Job description for financial director

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Job description for financial director. Full document

Occupational Safety and Health

Occupational Safety and Health / Job descriptions

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I. General Provisions

The financial director belongs to the category of managers.
A person with a higher professional (economic) education and at least 5 years of work experience in the field of organizing financial activities is appointed to the position of financial director.
The CFO must know:

legislative and regulatory legal documents that define the requirements for the financial and economic activities of the enterprise;
state and prospects for the development of financial markets and sales markets for products (goods, services, works);
principles of organization of financial work at the enterprise;
the procedure for drawing up financial plans, forecast balances and budgets of funds, plans for the sale of products (goods, services, works), profit plans;
a system of financial instruments that ensure the management of financial flows;
basics of enterprise capital management;
methods for assessing financial assets, profitability and risk;
basics of working capital management, models of formation of own working capital;
principles for determining business risk;
the procedure for short-term and long-term lending to the enterprise, attracting investments and borrowed funds, using the enterprise's own funds;
the rules for issuing and the procedure for acquiring securities;
the procedure for allocating financial resources, determining the effectiveness of financial investments;
principles of financial control;
procedure and forms of financial settlements;
principles and methods of taxation;
ways of paying taxes and fees;
tax system;
description of the main taxes and fees of Ukraine;
financial accounting and reporting standards;
Accounting;
computer facilities, telecommunications and communications;
foreign language.

Appointment to the position of financial director and dismissal from office is carried out by order of the head of the enterprise.
The Financial Director reports directly to the head of the enterprise.
During the absence of the financial director (business trip, vacation, illness, etc.), his duties are performed by a deputy or a person appointed in the prescribed manner. This person acquires the appropriate rights and is responsible for the improper performance of the duties assigned to him.

II. Official duties

CFO:

Organizes the management of the movement of financial resources of the enterprise and the regulation of financial relations in order to most effectively use all types of resources in the process of production and sale of products (goods, works, services) and maximize profits.
Determines the sources of financing for the production and economic activities of the enterprise (budget financing, short-term and long-term lending, issue and purchase of securities, leasing financing, borrowing and use of own funds).
In order to determine an external source of financing, organizes the activities of employees of the financial unit in the following areas: search for sources, assessment of the cost of sources, assessment of financial risk, the ratio of own and attracted sources of financing.
Directly negotiates with commercial banks, other credit institutions and other external organizations.
Coordinates work on the analysis of the financial and economic condition of the enterprise (analysis of financial statements, horizontal and vertical analysis, trend analysis, calculation of financial ratios).
Ensures the development of the accounting policy of the enterprise (definition: methods for writing off raw materials and materials to production; options for writing off low-value and wearing items; methods for assessing construction in progress; the possibility of using accelerated depreciation; forms of planning new industries and sites; accounting methods for finished products; etc.).
Manages the work on the formation of the credit policy of the enterprise, including: analysis of the structure of the balance sheet; determination of the level of ratio of own and borrowed funds; decision-making on attraction of borrowed funds; determination of the benefits from attracting borrowed funds; study of credit institutions; analysis of contractual documentation; drawing up a plan for the return of borrowed funds; calculation of interest rates for the loan period; determination of the amount of interest on draft loan agreements; establishing sources of payment of the loan amount and interest; development of plans and schemes for repayment of loans; etc.).
Manages the assets of the enterprise (financing current production activities; investments directed by the enterprise for technical development (reconstruction, renovation and repair of equipment, release of new types of products, construction of buildings and structures, etc.); financial investments (acquisition of securities, management of a portfolio of securities , creation of subsidiaries, etc.); maneuvering temporarily free cash; reorganization, liquidation, sale of individual objects of the property complex of the enterprise).
Organizes research and analysis of costs for the purchase of raw materials and materials, electricity consumption, transportation costs, trade commissions and other costs, depreciation costs, interest on loans, rent, costs for maintaining the management apparatus, for current repairs of equipment and other costs with the purpose of defining a cost management policy.
Determines the dividend policy of the enterprise (the policy of constant payments, the policy of regular dividend, the policy of repeated increase, the policy of additional dividends) and develops proposals for determining the part of the profit allocated for the payment of dividends; establishing and adjusting the conditions for paying dividends; determining the conditions for making a decision on an additional issue of shares, etc.
Organizes work on the development of sections of the business plan (section of the main indicators of the financial and economic condition of the enterprise; section for assessing financial and production risks and methods of their insurance; section for forecasting profits and losses, forecasting the movement (flow) of cash, etc.).
Carries out the organization of preparatory work on budget planning (preparation of proposals for the formation of a system of functional budgets (budget for repayment of loans, tax budget); development of proposals for the preparation of a consolidated budget, determining the structure of the budget, determining responsibility for budget execution, establishing a procedure for agreeing, approving and monitoring budget execution ).
Organizes and provides control over: the execution of financial plans (including the profit plan) and budgets in order to identify deviations from planned values, develop measures to eliminate non-production costs and cost-increasing factors identified during the analysis, operational adjustment of the budget and plan; for the termination of production of products that do not have a market; for the correct expenditure of funds and the targeted use of own and borrowed working capital.
Organizes work on conducting financial analysis according to the following indicators: receipt of funds to the enterprise's account for shipped products (goods) and services rendered (work performed); dynamics of income from stock activities (stock portfolio management, income from new share issues; spending sales proceeds in the main areas (purchase of raw materials and materials, wages, fixed costs and other current needs of the enterprise); payment of interest on loans; payment of dividends; investment expenses, the amount of free funds of the enterprise (or the amount of their deficit).
Based on the results of the financial analysis, it ensures the development of proposals aimed at ensuring solvency, preventing the formation and liquidation of unused inventory items, increasing the profitability of production, increasing profits, reducing production and sales costs, strengthening financial discipline.
Determines the investment policy of the enterprise, taking into account: the state of the product market, the volume of its implementation; financial and economic situation of the enterprise; technical level of production; combinations of own and borrowed resources; financial conditions for investing in the capital market; benefits received by the investor from the state; commercial and budgetary efficiency of investment measures; insurance conditions and obtaining guarantees against non-commercial risks; etc.
It ensures the timely receipt of income, the execution of financial settlement and banking operations on time, the payment of invoices of suppliers and contractors, the repayment of loans, the payment of interest, wages to workers and employees, the transfer of payments to banking institutions.
Ensures the development of the tax policy of the enterprise (formation of the tax base for all types of taxes and fees; choice of the form of tax accounting; determination of the composition of costs attributable to the cost of production (goods, works, services) for tax purposes; determination of mechanisms for using tax benefits, etc. ).
Organizes: development of the tax budget, allowing to determine the planned value of profit; calculation of profits and income taxes.
Ensures the transfer of taxes and fees to the federal, regional and local budgets, to state non-budgetary social funds in the manner prescribed by law.
Manages the development of financial accounting standards and the relationship with accounting (forms of reporting that are not approved at the regulatory level; deadlines; systems of information flows and workflow, etc.).
Provides accounting for the movement of funds and reporting on the results of financial activities in accordance with the standards of financial accounting and reporting, the reliability of financial information; controls the correctness of the preparation and execution of reporting documentation.
Coordinates work on the preparation of explanatory notes (monthly, quarterly, annual) on the forms of financial accounting and reporting with calculated indicators, with a detailed analysis of deviations (from planned, average industry indicators, indicators of the previous year, competing enterprises, etc.).
Organizes work on the preparation of reports for the head of the enterprise (collective governing body, general meeting of founders (shareholders)) on financial matters.
Responsible for financial matters on a par with the head of the enterprise and has the right of a second signature.

III. Rights

The financial director has the right:

Represent the interests of the enterprise in relations with credit institutions, insurance and investment companies, tax authorities, other authorities and organizations on financial matters.
Establish job responsibilities for subordinate employees.
Request from the structural divisions of the enterprise information and documents necessary for the performance of his duties.
Submit for consideration by the head of the enterprise:

ideas about the appointment, transfer and dismissal of subordinate employees; about rewarding outstanding employees.
proposals on bringing to disciplinary and financial responsibility violators of industrial, labor and financial discipline.

Make proposals to the head of the enterprise on bringing officials to material and disciplinary liability based on the results of financial audits.
Participate in the preparation of draft orders, instructions, instructions, as well as estimates, contracts and other documents related to the solution of financial issues.
Interact with the heads of all structural divisions on the financial and economic activities of the enterprise.
Give instructions to the heads of structural divisions of the enterprise on the proper organization and conduct of financial work.
Sign financial documents.
Approval of all documents related to the financial and economic activities of the enterprise (plans, forecast balance sheets, reports, etc.).
Independently conduct correspondence with structural divisions of the enterprise, as well as with third-party organizations, tax authorities, state authorities and local self-government on financial issues.
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.
Submit proposals for improvement of the work related to the responsibilities provided for in this instruction for consideration by the management.
Require the management of the enterprise to ensure the organizational and technical conditions and execution of the established documents necessary for the performance of official duties.

IV. A responsibility

The Financial Director is responsible for:

For improper performance or non-performance of their official duties provided for by this Job Description - within the limits established by the current labor legislation of Ukraine.
For offenses committed in the course of their activities - within the limits established by the current administrative, criminal and civil legislation of Ukraine.
For causing material damage to the enterprise - within the limits established by the current labor legislation of Ukraine.

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