Part Time Finance Director
The Benefits of a Part Time Finance Director
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A financial
Director- the prime responsibilities of this role are
managing the financial risks which are undertaken by the
business entity. They are also responsible for the financial
planning and the record keeping, as well as the relaying of
this information to the higher management. In more recent
years this role has also included communicating financial
performance and forecasts to the analysts.
So as the name
suggests the prime responsibility of the Financial director
is to oversee the decisions made by the Accounting/Finance
section of the business entity, so as to ensure that the
financial risks taken are minimal and within the boundaries
of the business entities long term strategies. A financial
director is usually a member of the company's board.
A financial
director also often holds prime responsibility for the
financial budget, including all budget allocations and short
comings. Because of this a high degree of people skills and
previous Accountancy skills are required to fulfill this
role.
It is a role
that is becoming increasingly diverse, and is at the core of
business management, which is increasingly focused on human
management, and the skills required to be successful at it.
In more recent times many Financial directors are taking a
central role in defining their businesses strategies.
A financial
controller- Classically does the job of an assistant to the
financial director, in that they usually report directly to
them.
A financial
controller's main role is that of an Accountant who is
responsible for supervising accounting and financial
reporting within a business. And to implement internal controls, and to continually monitor them so as to ensure there success. Within certain countries, like the USA this role is often held by a Government official this ensures accountability.
The role of a
financial controller is to essentially oversee the financial
sector of a business, and to implement the financial
strategies that the financial director creates.
In a very real
sense a financial controller is the middle management of the
finance sector of a business, responsible for the day to day
running of the financial sector, implementing the risk
strategies, collecting or reporting on all of the financial
information of the business entity. Often they are required
to prepare financial forecasts based on the gathered
information, outlining the companies current risks, ways to
minimise these, and the forecast effects of implementing any
new strategies. All of which is reported to the financial
director.
A financial
controller is a safe guard within a business entity. While
in many respects the job of financial controller and
director are very similar. A financial controller is there
to analyse all of the financial information so that nothing
is overlooked. It is a role that is often made redundant in
companies looking to downsize, and cut costs. But with the
continued expansion of the financial directors roles, many
companies are realising the need for the financial
controller and its 'middle management' role. Having a
financial controller, as well as a financial director, can
often mean the difference between success and failure. |
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