An overview of the Finance Departments responsibilities
The ⭐finance team⭐ is responsible for managing the financial operations and ensuring the financial health of the business. We are involved in various tasks such as budgeting, financial reporting, compliance, and strategic financial planning.
👥Meet the team👥 - click here to visit our virtual Department Guide & put a face to the name!
In terms of organisational structure, Finance falls under Central Services. You can view our company structure charts (by Brands/Marketing/Central Services) by visiting the General folder on Hub site (General - documents - OG Org & Brand Charts).
Key Responsibilities / Tasks in the Finance Team:
- Financial Planning & Analysis (FP&A):
- Preparing financial forecasts and budgets.
- Analysing financial performance and comparing it to budgets and forecasts.
- Providing insights into financial trends and performance for decision-making.
- Accounting:
- Managing financial records and ensuring accurate bookkeeping.
- Overseeing accounts payable (AP) and accounts receivable (AR).
- Ensuring all transactions are recorded in line with accounting standards.
- Preparing financial statements (balance sheet, income statement, and cash flow statement).
- Cash Flow Management:
- Monitoring cash flow to ensure that the company has enough liquidity to meet its obligations.
- Managing the organization’s bank accounts and coordinating with banks for transactions.
- Financial Reporting:
- Preparing periodic financial reports for internal and external stakeholders.
- Reporting on key metrics such as profitability, revenue, expenses, and margins.
- Taxation:
- Ensuring compliance with tax regulations (corporate tax, VAT, income tax).
- Preparing and filing tax returns.
- Working to minimize tax liabilities within the boundaries of the law.
- Audit & Compliance:
- Coordinating with external auditors for annual audits.
- Ensuring adherence to financial regulations and compliance standards.
- Maintaining internal controls to prevent fraud and ensure the accuracy of financial data.
- Risk Management:
- Identifying and mitigating financial risks, including currency risk, credit risk, and interest rate risk.
- Developing strategies for hedging risks or managing risk exposure.
- Cost Control & Efficiency:
- Analysing costs across the business and identifying areas for cost reduction.
- Implementing cost-control strategies to improve profitability.
- Strategic Decision Support:
- Providing financial insights to support business strategies and investment decisions.
- Evaluating business opportunities, including mergers, acquisitions, and partnerships.
- Investment Management:
- Managing the company’s investments, ensuring optimal returns.
- Overseeing the capital structure of the business, including debt and equity financing.
- Financial Systems & Technology: