Your finance team is in charge of the financial management and health of your business. The following are its key responsibilities:
- Financial Planning: This process involves setting financial goals and creating an action plan to achieve them.
- Budgeting: Budgeting involves allocating funds for specific business requirements and ensuring positive cash flow, while reducing or eliminating overspending.
- Forecasting: A team of financial experts can forecast future costs and profits, and develop a plan for staying within budget.
- Accounting: The backbone of any finance team is the accounting team. The accounting team is responsible for payable and receivable. They also keep track of financial transactions and maintain your balance book. For an Accountancy Recruitment Agency, visit com
- Reporting & Analysis: Based on the numbers, a finance team creates reports for a company’s future planning. The finance team provides analysis of the financial health of the company to assist with budgeting and forecasting.
- Compliance: Every business must adhere to financial laws and regulations. This is done by the finance team, who prepares annual reports and maintains accurate financial records.
- Risk Management: Finally the finance team identifies and assesses financial risks, manages them, and makes recommendations on how to reduce their impact.
What are the essential roles of a finance team?
You must know the professionals you should look for when hiring an entire team of finance professionals.
Accountants
Your finance team’s core is your accounting team.
A good accountant will track your business’ financial transactions, and give you advice on how to spend your money and when. You may want to buy new equipment but your accountant will tell you to wait until next quarter, or to reevaluate the plan if funds are not available.
Aside from bookkeeping and auditing, the main duties of an accountant include advisory services. It is therefore important to hire the best people for this role.
