The financial hierarchy of an organization describes the various sections of the finance department that are responsible for running the organization’s operations and many more about in-play betting.
Finance Department Organizational Chart and Duties
The various core tasks of a finance department are usually performed by the heads of the various sub-departments. These individuals are expected to perform their duties with the necessary clarity. The heads of these sub-departments also have subordinates who are expected to perform their duties with the utmost dedication.
The various heads of finance departments that are responsible for running the operations of a small business include the chief financial officer, the management accountant, the financial accountant, and the credit controller.
Chief Financial Officer
The chief financial officer is the most powerful individual within the organization responsible for overseeing the day-to-day operations of the finance department as well as closely associated with the heads of the various sub-departments to ensure that the organization’s performance targets are met.
The chief financial officer is also responsible for reviewing and approving the several main roles and responsibilities. These include overseeing the overall financial strategy of the company, overseeing the various operations of the finance department, and contributing to the development of the organization’s culture.
Management Accountant
The management accountant is the second-most senior individual within the finance department and is responsible for overseeing the various operations of the company. This individual provides timely and accurate information to the top management of the company.
The management accountant is also responsible for monitoring the company’s cash flows and performing various other duties related to the finance department. These include preparing budgets, reviewing multiple financial reports, and conducting staff appraisals.
Financial Accountant
The financial accountant is liable for providing timely and accurate information to the chief financial officer and other external users of the company’s financial reports. He or she is also responsible for reviewing and analyzing the multiple financial reports and transactions of the company before they are sent to the top management for approval.
Internal Auditor
The internal auditor is accountable for regularly analyzing the company’s financial transactions to ensure that the organization has the necessary controls and accountability. This individual additionally ensures that the documents and files used in the transactions are authentic.
The internal auditor is also responsible for ensuring that the company’s cash register is in compliance with the bank statements and additionally follows up on any discrepancies that are noticed.
Credit Controller
The credit controller is also responsible for overseeing the company’s accounts receivable and answerable for ensuring that the company’s invoices are sent out in time and that the outstanding debts are tracked properly.
The credit controller is additionally responsible for ensuring that all the company’s cash payments and remittances are credited and debited properly in the appropriate accounts. She additionally ensures that the monthly debtors listing is updated as well as liable for identifying and proposing uncollectable debts for possible write-offs.
Accounts Payable Accountant
The accounts payable accountant is in charge of overseeing the company’s accounts payable division and reports directly to the management accountant.
The accounts payable department is additionally responsible for making payments on behalf of the company’s creditors and cash purchases, as well as chargeable, reimbursing employees for their expenses and processing creditors’ invoices. It additionally ensures that the monthly debtors listing is updated.
Accounts Clerks
The accounts clerk is a junior member of the accounting department and reports directly to the head of the division in charge of filing documents and performing various other duties. These include handling outgoing and incoming invoices, sending out reconciliations, and receiving payments.
The various positions within the financial department that are responsible for overseeing accounts receivable, payroll, and accounts payable include cashier, accounts payable, and payroll clerk. According to Gartner, outsourcing these tasks can be more cost-effective.
What Is a Fiscal Officer?
The fiscal officer is chargeable for overseeing the overall management of the company’s funds and is usually hired by private companies or government agencies and reports directly to the head of the division. Usually, the fiscal manager works with other accounting managers and executives who are liable for overseeing the company’s operations.
In this role, the fiscal officer is tasked with ensuring that the company’s money is being spent according to its fiscal policy.
The fiscal officers are also answerable for ensuring that the company’s money is being spent according to its fiscal policy. They must additionally ensure that the various processes and controls are in place to ensure that the funds are being allocated properly.
