A company’s finance and accounting department is critical to a business’s success. While a weak, disintegrated accounting and finance department can result in information gaps, reactive decisions and inaccurate numbers, a well-functioning department can lead to increased operational efficiency, clearer strategic direction, and ultimately greater profitability.
As such a vital branch of a business, a company’s finance and accounting department must have the right key players in order to be most effective. In this article, we will highlight the team members who matter most to your company’s finance and accounting department, as well as share insights on the role of each.
Chief Financial Officer
Of course, at the helm of the finance and accounting department is the organization’s chief financial officer (CFO). Whether fractional or full-time, an organization’s CFO is critical. The head of the finance and accounting department, a company’s CFO is responsible for overseeing the financial operations of the organization and leading strategic direction. Additionally, the CFO is ultimately in charge when it comes to how the company’s financial resources are managed.
The CFO takes the lead when it comes to the overall financial health of the business. As such, they must keep a finger on the pulse of the organization’s financial performance and adjust strategic direction as needed. The CFO also plays a unique role in terms of relationship management. They are responsible for developing and maintaining strategic relationships with banks and other financial institutions – these connections are beneficial for securing funding/capital, etc.
While the CFO has business expertise to draw upon as they determine their company’s next financial steps, they cannot effectively steer the ship without an A-level finance and accounting department to guide strategy and direction through timely, relevant information.
For more insight on the role of CFOs, check out our content on the subject HERE.
Another key player in a company’s finance and accounting department is the financial controller.
Essentially, the financial controller manages the entire finance and accounting department on an operational level, while ensuring effective monitoritng of internal controls.
The controller also plays a key role in designing and implementing systems and processes, as well as ensuring compliance of financial activities, and accuracy of financial reports and transactions.
The accounting manager plays a crucial role in the finance and accounting department, especially if your company has a team of multiple accountants on the ground.
Responsible for overseeing and managing the daily operations of the accounting team itself, the accounting manager is in charge of ensuring the accounting team produces accurate and efficient financials, in accordance with standards.
Staff accountants are the tactical members of the finance and accounting team. They are responsible for executing on a range of accounting duties including recording transactions, reconciling accounts, and preparing financial statements.
Staff accountants, operating on both junior and senior levels depending on their experience, are vital to the performance of the finance and accounting department as a whole.
Without great accountants at the forefront, there is increased risk of running the company with inaccurate or incomplete data. With great accountants, on the other hand, the business will be primed for effective strategic decision-making from the ground up.
Each member of the finance and accounting department has a unique way of looking at the company’s financials, and a distinct role to fulfill. By working together and sharing insights, the accounting and finance department will be equipped with the strong, data-driven insights needed to drive growth through strategic decision-making.
Do you want to take your finance and accounting department from good to great? Whether you are starting from scratch or are seeking strategic direction with your existing team, we can help. Reach out today!