Main Responsibilities and Required Skills for Finance Director
A Finance Director is a professional who supervises the finance team's staff within a company. They prepare and present financial and operational results to executive leadership and review and recommend benchmarks for measuring the financial and operating performance. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Finance Directors.
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Main Responsibilities of Finance Director
The following list describes the typical responsibilities of a Finance Director:
Adhere to
Adhere to all national, state, local and international tax laws.
Administer
Administer sales commissions and calculations, ensuring timely and accurate payouts to the field.
Advise
Advise the business on potential activity and key commercial partnerships and negotiations.
Analyse
Analyse multiples data sources and make clear recommendations based on the fact.
Analyze strategic business cases.
Assist in
Assist in the development and execution.
Assist personnel in implementation of accounting policies, system and programs.
Assist the senior leadership team to produce workable solution to financial issues.
Assist with funding proposals.
Attend
Attend all daily, weekly or month end meetings regarding the department.
Attend Board of Commissioners, staff and professional meetings.
Attend monthly board meetings and take the minutes of the meeting for review by CEO & Chairman.
Balance
Balance numerical results with underlying sustainable business case (not to over-rely on models).
Bridge
Bridge gaps and drive consistency, efficiency, integration and communication.
Build
Build and maintain financial models to assess profitability and value of sales investments.
Build strong relationships with central support services.
Calculate
Calculate fund balance for appropriation.
Calculate variances from the budget and report significant issues to management.
Challenge
Challenge processes to eliminate non-value adding tasks.
Champion
Champion working capital efficiency, forecast accuracy, growth, innovation, and improving ROIC.
Clean
Clean paperwork, great follow-up skills, email proficient and a great self-starting attitude.
Collaborate with
Collaborate with Corporate FP&A team on reporting requirements and ad hoc requests for division.
Conduct
Conduct analysis to bring forecasts and insight to the executive team.
Consolidate
Consolidate and analyze data trends, using complex Excel skills.
Construct
Construct and monitor reliable financial control systems.
Contact
Contact point and support for the GM's in the Nordic Baltic region.
Control
Control and review of AR, Inventory and cash.
Coordinate
Coordinate and prepare regulatory reporting.
Coordinate, develop and manage cash flow and credit / collections activities.
Coordinate the preparation of the corporate.
Coordinate timekeeping and payroll systems as well as support daily payroll operations.
Create
Create active partnership with Operations, Product Management, R&D, and other functions.
Create, review and present interdepartmental budgets.
Create strategic frameworks and methodologies to drive critical financial decisions.
Decide
Decide on cash investment strategies, considering ongoing liquidity needs.
Design
Design and implement smart and simple ways of ‘financial story-telling'.
Design executive dashboards driving key ADT business goals.
Develop
Develop a financial analysis cell capable of handling ad hoc business analysis.
Develop and communicate materials and results to Senior Management.
Develop and construct technical accounting memos to be presented to senior management.
Develop and implement annual KSM budgets in line with global budgeting guidelines.
Develop and maintain all necessary systems and accounting processes and controls.
Develop and maintain relationships with all lenders.
Develop and manage time reporting and client profitability.
Develop / Maintain / Improve process and analysis capabilities.
Develop, manage, and maintain financial procedures and internal controls.
Develop, prepares, and analyzes financial reports based on actual, forecast, and budget data.
Develop the corporate fundraising strategy and manage relationships with partners and investors.
Drive
Drive accountability for forecasting accuracy on opex, capex and headcount.
Drive accountability to financial commitments.
Drive asset management capabilities, culture and philosophy through the business.
Drive compliance with processes and policies.
Drive cross functional business partnerships for self and team to collaborate with business leads.
Drive efficiency and effectiveness through continuous improvement.
Drive standardization across China with current different system and data availability.
Embrace
Embrace, support and exemplify the Company's ideals and core values.
Engage
Engage with the business leaders to drive robust financial decision making supporting the strategy.
Ensure
Ensure a high volume of leads and applications.
Ensure best practices on the implementation of procedures as well as proper training and follow-up.
Ensure compliance standards are met in accordance with lender and dealership guidelines.
Ensure compliance with company and legal guidelines.
Ensure deal paperwork is completed accurately and is.
Ensure effective people leadership, development & engagement of the team.
Ensure integrity and accuracy of financial data.
Ensure strong Financial Management within a robust control environment.
Ensure that all work performed is thorough, accurate and completed in a timely fashion.
Ensure that the business appropriately manages risk and meets credit insurance obligations.
Ensure that the company complies with all legal and regulatory requirements.
Ensure the company has sufficient funding, monitoring cash flow and overseeing bank relationship.
Ensure the conformity of operations with various governmental and institutional requirements.
Ensure the integrity, accuracy and usefulness of all financial processes and reports.
Ensure the issuance of monthly budget variance reports.
Establish
Establish and maintain a cooperative and professional relationship with sales management and staff.
Finalize
Finalize and review monthly management accounts.
Foster
Foster Collaboration and Teamwork.
Guide
Guide the professional development of accounting team members.
Help
Help address value opportunities and challenges.
Identify
Identify best practices, continually enhancing efficiencies, and improving quality.
Identify opportunities and risks and propose action plans.
Implement
Implement and / or support implementation of corporate change initiatives (KONE Way).
Improve
Improve Systems and Business Processes.
Inspire
Inspire and motivate the team to do their best work.
Interact
Interact with all levels of staff and Board.
Lead
Lead all aspects risk management, working closely with the company's General Counsel.
Lead and develop a staff of financial professionals.
Lead and drive recruiting of high caliber talent for the finance function.
Lead and own the Manufacturing and Logistics value pipeline.
Lead, develop and inspire a high-performance finance team.
Lead field SOX compliance (audits, compliance, policy).
Lead fundraising including on our upcoming Series B.
Lead in the preparation and implementation of tendering documents and purchasing practices.
Lead pre-award contract negotiations.
Lead the annual Sales Incentive Compensation planning and design process.
Lead the creation of frameworks to accelerate decision making as VMware rapidly grows.
Lead the Finance Department.
Lead the WWBO consolidation, planning, forecasting, and close.
Liaise with
Liaise with insurance brokers and provide all information for annual renewal.
Love
Love using Microsoft Excel and can analyze data for patterns / trends.
Maintain
Maintain an orderly accounting filing system.
Maintain division-level approval rights for performance reporting, spend tracking, and forecasting.
Maintain emotional control under stress.
Maintain oversight of the company's statutory responsibilities.
Maintain relationships with banks / providers.
Manage
Manage all tax affairs of the firm.
Manage and develop the current team of three FTEs to support the finance needs of the organisation.
Manage and develop the reporting team in Boston (3 direct reports).
Manage a team of direct reports to provide mentorship, guidance and career development opportunities.
Manage bank signatories and mandates with banks.
Manage capital and inventory processes to optimize cash flow.
Manage cash including preparation of cash flow projections.
Manage contracts post award.
Manage currently outsourced finance function and adapt as necessary to meet needs of the business.
Manage delinquencies and funding in a high priority manner.
Manage financial relationship and reporting requirements with joint venture partners.
Manage financial relationship and reporting requirements with joint venture partners (if any).
Manage investor director consent.
Manage monthly P&L / B&S performance report and analysis.
Manage relationships and work product with external auditors.
Manage relationships & contractual agreements with external partners & suppliers.
Manage relationships with debt providers (e.g. private investors, banks and asset lenders).
Manage talent across the team for development and succession.
Manage the capital request and budgeting processes.
Manage the 'Month-end' process for all entities.
Meet
Meet objectives set by management and provide monthly reports.
Meet weekly with GSM and Controller for review of deals and Contracts in Transit (CIT).
Model
Model and monitor all aspects of revenue drivers to ensure a high level of predictability.
Negotiate
Negotiate budgets with entity owners and global counterparts.
Orchestrate
Orchestrate the aggregation of data from many different sources to provide insights and dashboarding.
Oversee
Oversee a Finance team of 5 associates.
Oversee and co-prepares in-house preparation of the Comprehensive Annual Financial Report (CAFR).
Oversee any future grant funding or debt applications.
Oversee the month-end process, ensuring accurate and timely submission.
Participate in
Participate in improving the technology solution and re-engineering processes.
Plan
Plan, submit and follow up on production funding needs and cash flow.
Prepare
Prepare and present financial and operational results to executive leadership.
Prepare annual budgets in conjunction with the Executive Director and other Program Directors.
Prepare annual departmental budget.
Prepare monthly, quarterly, and annual reports to management and key shareholders.
Prepare schedules, reports, and financial statements, and manage a workflow calendar.
Prepare and submit annual return of employment related securities (options) to HMRC.
Prepare year end reports and assist external auditors.
Present
Present Ad hoc projects and analysis to Digital Media Leaders (GM / Staff) and CEO Staff.
Present information in a way that enables non-finance teams to readily understand what is meant.
Process
Process and project management.
Produce
Produce high-level MI to support key decision-making across the business.
Provide
Provide constant communication with the client leadership organization.
Provide constant direction to and communication with the Global Finance organization.
Provide frequent financial outlooks to ensure budget management.
Provide key information to the board and the Group.
Provide managerial leadership over Financial Controllers.
Provide monthly financial reports to management, Board of Directors and Investment Committee.
Provide others with clear direction and sets measurable and achievable goals for subordinates.
Provide strategic, commercial, legal, financial and corporate advice to the CEO and executive team.
Provide support to the Vice-President, Finance and Production, on various files and analyses.
Recommend
Recommend benchmarks against which to measure the performance of company operations.
Report
Report, review and seek executive approval on monthly variable compensation payments.
Report risk issues to the board of directors.
Research
Research and resolve all accounting related issues with the Accounting team and Executive Director.
Research technical accounting issues for compliance.
Retain
Retain constant awareness of the company's financial position and act to prevent potential problems.
Review
Review accounts receivable monthly sub-ledger and ensure proper follow-up.
Review and approve contracts with respect to accuracy, acceptable financial terms and conditions.
Review and recommend benchmarks for measuring the financial and operating performance.
Review & approve payments.
Review commission calculation and take action if needed.
Review quarterly VAT reports.
Set
Set objectives for team and delegate responsibilities.
Shape
Shape and develop your team to ensure consistent high performance and foster career development.
Submit
Submit required information for any insurance claims.
Supervise
Supervise the accounting team's staff.
Supervise the annual audit for each of the Manager, the funds and Group companies.
Support
Support all financial data requirements for the quarterly business review meeting.
Support Analytic platforms such as PowerBI to evolve finance teams from Excel towards Analytics.
Support ESS East Operations SVP's in modeling new contracts, renewals, or proposed changes.
Support external reporting requirements.
Support finance integration activities and synergy tracking.
Support Regional SVP's in modeling new contracts, renewals, or proposed changes.
Support Product Management on customer RFQ pricing & margin performance.
Support the business forecasting process by implementing the FCM forecasting checklists.
Support the compensation modelling and planning.
Support the efforts of the sales and Finance departments to ensure targets are met.
Support UK and Distributor commercial decisions.
Take
Take ultimate responsibility for accurate accounting records.
Track
Track and manage performance.
Train
Train and mentor finance managers on our AAF process.
Understand
Understand and mitigate key elements of the company's financial risk profile.
Use
Use information, teamwork and influencing skills to drive business performance.
Work with
Work collaboratively with the IT organization to improve system reports.
Work cross functionally with department leaders to ensure informed financial decision making.
Work with BU managers to develop long and short-term action plans and measure their results.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Finance Director:
Business
Supervisory
Budgeting
MS Outlook
Audit
CIMA
Most In-demand Soft Skills
The following list describes the most required soft skills of a Finance Director:
Written and oral communication skills
Analytical ability
Leadership
Organizational capacity
Presentation
Problem-solving attitude
Interpersonal skills
Attention to detail
Self-starter
Work ethic
Coordination
Detail-oriented
Integrity
Collaborative
Proactive
Self-motivated
Team player
Teamwork
Time-management
Ability to manage multiple tasks
