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CFO is another name. Financial director. Variants of the management model of the company

We bring to your attention a typical example of a job description for a financial director, a sample of 2019/2020. A person with a higher professional (economic) education and at least 5 years of experience in financial and accounting work, including in managerial positions, can be appointed to this position. Do not forget, each instruction of the financial director is issued on hand against receipt.

It provides typical information about the knowledge that a financial director should have. About duties, rights and responsibilities.

This material is included in the huge library of our site, which is updated daily.

1. General Provisions

1. The financial director belongs to the category of managers.

2. A person who has:

– education higher professional (economic) education and

- at least 5 years of experience in financial and accounting work, including in managerial positions.

3. The financial director is hired and dismissed by the director of the organization.

4. The CFO must know:

- legislative and other regulatory legal acts regulating the financial, economic and production and economic activities of the organization;

— regulatory and methodological documents on the organization of accounting and financial management;

— fundamentals of civil law;

— financial, tax and economic legislation;

— codes of ethics for professional accountants and corporate governance;

- profile, specialization and structure of the organization, prospects for its development;

— methods for analyzing and evaluating the effectiveness of the organization's financial activities, analyzing financial markets, calculating and minimizing financial risks;

– the procedure for concluding and executing economic and financial contracts;

— organization of financial work, budgeting;

— methods and procedures for planning financial indicators;

- the procedure for financing from the state budget, long-term and short-term lending, attracting investments and borrowed funds, using own funds, issuing and acquiring securities, distributing financial resources, charging taxes, conducting audits; accounting, tax, statistical and management accounting;

— basics of production technology;

— economics, organization of production, labor and management;

– modern reference and information systems in the field of accounting and financial management; rules for the storage of financial documents and information protection;

– advanced domestic and foreign experience in organizing accounting and financial management;

— legislation on labor and labor protection of the Russian Federation;

— rules and norms of labor protection, safety measures, industrial sanitation and fire protection

5. In his activities, the Financial Director is guided by:

- the legislation of the Russian Federation,

- the charter of the organization,

- orders and orders of the director of the organization,

- this job description,

- The internal labor regulations of the organization.

6. The financial director reports directly to the director of the organization, as well as _______ (specify position)

7. During the absence of the financial director (business trip, vacation, illness, etc.), his duties are performed by a person appointed by the director of the organization in the prescribed manner, who acquires the appropriate rights, duties and is responsible for the performance of the duties assigned to him.

2. Responsibilities of the financial director

CFO:

1. Determines the financial policy of the organization, develops and implements measures to ensure its financial stability.

2. Leads the work on financial management based on the strategic goals and prospects for the development of the organization, to determine sources of funding, taking into account market conditions.

3. Performs analysis and assessment of financial risks, develops measures to minimize them, ensures control over compliance with financial discipline, timely and complete fulfillment of contractual obligations and receipt of income, the procedure for processing financial and business transactions with suppliers, customers, credit institutions, as well as operations of foreign economic activity.

4. Leads the work on the formation of the tax policy of the organization, tax planning and optimization of taxation, improving accounting policies, preparing and conducting the issue of securities, analyzing and evaluating the investment attractiveness of projects and the feasibility of investing, regulating the ratio of equity and borrowed capital.

5. Carries out interaction with credit institutions on the placement of temporarily free funds, transactions with securities, obtaining loans.

6. Manages the preparation of long-term and current financial plans and budgets of funds, brings the indicators of the approved system of budgets and the tasks, limits and standards arising from it to the departments of the organization, ensures control over their implementation.

7. Participates in the development of draft plans for the sale of products (works, services), costs for the production and sale of products (works, services), prepares proposals for increasing the profitability of production, reducing production and distribution costs.

8. Carries out control over the state, movement and targeted use of financial resources, the results of financial and economic activities, and the fulfillment of tax obligations.

9. Takes measures to ensure the solvency and increase the profit of the organization, the effectiveness of financial and investment projects, the rational structure of assets.

10. Organizes the development of an information system for financial management in accordance with the requirements of accounting, tax, statistical and management accounting, control over the reliability and confidentiality of information.

11. Ensures that the necessary financial information is provided to internal and external users.

12. Organizes work to analyze and evaluate the financial performance of the organization and develop measures to improve the efficiency of financial management, as well as to conduct internal audit, to consider mutual claims arising in the course of financial and economic activities, take measures to resolve them in accordance with current legislation.

13. Manages the activities of the financial divisions of the organization, organizes work to improve the skills of employees, provides methodological assistance to employees of the organization on financial issues.

14. Complies with the Internal Labor Regulations and other local regulations of the organization, internal rules and norms of labor protection, safety, industrial sanitation and fire protection.

15. Ensures cleanliness and order in his workplace.

16. Fulfills, within the framework of the employment contract, the orders of the employees to whom he is subordinate in accordance with this instruction.

3. Rights of the financial director

The financial director has the right:

1. Submit proposals for consideration by the director of the organization:

- to improve the work related to the duties provided for in this instruction,

- on the promotion of distinguished employees subordinate to him,

- on bringing to material and disciplinary responsibility of employees subordinate to him who violated production and labor discipline.

2. Request from structural divisions and employees of the organization the information necessary for him to perform his duties.

3. Get acquainted with the documents that define his rights and obligations in his position, the criteria for assessing the quality of performance of official duties.

4. Get acquainted with the draft decisions of the organization's management regarding its activities.

5. Require the management of the organization to provide assistance, including the provision of organizational and technical conditions and execution of the established documents necessary for the performance of official duties.

6. Other rights established by the current labor legislation.

4. Responsibility of the financial director

The Financial Director is responsible for the following:

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

2. For offenses committed in the course of their activities - within the limits established by the current administrative, criminal and civil legislation of the Russian Federation.

3. For causing material damage to the organization - within the limits established by the current labor and civil legislation of the Russian Federation.

Job description of the financial director - sample 2019/2020. The duties of the financial director, the rights of the financial director, the responsibility of the financial director.

2019-12-14 21

One of the most controversial issues in the professional business environment is the role of the CFO. According to some executives, the CFO should be a financial controller, analyst, consultant and risk manager all rolled into one. Others believe that a findir is no more useful than a good chief accountant. In addition, this position is quite young and the set of functions included in it continues to grow and change due to the rapid development of IT technologies. Let's try to figure out whether the modern list of findir's duties includes only items related to finances, or is it much longer and more diverse?

What is the difference between the functions of a financial director and a chief accountant

The profession of financial director arose during the transition to market relations, when the management of financial flows in companies became much more complicated. At first, it was almost a complete analogue of the position of chief accountant. The responsibilities of the findir included the performance of traditional accounting tasks: control and accounting of funds, provision of documentation to the tax authorities, etc. Over time, the requirements for CFOs have increased significantly. Now, mainly strategic and managerial functions fall on his share, and financial calculations and preparation of documentation are left to the care of the accounting service.

In practice, the functions of the findir and the chief accountant are often duplicated, and the approach to their implementation is different, which often causes conflicts and misunderstandings on both sides. For example, the situation of double entry of the same data into different accounting information systems is common - for accounting and management purposes. As a result, the costs of working time of employees of the accounting service and the financial department are unreasonably increased.

Many companies get out of the situation by combining 2 of these positions. But often the chief accountant lacks special professional training and skills for solving strategic problems of financial management, and the findir lacks sufficient deep knowledge in the field of accounting.


What are the main functions assigned to the financial director

Management expects a lot from the CFO and needs not only his professional knowledge and skills. Business owners want the CFO to be their trusted partner and change agent for the company.

To determine the key functions of the financial director, it is necessary to identify the goals of the company's development for the longest possible period. Since the financial director belongs to the top management and can influence a lot in the company, the tasks he faces are global: effective resource management, optimization of business processes and maintaining the financial stability of the company.

If we move away from official wording and special terms, we can make a list of priority functions of the financial director as close as possible to practical activities.

The function of the financial director is increasingly going beyond accounting and reporting. The range of his duties is expanding due to involvement in the tasks of the legal service, HR projects, marketing and IT. Now the CFO is a strategist whose main task is to increase the company's value, increase its profits and investment attractiveness. Without it, no important decision is made in the company.

What should a CFO do in a company?

Forecasting, planning and control are at the heart of any activity of the financial director in the company. He collects data on departments and draws up a forecast plan, in accordance with which all further financial and economic activities of the enterprise are coordinated.

Running a business is impossible without money. And the findir is obliged to ensure the receipt of finance in the right amount to make all current calculations. In this, he is helped by forecasting cash flows, attracting additional sources of financing and setting up a risk management system.

Management, shareholders, investors and other users are interested in reliable financial information, as in the final indicator of the enterprise's activity. Providing the necessary reporting for making managerial decisions also falls on the shoulders of the findir. And he must also establish an effective system for maintaining economic security. To do this, it is necessary to identify the weaknesses of the company and develop ways to minimize risks by departments.

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Differentiation between the concepts of “functions” and “tools” of the financial director

Is, for example, the evaluation of investments a function of the findir? No, this is just a way to achieve one specific goal, or in other words - a tool. Ownership of financial instruments is secondary to the ability to effectively perform one's functions. If a specialist owns many financial instruments, but at the same time does not understand the global goals of the company, then it will be difficult for him to achieve success.

Differences in the concepts of “function” and “tool”

What core competencies do CFOs need?

To successfully cope with his duties, the CFO must have a set of professional competencies in 2 areas: financial and managerial. They are closely interconnected, therefore, for professional growth, you will have to constantly improve and form new competencies in both areas.


With the advent of new functions, the set of required competencies for the CFO is regularly updated. A modern findir, first of all, needs to focus on the development of strategic thinking, the study of IFRS and understand the principles of building a risk management system.

What is the job of a financial director?

There are many stories of brilliant financial directors who make a tangible contribution to the development of the company. They managed to gather around themselves a team of competent specialists who cope with the tasks. Such findirs are indispensable members of the strategic planning group, have their own independent position and effectively manage the internal control and risk management systems at the enterprise. At the same time, they devote sufficient time to communication with management, colleagues, external stakeholders who also influence the life of the company.

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Functions and competencies of the financial director: forecasts for the future

In order to further achieve career heights and achieve prosperity for their company, an ambitious CFO needs to:

  • create the right team of financial professionals who are able to generate ideas and own modern technologies
  • delegate their planning and control responsibilities to company managers
  • engage in the identification and elimination of low-productive processes
  • take control of the performance appraisal system
  • start developing and implementing a concept for improving the work of the financial department

The constant transformation of the economic environment requires even greater professional versatility from the CFO. To remain effective in the current environment, he must change the role of tactician to strategist who realizes the potential of his company and finds a way to long-term economic benefit.

At the same time, the financial director does not have to manage all the processes in the company. Current and operational tasks are best delegated to subordinates or outsourced. This will free up time for the implementation of its main function - the construction and implementation of an effective financial strategy.


This position should not be confused with or financial controller. It may or may not be on the staff list. Usually it is created only in large enterprises or in companies whose work is directly related to finance, but there may be exceptions.

The chief financial officer focuses on creating conditions for the economic profitability of economic activity, checking tax reporting and the overall coherence of all structural divisions of his company.

The duties of the financial director differ from the duties of the chief accountant primarily in that the former has the ability to direct them to certain purposes, while the chief accountant does not have such obligations. If he decided to do this, he would exceed his authority.

His duties include:

He also has fairly broad powers in the field of obtaining information. It is within his competence to request any documents and information from the management of all structural divisions. The financial director can independently conduct business correspondence with them, collect, systematize and analyze the data necessary for his work.

The competence of the financial director also includes instructions related to financial turnover, the conclusion of contracts with third parties and the preparation of estimates, the approval of project documentation.

He can give a variety of orders that are related to financial issues, addressed to ordinary employees or heads of various services and structural divisions.

Responsibility of the financial director

In this regard, the CFO differs little from all other employees of the enterprise. He is for improper performance of his official duties. However, regardless of the content of his employment contract or contract, its degree cannot exceed that provided for by the labor legislation of the Russian Federation. With the exception of cases that go beyond the scope of civil laws and go into the field of the Criminal Code.

In the event that any offenses are identified, the decision on the degree of responsibility is assumed by the competent authorities, or the case is considered in court, within the framework of the Civil Code of the Russian Federation.

CFO salary

The average salary of representatives of this position is largely related to the region and the profile of the company.

In the period of 2016-17, in Moscow it was equal to 180 thousand rubles, and in St. Petersburg it did not exceed 150 thousand. In general, throughout the country, with the exception of the capital or some special regions, it balances at the level of 90 to 120 thousand .rubles

Some personal professional features also affect wages. Among them, experts highlight:

  • "1C" and experience in implementing ERP systems
  • practical experience in budgeting and planning
  • skills in financial management and complex reporting
  • knowledge of the legislative and regulatory framework, subtleties and
  • communication skills needed for business negotiations
  • the ability to master large investments or competently allocate borrowed funds

The maximum salary level is possible for financial directors who have worked for more than five years in large companies with significant annual turnover. Another positive factor is the development of the company's financial system from scratch or the experience of anti-crisis management.

In the same period, the maximum mark was a salary of 182 thousand rubles in Moscow and 149 thousand in St. Petersburg. For comparison, in Omsk it did not exceed 92 thousand rubles. This is how many specialists who have work experience of 5 years and have proven themselves well get.

At the same time, one should not think that the financial director necessarily receives a lot. If not at all, the employee takes such a position for the first time in his career, then you should not be surprised at a salary of 40 thousand rubles. However, if things go well, then even with three years of experience, the salary is almost never below 75 thousand rubles.

Who is more likely to become a CFO?

Quite often, the position of financial director is occupied by a person who previously worked as a chief accountant or headed some kind of internal financial service within. Another option is to work for a consulting or accounting firm. They also move to this post from the position of chief or leading economist.

Immediately after graduation from the university, it is unlikely that anyone will be trusted. An exception can only be small and medium-sized businesses that cannot pay a large salary, but are in need of such an employee.

In addition to the features listed above, the job seeker must have an analytical mindset, the ability to abstract from minor details and high stress resistance. It's no secret that top managers of companies quite often suffer from nervousness or apathy. This leads to the constant need and inadmissibility of errors.

Some disappointment awaits the fair sex. Most of the CFOs in large and growing companies are men. Usually 35 to 45 years old, sometimes older. They are more willing to be offered such a position, because they are considered more dynamic and even adventurous. Namely, such qualities are sometimes required related to the sale of a business or a merger of companies, signing an agreement with an investor and a general entry into the public market.

Some studies show that among the financial directors holding positions there are quite a lot of techies who graduated from the Moscow Aviation Institute, Moscow Institute of Physics and Technology, MISI, and the first education was in no way connected with finance and economics.

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The job description of the financial director was developed on the basis of the Qualification Directory of Positions. The instruction discloses the main job responsibilities of the financial director, his rights and responsibilities, as well as qualification requirements.

The proposed standard job description of the financial director can serve as the basis for the development of a job description containing a more specific list of job responsibilities of the financial director, taking into account the characteristics of the enterprise, organization of production, labor and management, as well as the rights and responsibilities of the financial director. If necessary, responsibilities can be distributed among several performers.

The duties of the financial director depend on the specifics of the company's activities and on the tasks assigned to the financial director. A CFO should not only have a good understanding of financial matters, but also have leadership and organizational skills, as well as the ability to think strategically. The functions of a modern financial director are much broader than the management of financial flows.

A job description that clearly articulates the functions of the CFO helps to ensure the continuity of the financial function and the continuity of duties. The requirements specified in the job description speed up the process of induction of a new employee.

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Job description of financial director

APPROVE

CEO
Surname I.O. ________________
"________"_____________ ____ G.

1. General Provisions

1.1. The financial director belongs to the category of managers.
1.2. The financial director is appointed to the position and dismissed from it by order of the general director of the company.
1.3. The Financial Director reports directly to the CEO.
1.4. Reporting to the financial director are: the chief accountant, managers and specialists of the accounting department, managers and specialists of the financial department.
1.5. During the absence of the financial director, his rights and obligations are transferred to another official, which is announced in the order for the company.
1.6. A person who meets the following requirements is appointed to the position of financial director: higher professional education (financial, economic) and work experience in the specialty in the field of organizing financial activities for at least 5 years.
1.7. The CFO must know:

    legislative and other regulatory legal acts regulating the financial and economic and production and economic activities of the organization;

    regulatory and methodological documents on the organization of accounting and financial management;

    fundamentals of civil law;

    financial, tax and economic legislation;

    codes of ethics for professional accountants and corporate governance;

    methods for analyzing and evaluating the effectiveness of the organization's financial activities, analyzing financial markets, calculating and minimizing financial risks;

    the procedure for concluding and executing economic and financial contracts;

    procedure and forms of financial settlements;

    organization of financial work, budgeting;

    methods and procedure for planning financial indicators;

    the procedure for drawing up financial plans, forecast balance sheets, cash budgets, profit and loss budgets;

    procedure for long-term and short-term lending, attraction of investments and borrowed funds,

    the procedure for using own funds, issuing and acquiring securities, distributing financial resources,

    principles and procedure for calculating taxes, the tax system of the Russian Federation,

    the procedure for conducting audits;

    accounting, tax, statistical and management accounting;

    principles of financial control;

    basics of production technology;

    economics, organization of production, labor and management;

    modern reference and information systems in the field of accounting and financial management;

    rules for the storage of financial documents and information protection;

    advanced domestic and foreign experience in organizing accounting and financial management;

    labor legislation;

    labor protection rules.

1.8. The Financial Director is guided in his activities by:

    Legislative acts of the Russian Federation;

    the Charter of the company, the Internal Labor Regulations, other regulatory acts of the company;

    Orders and instructions of the management;

    This job description.

2. Responsibilities of the financial director

The Financial Director performs the following job responsibilities:

2.1. Determines the financial policy of the company, develops and implements measures to ensure its financial stability.

2.2. Supervises the work of financial management based on the strategic goals and prospects for the development of the company, to determine sources of financing, taking into account market conditions.

2.3. Carries out analysis and assessment of financial risks, develops measures to minimize them, ensures control over compliance with financial discipline, timely and complete fulfillment of contractual obligations and receipt of income, the procedure for processing financial and economic transactions with suppliers, customers, credit organizations, as well as foreign trade operations activities.

2.4. He leads the work on the formation of the company's tax policy, tax planning and optimization of taxation, improving accounting policies, preparing and conducting the issue of securities, analyzing and evaluating the investment attractiveness of projects and the feasibility of investing, regulating the ratio of equity and borrowed capital.

2.5. Interacts with credit institutions on issues of placement of temporarily free funds, transactions with securities, obtaining loans.

2.6. Manages the preparation of long-term and current financial plans and budgets of funds, brings the indicators of the approved system of budgets and the tasks, limits and standards arising from it to the departments of the organization, ensures control over their implementation.

2.7. Participates in the development of draft plans for the sale of products (works, services), costs for the production and sale of products (works, services), prepares proposals for increasing the profitability of production, reducing production and distribution costs.

2.8. Carries out control over the state, movement and targeted use of financial resources, the results of financial and economic activities, and the fulfillment of tax obligations.

2.9. Takes measures to ensure the solvency and increase the company's profits, the effectiveness of financial and investment projects, the rational structure of assets.

2.10. Organizes the development of an information system for financial management in accordance with the requirements of accounting, tax, statistical and management accounting, control over the reliability and confidentiality of information.

2.11. Ensures that necessary financial information is provided to internal and external users.

2019-12-14 16

Job description of the financial director: what is included in his rights and obligations

The job description of the financial director is a brief digression into his future work at the enterprise. In the future, it is used to evaluate the performance of an employee, make personnel decisions, and develop remuneration systems. It can be called a direct guide to action, a guideline for professional growth in a new position. The CFO can participate in the drafting of the instructions to influence the conditions, organization and criteria for evaluating their work. Let's take a closer look at what a job description is drawn up for and what does it include?

Who reports to the financial director and who reports to him?

The management model of an enterprise is determined by its organizational structure. The choice of a specific model depends on the specifics of the company's activities, its size, as well as the vision of the business owners.

There are models in which the financial director is on the same or different levels with the chief accountant. In small companies, the financial director most often single-handedly manages both the financial service and the chief accountant.

Variants of the management model of the company




Often the chief accountant and findir are subordinate to the General and Executive Director. And it happens that the immediate supervisor for the CFO is the General, and for the chief accountant - the executive director.

There are many different models, but in any case, the CFO acts as deputy CEO for economic and financial issues. He manages all services that are included in the financial management process.

The Financial Director is responsible for:

  • Financial department
  • Accounting service
  • Traffic control service DS
  • Management accounting service
  • Planning and Economic Department
  • Internal Audit Service

Sometimes the CFO is also assigned to lead the IT department. This is typical for companies that are engaged in trade or production. In such organizations, the information technology department primarily serves the finance function. Read more about how they can effectively interact in the material CFO as an IT business integrator.

What is included in the job description of a financial director

The filling of the job description of the financial director depends on the specifics of the enterprise, its size and organizational structure. If it is formulated clearly and in accordance with the goals of the company, the continuity of the work of financial departments and the continuity of duties is ensured.

The CFO job description must include 4 blocks:

  1. General provisions
  2. Job Responsibilities
  3. Rights
  4. Responsibility

The main feature of the CFO job description is an extensive list of its powers.

The working conditions of the CFO should be spelled out as detailed as possible, because he is responsible for the financial well-being of the entire company. If he is not fully aware of his functions and areas of responsibility, the work of many departments involved in financial activities may be disrupted. The job description allows you to bring the new findir up to date and help him quickly deal with new responsibilities.

To learn more about the structure and approximate content of the document, download a free sample CFO job description.

General provisions of the job description

The general provisions spell out the procedure for holding the post of financial director, his place in the organization and qualification requirements for the candidate.

Important! An applicant for the position of CFO must have a relevant higher education and work experience in the field of financial management for at least 5 years.

The list of knowledge required for CFO is compiled taking into account the specifics and organizational structure of the enterprise. It will be useful to applicants for the position of financial director who are striving for new knowledge and professional growth, but do not know in which direction to develop.


Also, a separate paragraph prescribes according to which official documents the financial director should act:

  • state legislative acts;
  • charter and other normative acts of the enterprise;
  • instructions and orders of higher management;
  • Actually, the job description itself.

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Key Responsibilities of the Financial Director

Getting to work, the new financial director should study the job description more closely, especially the “Responsibilities” block. From it you can learn more about the current state of affairs in the company and the requirements of management for the CFO.

Items on a findir's job list may vary depending on the size of the company and the way the business is run. The more detailed they are, the easier it will be for him to enter the position, effectively build a work plan and start acting.

Among the responsibilities that are found in almost every job description, we can distinguish:

  • determination of the strategy and policy for the use of company resources
  • financial and management reporting
  • cost optimization and fundraising
  • setting up management accounting and internal audit systems
  • optimization of operations
  • financial risk management

In a functional sense, the CFO should not influence or be responsible for the consequences of the activities of employees of related departments. But if the results of their work directly affect the financial performance of the company, then they may be administratively subordinate to the findir and are required to follow his instructions.

Rights of the financial director

The CFO is a significant figure in the company, responsible for attracting and effectively using finances, compliance with the general policy of business efficiency. A modern CFO should be a therapist who can make a complete diagnosis and suggest ways to improve the company. Ideally, not a single important investment, marketing, technological or personnel decision should be made without it.

Therefore, the powers of the financial director in the company are limited to a minimum. Like any other employee, a findir has the right to normal working conditions, social guarantees and other items provided for by labor legislation.


What shouldn't a CFO do?

The CFO should not get too caught up in the work of other departments. Most of its functions should be carried out at the strategic level. What does this mean? Let's look at the example of the risk management function.

If there is a risk of losing the company's image, the financial director does not independently strengthen it. He should entrust the task of improving the reputation to PR managers

The CFO is not responsible for the performance of departments that he does not manage.

When it comes to HR management, it's easy to overstep the line and get caught up in taking on someone else's role. If a findir feels a shortage of effective employees, he should not be in charge of recruiting them himself. The CFO can assign the HR department the task of finding new employees and developing a system to increase staff motivation, and then monitor its implementation.

In order to have enough time to make effective business decisions, the CFO should not be immersed in operational work. To do this, he has subordinate employees of the financial and related departments. They can delegate a number of responsibilities. The main thing is to regularly coordinate, monitor and evaluate work.

Summary

They help only those who are ready to accept this help. A financial director whose activity is set in a strict framework of restrictions will not be able to become a full-fledged engine of progress, contribute to the adoption of effective strategic decisions and coordinate the joint work of departments.

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