels of the financial service. As a rule, this information is generated in the form of a table with the obligatory indication of the names of departments, positions, number of active and vacant staff units.
The main goals and objectives of the financial service. This section of the regulations describes the goals formulated taking into account the company’s development strategy, and the tasks that need to be solved to achieve them. Tasks are defined for each department.
Function matrix. This is a table in which the functions of the financial service are located vertically, and organizational units, that is, managers and key employees of the service 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.
The procedure for interaction between financial service employees. Typically, there is an internal procedure for interaction - between individual employees and (or) structural divisions of the company and an external one - with individuals (for example, particularly large clients) or government (commercial) organizations. The procedure for interaction is developed taking into account the organizational structure of the company as a whole, the functions and tasks of its other divisions, established principles and traditions.
This section describes in detail the procedure for filing an appeal or expressing disagreement along the chain “CEO – CFO – department head – ordinary employee.” This applies to any questions and proposals (task received, decision made, disproportionate compensation, reward or punishment), including innovative ones, that may arise both for the employee and his immediate supervisor.
A system of indicators that allows you to evaluate the work of the financial director and the financial service.
Final provisions.

If the head of the financial service is the financial director, then his activities are regulated by the job description of the financial director, and if the financial department is separated into a separate division, then when developing the job description of the head of the financial department, it is necessary to apply the general rules for the formation of job descriptions.

A detailed job description usually includes the following items:

General provisions
Qualification requirements. The requirements for the level of education of a specialist in this position are formulated, and the set of skills and abilities necessary to perform job duties is described.
Job responsibilities. The more detailed this section is filled out, the fewer questions the specialist will have about the need to perform certain tasks. Therefore, this section should be the most complete statement of all possible tasks performed by a specialist.
Specialist rights.
Responsibility of the specialist.

It is worth noting that the effective operation of the financial department is impossible without a high-quality information system.

Treasury Regulations

The importance of the work of the treasury department cannot be overestimated. The timeliness and correctness of payments and the execution of the cash flow budget depend on the efficiency of the functioning of this unit.

Formalization of department regulations is the basis for effective functioning. As a result, it is necessary to develop internal regulations for the department.

Approximate composition of the regulations of the treasury department:

Regulations for the formation of budgets;
Regulations for coordination of payments;
Job description of the head of the treasury department;
Job description of a specialist in the treasury department.

All these regulations are described or included as appendices in the document “Treasury Regulations”.

This provision is an internal regulatory document that has the following structure:

Organizational and functional structure of the treasury department. Typically, an organizational structure is an organizational chart highlighting positions and describing their functions. For HR planning purposes, it is useful to display information on the number of staff units (existing and planned) on a diagram.
Structural and staffing levels of the treasury department. As a rule, this information is generated in the form of a table with the obligatory indication of names, positions, number of current and vacant staff units.
The main goals and objectives of the treasury department. This section of the regulations describes the goals formulated taking into account the company’s development strategy, and the tasks that need to be solved to achieve them.
The procedure for interaction between employees of the treasury department. Typically, there is an internal procedure for interaction - between individual employees and (or) structural divisions of the company and an external one - with individuals (for example, particularly large clients) or government (commercial) organizations. The procedure for interaction is developed taking into account the organizational structure of the company as a whole, the functions and tasks of its other divisions, established principles and traditions.
The procedure for resolving conflict situations. The procedure for filing an appeal or expressing disagreement along the chain “general director - financial director - department head - ordinary employee” is prescribed in detail. This applies to any questions and proposals (task received, decision made, disproportionate compensation, reward or punishment), including innovative ones, that may arise both for the employee and his immediate supervisor.
A system of indicators that allows you to evaluate the work of the head of the department and the treasury department. This section includes lists and descriptions of indicators, upon fulfillment of which the work of the financial director and his subordinates is considered successful. Indicators must be specific and measurable.
Final provisions. This part sets out the procedure for coordination and approval of the Regulations, its validity period, the procedure for making changes, familiarization of employees with the Regulations and the procedure for its storage.

Responsibilities of a financial manager

Today, financial management is a system of principles and methods for developing and implementing management decisions related to the formation, distribution and use of financial resources and cash flow. As a result, the role of the financial manager in the company's management system may change depending on the specific tasks facing the financial service.

A financial manager, whose responsibilities are limited to participation in treasury activities and the budget process, monitoring and analysis of the enterprise’s activities, researching the applicability of certain financial instruments, plays an important role in ensuring the current activities and development of the company.

To effectively solve various problems in current activities, various tools and regulations are used, ranging from Excel spreadsheets to modern specialized software products with the widest functionality that allow expanding functionality simply and “painlessly” for the user.

Depending on the specialization and activity, the list of job responsibilities of a financial manager may vary from cash flow management functions to a system for monitoring the financial condition of the company, and implementing the function of managing relationships with counterparties. Accordingly, the job description must include a complete list of responsibilities and powers, ensuring the completeness of the function performed by a specific financial manager in a given organization.

It makes no sense to give a specific example of a job description, since it is impossible to provide the entire list of responsibilities, just as it is impossible to describe the entire range of management accounting tasks for an enterprise. In each specific company, management accounting is individual, and accordingly, the set of functions of the employee providing this accounting is individual within each company.

However, you can give a general structure of the job description. In general, it should consist of the following sections:

General provisions– description of the document, position, who appoints the employee to this position, etc.
Qualification requirements.
Job responsibilities. This section should be the most complete statement of all possible tasks performed by a specialist.
Criteria for successful performance of job duties. This section is quite difficult to fill out, since it is not always possible to formulate these criteria. In this section, it makes sense to describe only those criteria whose implementation can be monitored and objectively assessed.
Specialist rights. This section describes the company's responsibilities to the specialist. This includes timely payment of wages, organization of the workplace and technological infrastructure, compliance with sanitary standards, etc.
Rights and responsibilities of a manager. This paragraph complements the previous one; it contains clarifications of the responsibilities and powers of the specialist’s immediate supervisor.
Responsibility of the specialist. A clause that describes what the employee is directly responsible for and contains information about possible penalties for failure to fulfill official duties.

The key to a high-quality job description for a financial manager is the clearest and most complete description of all points, which will reduce the room for maneuver for unscrupulous employees. Only such instructions will ensure the effective work of the employee, his interaction with the manager, with other employees and departments of the company, and the activities of the company as a whole.

Responsibilities of the Financial Director

The financial director not only manages the relevant service, but also manages the company's cash flows, forms an investment policy, and provides the company's top management with prompt and reliable information about the organization's cash flow. The responsibilities of this manager largely depend on the specifics of both the business itself and the characteristics of the company’s management system.

Responsibilities include the following:

Organization of management of the movement of monetary resources of an enterprise and regulation of the corresponding relations that arise between economic entities in market conditions, in order to most effectively use all types of resources in the process of production and sale of products (works, services) and obtaining maximum profit.
Ensuring the capital stability of the enterprise through the development of a cash-generating strategy for the enterprise.
Management of the company's budget process, participation in the development of projects and financial plans of the company.
Monitoring the implementation of the above-mentioned indicators by departments.
Selection of optimal sources of financing the company’s activities by analyzing the financial market and the effectiveness of the applicability of a particular source for certain types of activities.
Formation of the company's investment policy, analysis of the effectiveness of capital investments.
Conducting an analysis of the financial and economic activities of the enterprise, developing methods aimed at ensuring the efficiency of the company's activities (optimizing turnover, increasing profitability, cost management, etc.).
Accounting for cash flows and reporting on the results of 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.
Supervising financial department employees.

The performer’s understanding of his rights and obligations will depend on the completeness of the instructions. The presence of instructions will allow you to avoid problematic situations associated with different interpretations of their duties by the employee and his management. The job description may include the following sections:

General provisions– description of the document, position, who appoints the employee to this position, etc.
Qualification requirements. This section formulates the requirements for the level of education of a specialist in this position, and also describes the set of skills necessary to perform job duties.
Job responsibilities. This section should be the most complete statement of all possible tasks performed by a specialist.
Criteria for successful performance of job duties. This section is quite difficult to fill out, since it is not always possible to formulate these criteria. It makes sense to describe only those criteria whose fulfillment can be monitored.
Specialist rights. The company's responsibilities to the specialist are described. This includes timely payment of wages, organization of the workplace and technological infrastructure, compliance with sanitary standards, etc.
Rights and responsibilities of a manager. This point complements the previous one. It contains clarifications of the duties and powers of the specialist’s immediate supervisor.
Responsibility of the specialist. A clause that describes what the employee is directly responsible for and contains information about possible penalties for failure to fulfill official duties.

Let us give as an example one of the options for the job description of a financial director, but we would like to note that the instructions for each manager must be adapted to the specifics of the enterprise’s activities.

Job description of the financial director

I APPROVED

CEO

Last name I.O. ________________

"________"_____________ ____ G.

1. Responsibilities of the financial director. General provisions.

1. This job description describes the job duties, rights and responsibilities of the financial director.

1.1. This position is classified as a manager.

1.2. Appointed only by order of the General Director.

1.3. Reports directly to the General Director.

1.4. In his absence, functional responsibilities are performed by a manager authorized to perform the duties of the financial director by the general director.

1.5. A person with a higher economic education and at least 5 years of experience in management positions can be appointed to the position of head of this area.

1.6. The financial director must know:

legislation of the Russian Federation, the Charter of the enterprise, regulatory legal acts of the enterprise, as well as other regulatory legal acts regulating its activities;
safety precautions, fire safety rules, as well as industrial hygiene and sanitation, labor protection, orders and instructions from management, as well as methodological recommendations for organizing your own work;
methodology for organizing the financial and economic activities of an enterprise, as well as drawing up plans, projected balances, budget planning, registration and development of plans for sales and production of products, profit and loss planning;
tools, the procedure for assessing and analyzing financial assets, forecasting profitability and risks, the procedure for lending to an enterprise, searching for funds and investments for a loan;
forecasting the efficiency of investments and distribution of capital-forming resources of the enterprise;
methods for preparing financial statements, the tax system of the Russian Federation, as well as the procedure for preparing accounting and financial reports.

1.7. In his absence, the duties of this director are transferred to a person authorized by the general director.

2. Job responsibilities of the financial director

The job description includes job responsibilities:

2.1. Managing the financial resources of the enterprise, as well as redistributing the budget in order to obtain maximum efficiency in production, sales processes of goods and services, as well as reducing costs, identifying the main sources of financing for production and maintenance of the enterprise;

2.2. Conducting negotiations, correspondence and necessary paperwork with commercial entities, banks, credit and investment institutions, as well as various third organizations in order to identify potential sources of lending, financing, co-financing and investment.

2.3. Conducting an analysis of the enterprise from the point of view of the above and economic condition, audit, vertical-horizontal analysis, trend analysis, calculation of financial ratios and indicators.

2.4. A study of all types of business expenses, including energy costs, utilities, purchases of raw materials or goods, as well as commissions, transportation and production costs.

2.5. Developing a business plan for an enterprise together with other managers and employees or independently, as well as ensuring budget planning, distribution of budget funds, monitoring the implementation of budget requirements.

2.6. Control over the implementation of plans and budgets, spending of borrowed and budget funds.

2.7. Analysis of the main indicators of the enterprise: cash receipts to the current account and cash payments for all types of products of the enterprise, income from the enterprise’s own financial activities, interest charges on loans, payment or receipt of dividends, expenses associated with investments and investments of the enterprise’s monetary resources.

2.8. Development of proposals to improve the productivity of the enterprise, reduce the costs of the enterprise, as well as prevent the emergence of unnecessary costs and expenses, and increase the efficiency of the direction policy.

2.9. Formation of an enterprise's investment policy based on a study of market conditions, analysis of supply and demand, the effectiveness of investments, as well as profitability and potential income from various enterprises, taking into account risk insurance, various payment and political conditions for the investor.

2.10. Control over the timely receipt of funds from budget revenue items, as well as the execution of banking and reporting transactions within a given time frame, payment of bills and interest rates on loans, the payment of funds to employees for wages, transfer of taxes in the manner established by the legislation of the Russian Federation.

2.11. Development and determination of directions of tax policy of the enterprise.

2.12. Complete guidance on the development of various financial and accounting documents for an enterprise, including documents not established by law.

2.13. Control over the preparation and execution of reporting documentation, as well as the preparation of financial statements for management and relevant authorities, preliminary reconciliation of documents with the actual state of affairs.

3. Rights of the financial director

The job description guarantees him the rights:

3.1. Require the General Director to provide all conditions for the effective performance of his own official duties.

3.2. Propose and submit for consideration to the board of managers proposals for improving the production process, as well as document flow, within their competence.

3.3. Identify deficiencies in the production process, as well as, within the scope of his responsibilities, the activities of the enterprise and propose to management methods and ways to eliminate or prevent them.

3.4. Sign and issue orders, instructions and other internal documents of the enterprise within their own competence.

3.5. Receive the necessary documents for the successful performance of job duties.

3.6. Represent employees for encouragement or discipline in cases where one’s own authority is not enough to reward and discipline.

3.8. Take an active part in the development of all relevant documents, plans and other documents related to the direct activities of the enterprise.

3.9. Coordinate and approve the job responsibilities of subordinates within their own authority.

3.10. Improve your own skills.

4. Responsibility of the CFO

The job description defines his responsibility for:

4.1. Disclosure of trade secrets, transfer of financial information to third parties, resulting in material and image losses for the enterprise.

4.2. Failure to fulfill or negligent performance of one's official duties, as well as inaction when identifying non-fulfillment or negligent performance of official obligations by subordinates.

4.3. Causing material damage or damage to the image of the enterprise as a result of the performance of official duties.

4.4. Violations of the laws of the Russian Federation that were committed during the performance of official duties.

4.5. Failure to comply with labor protection rules, labor regulations and discipline, industrial hygiene and sanitation rules, fire safety rules and industrial safety regulations.

AGREED:

General
Director: __(signature)____ _______(full name)___________

Boss
legal department: __(signature)____ _______(full name)___________

I have read the instructions: __(signature)____ _______(full name)___________

The most important areas of financial work at the enterprise are:

Financial planning- carried out on the basis of analysis of information about the finances of the enterprise obtained from accounting, statistical and management reporting.

In the area of planning, the financial service performs the following tasks:

development of financial plans with all necessary calculations,
identification of sources of financing economic activities,
development of a capital investment plan with the necessary calculations,
participation in the development of a business plan, drawing up cash plans.

Operational work- the following main tasks are performed:

ensuring timely payments to the budget, banks, employees, suppliers, etc.;
ensuring financing of plan costs; processing loans in accordance with agreements;
maintaining daily operational records of financial plan indicators;
drawing up certificates on the progress of the plan and the financial condition of the enterprise.

Control and analytical work- together with the accounting department, the correctness of estimates is checked, the return on capital investments is calculated, all types of reporting are analyzed, compliance with financial and planning discipline is monitored.

The structure of the financial service largely depends on the organizational and legal form of the enterprise, its size, type of activity and tasks set by the company's management.

In small enterprises, for reasons of economic feasibility, there is no deep division of managerial labor and financial management is carried out by the manager himself with the help of an accountant. The main goal of managing the finances of a small enterprise is setting up and maintaining accounting records and optimizing taxes.

With business growth, there is a need to manage costs, introduce budgeting and management accounting into financial policy, work with accounts receivable, and formulate a credit policy.

In a medium-sized enterprise, financial management is carried out by the financial director, accounting service, and economic planning department. Financial management tasks: planning and optimization of cash flows, cost management, raising additional funds, setting up and maintaining management accounting, financial planning, investment calculations.

The larger the business, the more important it is to ensure transparency and controllability of its divisions. For large businesses, one of the primary tasks is to promptly obtain information on the current state and performance results of individual divisions and the company as a whole.

In large enterprises, the structure of the financial service is more complex and can be generally represented by a financial department with the following structural divisions: financial controlling department - planning and forecasting the financial activities of the organization; accounting; Corporate Finance Department; IFRS department; tax planning department; internal audit department; risk management department.

General rule for forming a team of employees financial service of the enterprise - high qualifications and economically justified staff minimization.

That's why financial service structure enterprises are usually formed gradually as the enterprise develops.

Financial service units consist of specialized groups. A group can consist of one or more people. For smaller businesses, one person may represent several groups.

Accounting Enterprises within the framework of financial management specialize in financial accounting and are one of the sources of information for the activities of the financial service. It is advisable to separate it from the financial service of the enterprise, which will ensure control over the finances of the enterprise independent of the financial service (the so-called control in “two” hands).

The financial service also involves specialists from the legal and other departments of the enterprise as experts when performing individual works on financial management and in preparing regulatory, methodological, contractual and other documentation.

Enterprise Financial Management Department specializes in managing the enterprise's own financial resources and external financial resources.

Planning department specializes in financial and economic management of the economic activities of an enterprise.

Self-test questions

What is an enterprise and its main features?
Define the category “Enterprise Finance”.
Name the financial relations that determine the content of enterprise finance.
What are the main functions of organizational finance?
Name the basic principles of organizing the finances of enterprises.
Define the concept of “financial resources” and characterize their structure.
Describe the financial mechanism of the enterprise.
What factors influence the organization and structure of the financial services of an enterprise?