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The Organizational Chart Of The Financial Department

1164 words - 5 pages

1) Explain the organization chart of finance function in a typical organization. What is the key function of each role/position? Explain the difference between the treasury and controller function?
The organization chart of a finance department is determined by each company, it’s not depending on whether it is a minor, middle or huge sized organization. The organizational chart consists of a chief financial officer (CFO), a vice president, one or more accountants and a budget analyst.

The CFO is the head of the finance department. The CFO is in charge for the general planning and guidance for applying the plan when it comes to the finances of the company. The CFO also workings with the heads of other branches, together with human resources, manufacturing, sales, marketing, production or any of the other departments in the company. The CFO comes across with the heads of all of these branches for planning determinations. For each branch has needs for accompanying their jobs and the finance department is in charge of creating, managing and allocating funds from the company budget to meet all of these needs.

The next department in the organizational chart of a finance department is the vice president. Vice president will reports directly to the CFO, and is more complicated in working straight with the accountants in the department to appliance the strategy that the CFO and the other heads of the departments have worked on for running the business.

The next level is the accounting department. The accountants are the ones that handle the day-to-day accounting and bookkeeping operations of the business. The accountants have to prepare asset, liability, and capital account entries by compiling and analysing account information and also have to summarizes current financial status by collecting the information and preparing balance sheet for determined the profit and loss statement, and other reports.in other hand, the accountants also have to maintains professional and technical knowledge by attending educational workshops, establishing personal networks, participating

The last department on the organizational chart is the budget analyst. This department will makes commendations on budget matters to higher level staff, and assists in carrying out and observing of changes. They also will analysis and refer to with department management staff on final budget preparation and provides budget information

The most important role of a treasury is to manage the task of financing and the activities interconnected to it. Basically, treasury deals with liquid assets and plays a vital role in administer cash and its other liquid assets. In addition, the treasury section also formulates the entire capital structure of the in association with organization financial goals. Treasury also performances as a banker in an organization whereby manages the amount of liquid asset and all other type of cash.
The controller has to record all the transaction of liquid asset...

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