Mon. Jul 6th, 2020

World Trades

Finance Blog

Roles and Responsibilities of a Finance Team

3 min read

An origination must have a specialized and trusted person to manage the money. A financial team plays a significant role in ensuring the budget is upheld, and the company does not end up being bankrupt.

Large corporations have more than one commercial team to work in various departments. In a small organization, the owner might be the one calling the shots on how money is spent.

The finance teams in Baltimore involves the Chief Accountant/ manager, treasury manager, financial controller, and chief financial operator.

They work collaboratively to ensure the finances are in line with the set goals and objectives.

The finance department entails accountants and strategic finance managers. They play many roles and responsibilities in the company ensuring continuous growth and development.

The finance team must be creative; time continues, know the numbers, communicate, and innovative to ensure the company succeeds. The responsibilities are divided into various sectors as per the department of the financial team.

Accounting and Reporting Team

  • The finance team is the pillar of any organization; they play various roles. They include the accounting, reporting team, and strategic financial management. The accounting team oversees the preparation of cash flow reports, balance sheets, daily records, and financial statements. They report on payroll, accounts payable, and receivable, keeping the company updated on the running.
  • The finance team is also involved in internal auditing to make sure that the corporation is on par with the regulations of financial health. The finance team in the accounting and reporting sector is responsible for keeping all corporation records and reports in order and updated. They also ensure that all employees are paid on time.
  • Finance Controls. The financial controller oversees the financial activities ensuring they reconcile, and all transactions are in order as per the set objectives. They must liaise with the external auditors to have a clear picture of all finances.

Strategic Financial Management Team

They look at the overall picture of the company finances to assess long term goals and objectives. This team involves financial planning using current reports. They plan and provide long term solutions to ensure the growth and management of the company’s economic trend.

The strategic financial management team uses market trends to predict how the company will operate and progress in the future. They have to be creative thinkers to make reliable decisions. They can also estimate the profit and formulate financial solutions.

Risk managers focus on identifying, evaluating, and prioritizing various hazards that affect the business. They predict future risk management using available resources; they monitor how multiple risks can be handled and avoided.

Capital Budget management Team

Capital is what makes the company active and operational. The capital budget financiers are responsible for deciding where and when the company should invest. They select company projects that increase capital and overall company growth and development.

Treasury

This team is entrusted with overseeing the organization’s cash. They have to ensure there is always enough money to meet the company’s needs at all times. They liaise with other teams to forecast future needs and make significant investments for the company. They focus on ensuring there is a constant stream of revenue.

Financing

The finance team is responsible for determining how much money there is in the company. They, therefore, have access to the company’s bank records, investor’s information as well as income flow. They avail funds for the smooth running of the company.

The finance team has to deal with investors, stakeholders, and shareholders to share ideas and interests of the company. They also provide them with financial reports on performance and expected changes.

Final Thoughts

The financial team oversees, reports, and forecasts the future of the company. They are responsible for the growth and development of the company by liaising with other departments.

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