The formation of the financial department at the enterprise is a responsible task. The functions of the financial department are constantly expanding and are formed based on the tasks that the financial director will have to solve.

Functions of the financial service

• Financial controlling is one of the main functions of the financial department, which consists in the formation of plans and control over their execution. The performance of this function is associated not only with accounting and analysis, but also with monitoring the execution of business processes of the enterprise.
• Treasury Department. Cash management of the company, the formation of a payment calendar, control over the status of mutual settlements - all these are functions of the treasury and it is impossible to underestimate their importance.
• Organization and maintenance of accounting and tax accounting. This function does not require much explanation.

The only thing I want to focus on is the separation of the functions of the chief accountant and financial director. Responsibility of the chief accountant - maintaining regulated and tax accounting in accordance with the requirements of the legislation, timely formation of accounting and tax reporting, reflection of facts economic activity companies on registers accounting. The functions of the financial director are to plan the activities of the company, its financial results, including in the context of constantly changing legislation. The function of tax planning is the direct responsibility of the financial director of the company. The subordination structure of the chief accountant is a topic for a separate discussion. One side Chief Accountant is within the area of ​​responsibility of the financial director and must report to him, on the other hand, in accordance with the law "on accounting", the chief accountant reports directly to the general director of the organization. The easiest way out in this situation is the dual subordination of the chief accountant.

It should be understood that in a particular company, the functions of the financial service may not limit the tasks facing the financial director in the process of organizing the financial department.

The structure of the financial service

After the functions of the financial department are defined, you can begin to form its structure.

The structure of the financial department can be represented in the following diagram:

At the same time, the Contracting Department and IT Department are not part of the FEO, but are strategically subordinate to the Financial Director.

The simplest thing is to allocate a separate service to implement each function.

But no one bothers to split the function into several services or, conversely, combine several functions into one service.

Having determined the tasks and structure of the financial service, it is necessary to start developing internal regulations.

Financial Service Regulations

Financial service regulations are a set of provisions, rules, instructions governing business processes owned by financial director, and both basic (budgeting, accounting, raising finance, making payments; regulated, respectively, by the budgetary, accounting, credit policies, the procedure for making payments, preparing financial statements), and directly related to the management of personnel of the financial service of the enterprise. The latter are often referred to as HR processes.

In the process of developing, coordinating and approving the documents regulating these processes, many issues related to the number of employees of the financial service, the requirements for their qualifications, and the wage fund are removed. If the requirements for the functional duties of employees are changed by the company's management, the regulatory documents approved earlier will minimize potential conflicts, change the staffing level and revise wages.

Regulations on the financial service of the enterprise

The set of tasks of the financial department, its regulations and structure form the basis for the formation of the final document - the Regulations on the financial service of the enterprise.

This provision is an internal regulatory document, which has the following structure:

1. Organizational and functional structure of the financial service. Usually organizational structure is an organizational chart with the allocation of departments and a description of their functions. For the purposes of HR planning, it is useful to display information on the number of staff positions (existing and planned) on the diagram.
2. Structural and headcount financial service. As a rule, this information is formed in the form of a table with the obligatory indication of the names of departments, positions, the number of active and vacant positions.
3. The main goals and objectives of the financial service. AT this section of the regulation, a description is given of the goals formulated taking into account the company's development strategy, and the tasks that need to be solved in order to achieve them. Tasks are defined for each department.
4. Function matrix. This is a table in which the functions of the financial service are located vertically, and organizational links are located horizontally, that is, managers and key employees of service departments. At the intersection of the lines and the graph, a mark is made (who is responsible for what). The function matrix gives an idea of ​​the possible workload of departments and allows you to optimally group functions by department.
5. The order of interaction of employees of the financial service. Usually isolated internal order interactions - between individual employees and (or) structural divisions of the company and external - with individuals (for example, especially large clients) or government (commercial) organizations. The order of interaction is developed taking into account the organizational structure of the company as a whole, the functions and tasks of its other divisions, established principles and traditions.
6. This section details the procedure for filing an appeal or expressing disagreement along the chain “CEO – CFO – Head of Department – ​​ordinary employee”. This applies to any questions and proposals (the task received, the decision being made, disproportionate compensation, encouragement or punishment), including innovative ones that may arise both for the employee and his immediate supervisor.
7. A system of indicators to evaluate the work of the financial director and the financial service.
8. Final provisions.

If the head of the financial service is the financial director, then his activities are regulated by the job description of the financial director, and if the financial department is separated into a separate unit, then when developing the job description of the head of the financial department, you need to apply general rules formation of job descriptions.

Detailed job description usually includes the following items:

1. General provisions
2. Qualification requirements. The requirements for the level of education of a specialist in this position are formulated, as well as a set of skills and abilities necessary to perform official duties.
3. Job responsibilities. The more detailed this section is filled out, the less questions the specialist will then have about the need to perform certain tasks. Therefore, this section should be the most complete summary of all possible tasks performed by a specialist.
4. Specialist rights.
5. specialist responsibility.

It should be noted that the effective operation of the financial department is impossible without a high-quality information system.

Regulations on the Treasury

The importance of the work of the Treasury Department cannot be overestimated. The timeliness and correctness of payments, the execution of the traffic budget depend on the efficiency of the functioning of this unit. Money.

Formalization of the department's work regulations is the basis for effective functioning. As a result, it is necessary to develop internal regulations for the work of the department.

The approximate composition of the regulations of the Treasury Department:

• Regulations for the formation of budgets;
• Regulations for coordinating payments;
• Job description of the head of the treasury department;
• Job description of a specialist in the treasury department.

All these regulations are described or included in the form of annexes to the document "Regulations on the Treasury".

This provision is an internal regulatory document that has the following structure:

1. Organizational and functional structure of the Treasury Department. Usually, the organizational structure is an organizational chart with the allocation of positions and a description of their functions. For the purposes of HR planning, it is useful to display information on the number of staff positions (existing and planned) on the diagram.
2. Structural and staffing of the Treasury Department. As a rule, this information is formed in the form of a table with the obligatory indication of names, positions, the number of active and vacant positions.
3. The main goals and objectives of the Treasury Department. This section of the regulation describes the goals formulated taking into account the company's development strategy, and the tasks that need to be solved to achieve them.
4. The order of interaction of employees of the Treasury Department. Usually, an internal order of interaction is distinguished - between individual employees and (or) structural divisions of the company and external - with individuals (for example, especially large clients) or state (commercial) organizations. The order of interaction is developed taking into account the organizational structure of the company as a whole, the functions and tasks of its other divisions, established principles and traditions.
5. The procedure for resolving conflict situations. The procedure for filing an appeal or expressing disagreement along the chain “general director - financial director - head of department - ordinary employee” is prescribed in detail. This applies to any questions and proposals (the task received, the decision being made, disproportionate compensation, encouragement or punishment), including innovative ones that may arise both for the employee and his immediate supervisor.
6. A system of indicators that allows you to evaluate the work of the head of the department and the treasury department. This section includes lists and descriptions of indicators, upon fulfillment of which the work of the financial director and his subordinates is recognized as successful. Indicators should be specific and measurable.
7. Final provisions. This part establishes the procedure for agreeing and approving the Regulations, its validity period, the procedure for making changes, familiarizing employees with the Regulations and the procedure for storing it.

Responsibilities of a financial manager

Today, financial management is a system of principles and methods for developing and implementing management decisions associated with the formation, distribution and use of financial resources, cash flow. As a result, the role of the financial manager in the company's management system may vary depending on the specific tasks facing the financial service.

The financial manager, whose duties are limited to participating in the activities of the treasury and the budget process, monitoring and analyzing the activities of the enterprise, studying the applicability of certain financial instruments, plays an important role in ensuring the current activities and development of the company.

To effectively solve various problems in current activities, we use various tools and regulations, ranging from electronic Excel tables, and ending with modern specialized software products with the broadest functionality, which allow you to expand the functionality simply and "painlessly" for the user.

Depending on the specialization and activities, the list of job responsibilities of a financial manager may vary from cash flow management functions to a system for monitoring the company's financial condition, and performing the function of managing relationships with counterparties. Accordingly, the job description should include full list duties and powers, ensuring the completeness of the function performed by a specific financial manager in a given organization.

Drive specific example job description does not make sense, since it is impossible to provide for the entire list of duties, just as it is impossible to describe the entire range of tasks management accounting enterprises. In each particular company, management accounting is individual, and, accordingly, the set of functions of the employee who provides this accounting is individual within each company.

However, one can bring overall structure job description. In general, it should consist of the following sections:

1. General provisions- description of the document, position, who appoints the employee to this position, and so on.
2. Qualification requirements.
3. Job responsibilities. This section should be the most complete summary of all possible tasks performed by a specialist.
4. Criteria for the success of the performance of labor duties. The section is quite difficult to fill in, since it is not always possible to formulate these criteria. In this section, it makes sense to describe only those criteria, the fulfillment of which can be monitored and objectively assessed.
5. Specialist rights. The section describes the company's obligations to the specialist. This is a timely payment. wages, organization of the workplace and technological infrastructure, compliance with sanitary standards, etc.
6. Rights and obligations of the leader. This paragraph complements the previous one, it contains an explanation of the duties and powers of the immediate supervisor of the specialist.
7. specialist responsibility. A paragraph that describes what the employee is directly responsible for and contains information about possible penalties for failure to perform official duties.

The key to a high-quality job description for a financial manager is the most clear and complete prescribing of all points, which will reduce the possibility of maneuvers for unscrupulous employees. Only such instructions will provide efficient work employee, his interaction with the manager, with other employees and departments of the company, and the company's activities as a whole.

Responsibilities of the financial director

The financial director not only manages the relevant service, but also manages cash flows of the company, forms the investment policy, provides the top management of the company with prompt and reliable information on the organization's cash flow. The duties of this manager largely depend on the specifics of both the business itself and the features of the company's management system.

Duties include the following functions:

• The organization of the management of the movement of the enterprise's cash resources and the regulation of the relevant relations that arise between economic entities in the market, in order to most effectively use all types of resources in the process of production and sale of products (works, services) and maximize profits.
• Ensuring the capital stability of the enterprise through the development of a monetary strategy for the enterprise.
• Management of the budget process of the company, participation in the development of projects and financial plans of the company.
• Monitoring the performance by the units of the approved above indicators.
• Selection of the optimal sources of financing for the company's activities, by analyzing the financial market and the effectiveness of the applicability of a particular source for certain types activities.
• Formation of the company's investment policy, analysis of the effectiveness of capital investments.
• Conducting an analysis of the financial and economic activities of the enterprise, developing methods aimed at ensuring the efficiency of the company's activities (optimization of trade turnover, increasing profitability, cost management, etc.).
• Accounting for cash flows and reporting on the results of the state of operations in accordance with the standards of financial accounting and reporting, reliability financial information, controls the correctness of the preparation and execution of reporting documentation, the timeliness of its provision to external and internal users.
• Managing financial department employees.

The understanding by the performer of his rights and obligations will depend on the completeness of the instructions. The presence of instructions will help to avoid problematic situations associated with different interpretations of their duties by the employee and his management. The job description may include the following sections:

1. General provisions- description of the document, position, who appoints the employee to this position, etc.
2. Qualification requirements. This section formulates the requirements for the level of education of a specialist in this position, and also describes the set of skills and abilities necessary to perform job duties.
3. Job responsibilities. This section should be the most complete statement of all possible tasks performed by a specialist.
4. Criteria for the success of the performance of labor duties. The section is quite difficult to fill in, since it is not always possible to formulate these criteria. It makes sense to describe only those criteria, the fulfillment of which can be controlled.
5. Specialist rights. The duties of the company to the specialist are described. These are timely payment of wages, organization of the workplace and technological infrastructure, compliance with sanitary standards, etc.
6. Rights and obligations of the leader. This paragraph complements the previous one. It contains an explanation of the duties and powers of the immediate supervisor of the specialist.
7. specialist responsibility. A paragraph that describes what the employee is directly responsible for and contains information about possible penalties for failure to perform official duties.

Let us give as an example one of the options for the job description of a financial director, but we want to note that the instructions for each manager must be adapted to the specifics of the enterprise.

Job description of financial director

APPROVE

CEO

Surname I.O. ________________

"________"_____________ ____ G.

1. Responsibilities of the financial director. General provisions.

1. This job description describes the duties, rights and responsibilities of the CFO.

1.1. This position is in the leadership category.

1.2. Appointed by order only CEO.

1.3. Reports directly to the General Manager.

1.4. In his absence functional responsibilities are carried out by the head authorized to perform the official duties of the financial director by the general director.

1.5. A person with a higher economic education, as well as experience in managerial positions of at least 5 years, can be appointed to the position of head of this area.

1.6. The CFO must know:

• the legislation of the Russian Federation, the Charter of the enterprise, the regulatory legal acts of the enterprise, as well as other regulatory legal acts regulating its activities;
• safety, rules fire safety, as well as industrial hygiene and sanitation, labor protection, orders and instructions of the management, as well as methodological recommendations for organizing their own work;
• methodology for organizing the financial and economic activities of the enterprise, as well as drawing up plans, projected balance sheets, budget planning, drawing up and developing plans for sales and production, profit and loss planning;
• tools, the procedure for evaluating and analyzing financial assets, the forecast of profitability and risks, the procedure for lending to an enterprise, the search for funds and investments for a loan;
• forecasting the efficiency of investments and distribution of capital-forming resources of the enterprise;
• financial reporting methods, tax system Russian Federation, as well as the procedure for preparing accounting and financial reports.

1.7. In his absence, the duties of this director are shifted to a person authorized by the general director.

2. Responsibilities of the financial director

The job description assumes job responsibilities:

2.1. Management of the financial resources of the enterprise, as well as the redistribution of the budget in order to obtain maximum efficiency in production, marketing processes for goods and services, as well as reduce costs, identify the main sources of financing for production and maintenance of the enterprise;

2.2. Negotiating, correspondence and necessary paperwork with commercial structures, banks, credit and investment institutions, as well as various third organizations in order to identify potential sources of lending, financing, co-financing and investment.

2.3. Conducting an analysis of the enterprise in terms of the above and economic condition, audit, vertical-horizontal analysis, trend analysis, calculation financial ratios and indicators.

2.4. Study of all types of expenses of the enterprise, including energy costs, utilities, the purchase of raw materials or goods, as well as commissions, transport and production costs.

2.5. Development of a business plan for the enterprise jointly with other managers and employees or independently, as well as ensuring budget planning, distribution of budget funds, control over the implementation of budget prescriptions.

2.6. Control over the implementation of plans and budget, expenditure of borrowed and budget funds.

2.7. Analysis of the main indicators of the enterprise: cash receipts to the current account and cash payments for all types of enterprise products, income from own financial activities enterprises, interest accruals on loans, payment or receipt of dividends, expenses associated with investments and investments of the enterprise's financial resources.

2.8. Development of proposals for improving the performance of the enterprise, reducing the costs of the enterprise, as well as preventing the appearance of unnecessary costs and costs, increasing the effectiveness of the policy direction.

2.9. Formation of the investment policy of the enterprise based on the study of the state of the market, analysis of supply and demand, the effectiveness of investment investments, as well as profitability and potential income from various enterprises, taking into account risk insurance, various payment and political conditions for the investor.

2.10. Control over the timely receipt of funds from revenue items of the budget, as well as the execution of banking and reporting operations within the specified time limits, payment of bills and interest rates on loans, over the payment of funds to employees on account of wages, transfer of taxes to established by law RF is ok.

2.11. Development and determination of directions of the tax policy of the enterprise.

2.12. Complete guidance on the development of various financial and accounting documents in the enterprise, including non-regulatory documents.

2.13. Control over the preparation and execution of reporting documentation, as well as the preparation of financial statements for management and relevant authorities, preliminary verification of documents with the actual state of affairs.

3. Rights of the financial director

The job description guarantees him the right to:

3.1. Require the CEO to provide all conditions for the effective performance of their own duties.

3.2. Propose and submit proposals for improvement to the Board of Directors production process, as well as document flow within its competence.

3.3. Identify the shortcomings of the production process, as well as, included in the scope of his duties, the activities of the enterprise and offer management methods and ways to eliminate or prevent them.

3.4. Sign and issue orders, directives and other internal documents enterprises within their own competence.

3.5. Receive Required documents for the successful completion of their duties.

3.6. Represent employees for promotion or punishment in cases where their own powers are not enough to encourage and collect them.

3.8. Take an active part in the development of all relevant documents, plans and other documents related to the direct activities of the enterprise.

3.9. Coordinate and approve the job responsibilities of subordinates within their own powers.

3.10. Engage in improving your own skills.

4. Responsibility of the financial director

The job description defines his responsibility for:

4.1. disclosure trade secret, transfer of financial information to third parties, which entailed material and image losses of the enterprise.

4.2. Failure to perform or negligent performance of their official duties, as well as inaction in the event of failure to perform or negligent performance of official duties by subordinates.

4.3. Causing material damage or damage to the image of the enterprise as a result of the performance of official duties.

4.4. Violations of the laws of the Russian Federation that were committed during the performance of official duties.

4.5. Failure to comply with labor protection rules, work schedule and discipline, industrial hygiene and sanitation rules, fire safety and industrial safety rules.

AGREED:

General
Director: __(signature)____ _______(full name)___________

Boss
Legal Department: __(signature)____ _______(full name)___________

Familiarized with the instruction: __ (signature) ____ _______ (full name) ___________

Financial work at the enterprise is inextricably linked with financial management. The concept of "management" is revealed as a set of principles, forms, methods, techniques and means of enterprise management. In turn, financial management is a financial resource management system that combines financial policy, methods, tools, as well as people who make management decisions and implement these decisions. The purpose of such activities is to achieve financial stability and growth of the company.

Financial management permeates all parts of the financial system and is the most important integral part management structures in market conditions. basis financial management serves as a financial policy based on the analysis of factors for the efficient use of financial resources in the short and long term and determines the direction of the financial services.

Sources financial analysis to develop the appropriate policy of the company, the financial and accounting statements of companies prepared for an external user, as well as internal management information, which reveals in-house processes in more detail, serve. In financial management, official reports of state financial bodies, information from market institutional structures (banks, investment companies, commodity, stock and currency exchanges), statistical data, cross-industry and cross-country comparisons. This is necessary to predict the future of the company and assess the impact of external factors.

The goals of effective financial management are: maximizing the useful economic result of the company's activities, increasing its economic potential, maximizing profits while minimizing costs, ensuring competitiveness in the market, making the best use of existing sources of financing and attracting new ones to achieve the goals, optimizing the structure of the company's assets, ensuring the financial stability of the company in the foreseeable future.

Achieving these goals becomes possible with the use of appropriate management methods. Financial Management Methods are of a concrete historical nature and develop as economic relations develop at the macro and micro levels. The following main methods of financial management in the conditions of developed market relations are distinguished: forecasting and planning, financing and lending, self-financing, taxation, insurance. In addition, leasing, trust, factoring, pledge, financial incentive economic sanctions are used.

The implementation of financial management is carried out using a set financial instruments:

• primary - cash, receivables and payables, short-term financial investments - stocks and bonds,
• secondary - options, futures, forward contracts.

Financial services workers are often referred to as financial managers. It would be more correct to assume financial manager head of finance.

Financial management in the company is carried out by services specially created for this purpose, headed, as a rule, by a vice president for finance or a financial director.

AT structure financial service includes divisions involved in financial analysis, forecasting and planning, credit policy, cash management and short-term financial investments, taxation and relations with state regulatory bodies, investment activities. In addition, the competence of the financial service may include the preparation financial statements companies, management accounting. In this way:
The activity of financial services is subordinated to the main goals- ensuring financial stability, creating sustainable prerequisites for economic growth and profit.

Tasks financial services:

• organization of relations between the enterprise and other business entities;
• search for internal and external short-term and long-term sources of financing, choosing the most optimal combination of them;
• timely provision of financial resources for the economic activity of the enterprise;
• efficient use of financial resources to achieve the strategic and tactical goals of the enterprise. A specific form of implementation of the tasks of the financial service is the development of a financial policy, the elements of which are:
• accounting policy;
• credit policy;
• cash flow management policy;
• depreciation policy;
• cost management;
• dividend policy.

The structure of the financial service should correspond to the scale of the enterprise, its strategic goals and direction of activity. The approximate structure of the financial service of a large enterprise is shown in fig. 7.1.

1. Financial accounting is responsible for accounting, preparation of financial statements as part of the balance sheet, Profit and Loss Statement, annexes to these forms, formation of public reporting in accordance with approved rules and national accounting standards. Financial accounting develops accounting policy.
2. The analytical department is engaged in the analysis and assessment of the financial condition of the enterprise, prepares explanatory note to the annual report and leads the preparation for the annual report on general meeting shareholders, develops and analyzes investment projects(financial part), makes forecasts of financial indicators.
3. Department financial planning develops long-term and short-term financial plans, manages the preparation of the main budget of the enterprise.
4. The tax planning department develops tax accounting policies, prepares tax calculations and tax returns, submits them to the tax authorities, controls the timeliness and completeness of tax payments, reconciles calculations with the budget and extra-budgetary funds.
5. Department operational management conducts settlements with debtors and creditors, controls relations with banks, insurance companies, ensures compliance with payment and settlement discipline.
6. Department valuable papers and currency control forms a portfolio of securities, manages the movement of securities and currencies, exercises control over foreign exchange transactions in order to comply with the legality and financial interests of the enterprise.

A rationally built financial management system performs the functions of the controller and treasurer of the company.

The financial service of an enterprise is understood as an independent structural subdivision, performing certain functions in the system of organization of the enterprise. The main purpose of the financial policy of an enterprise is to organize the movement of resources, which contributes to efficient management, maximization of income, timely and complete financial support for its reproductive needs and settlements with financial system states and partners.

The financial service of the enterprise is part of a single mechanism for managing the enterprise's economy, and therefore it is closely connected with other services of the enterprise. For example, the accounting department provides the financial service with information about the size of the company's accounts payable and receivable, the amount of money in its accounts, and the amount of upcoming expenses. In turn, the financial service, processing this information, analyzing it, gives a qualified assessment of the solvency of the enterprise, the liquidity of its assets, creditworthiness, draws up a payment calendar and other financial plans, prepares analytical reports on the parameters of the financial condition of the enterprise and introduces the results of its work to the management of the enterprise , other economic divisions that use this information in their work.

From the marketing department, the financial service receives information on the sale of products and uses it in income planning and the preparation of operational financial plans. To conduct a successful marketing campaign, the financial service substantiates sales prices, analyzes sales costs, comparative evaluation competitiveness of the company's products, optimizes its profitability and thereby creates the conditions for concluding transactions.

The financial service has the right to demand from all services of the enterprise the actions necessary for the qualitative organization of financial relations and financial flows. In its competence are also such important characteristics of the enterprise as its image, business reputation.

Depending on the size of the enterprise, its organizational and legal form, the range of its financial relations, the volume of financial flows, the type of activity and the tasks facing it, the financial service can be represented by various formations.

At small enterprises, with insignificant cash turnover and a small number of employees, in the absence of separation managerial functions, the duties of the financial service are performed, as a rule, by an accountant.

At medium-sized enterprises, the financial service is represented by a special financial group that is part of the accounting department or the planning and economic department. Each employee in a financial group is assigned a separate section of financial work, for example, financial planning. Another employee may be entrusted with tax calculations, etc.

On the large enterprises, with a large scale of production and large amounts of financial work, special financial departments are being created. The financial department is headed by a chief who is directly subordinate only to the head of the enterprise or his deputy for economics and, together with them, is responsible for financial condition enterprises, the safety of own working capital, for the implementation of the implementation plan, the provision of funds for financing the costs provided for by the plans.

The financial department of an enterprise usually consists of several bureaus responsible for certain areas of financial work: a planning bureau, a banking operations bureau, a cash operations bureau, a settlement bureau, etc. Special groups are created within each bureau. The functions of each group are determined as a result of detailing the functions of the bureau. So, for example, as part of a planning bureau, it is possible to create groups for long-term, current and operational planning. The settlement bureau, as a rule, contains groups responsible for specific types of settlements of the enterprise: settlements with suppliers, consumers, tax settlements, etc.

Financial directorates can function at large non-state enterprises. The financial directorate is headed by the financial director, who is, as a rule, the vice-president of the company or enterprise.

The financial management of the enterprise combines the financial department, the planning and economic department, the accounting department, the marketing department and other services of the enterprise.

The concentration in the hands of one directorate of the main enterprise management services significantly increases the possibility of regulatory influence on financial relations and financial flows. In this version of existence, the financial service not only successfully captures the quantitative parameters of the enterprise, but also, thanks to direct participation in the development financial strategy and tactics of the enterprise, largely determines their quality.

To date, there is no single structure of financial management in the Republic of Belarus. Each company uses its own system.

In whatever status the financial service of an enterprise exists, it is an active component of the system for organizing its finances.

In the system of organizing finance, the financial service acts as an organizing subsystem, and financial work - as an organized subsystem.

The main tasks of the financial service are: providing cash for current costs and investments; fulfillment of obligations to the budget, banks, other business entities and employed employees.

The financial service of the enterprise determines the ways and methods of financing costs. They can be self-financing, attracting bank and commercial (commodity) loans, raising equity capital, obtaining budgetary funds, leasing.

For the timely fulfillment of monetary obligations, financial services create operational cash funds, form reserves, use financial instruments attraction of cash in the turnover of the enterprise.

The tasks of the financial service are also: promoting the most efficient use major production assets, investments, inventory items; implementation of measures to accelerate the turnover of working capital, ensuring their safety, bringing the size of own working capital to economically justified standards; control over the correct organization of financial relations.

The functions of the financial service are determined by the very content of financial work in enterprises.: planning; financing; investment; organization of settlements with suppliers and contractors, customers and buyers; organization of material incentives, development of bonus systems; fulfillment of obligations to the budget, optimization of taxation; insurance.

The functions of the financial department (service) and accounting are closely intertwined and may coincide. However, there are significant differences between them. Accounting records and reflects the facts that have already happened, and the financial service analyzes information, is engaged in planning and forecasting financial activities, provides the management of the enterprise with conclusions, justifications, calculations for making management decisions, develops and implements financial policy.

At present, the finances of a number of Belarusian enterprises are in a crisis, as evidenced by:

ü a significant lack of funds for investment, and in some cases for production activities, low wages, as well as a significant reduction in funding for departmental non-production facilities;

ü non-payments of enterprises to each other, large volumes of receivables and payables, which complicates the financial problems of enterprises;

ü the severity of the total tax liabilities, the high share of taxes and other obligatory payments in the proceeds from sales;

o high price borrowed resources, which, at the current level of profitability of production, makes it economically unprofitable to use a bank loan for the needs of enterprises.

Given the openness of the Belarusian economy, the task of strengthening the finances of enterprises and, on this basis, stabilizing the finances of the state are top priorities both for the state and for enterprises.

The role of financial services of domestic enterprises should be increased. The organizational structure of financial services and the functions they perform require improvement.

According to international standards, the financial service should be separated from the accounting department, as they have different tasks and use different methods in determining the available financial resources and cash funds. For example, accounting often uses the accrual method. In this case, the moment of sale of products, works, services is considered the occurrence of income, and the moment of its incurrence is considered the expense.

The financial service takes care of the constant availability of funds necessary for the current activities of the enterprise, monitors their receipt and expenditure. Hence, the financial service relies on the cash method (cash) in determining the funds of cash.

In this case, the occurrence of income and expenses is considered the moment of receipt and expenditure of cash.

The fundamental differences between the financial service and accounting are not only in approaches to the definition of funds, but also in the area of ​​decision-making. The accounting department is working on collecting and providing data. The financial department (management), getting acquainted with the accounting data and analyzing them, prepares Additional information. Based on the analysis of all these materials, specific decisions are made regarding the activities of the enterprise.

For domestic enterprises, it is useful to get acquainted with foreign experience financial management of corporations and firms, methods of financial management. Independent financial services exist in all standard Western companies and usually have subdivisions (groups of specialists or departments). In European countries, financial service units are usually focused on financial methods management.

The financial service is headed by the financial director (vice president for financial matters). Departments are subordinate to him, for example, financial analysis, financial control, financial planning, cash and short-term investments.

Requirements to professional level financial workers of enterprises are increasing. The head of the financial service must closely monitor the change in production efficiency and the economic policy of the state, possess knowledge in the field of macro- and microeconomics.

Financial work in enterprises is organized and carried out by financial services. At large domestic enterprises, special financial departments or departments are created for this. At medium-sized enterprises, financial departments or financial groups can be created as part of other departments (accounting departments, departments, services for analysis and forecasting, labor and wages, pricing).

In small enterprises, financial work is assigned to the chief accountant.

Financial services are given the right to receive the necessary information from all other services of enterprises (these are balance sheets, reports, plans, summary cost calculations, etc.)

The head of the financial department (department), as a rule, reports to the head of the enterprise or his deputy for economics and, together with them, is responsible for the financial condition of the enterprise, the safety of its own working capital, for the implementation of the implementation plan, and the provision of funds for financing the costs provided for by the plans.

The main tasks of the financial service are:

1. providing cash for current costs and investments;

2. fulfillment of obligations to the budget, banks, other business entities and employed workers.

The financial service of the enterprise determines the ways and methods of financing costs. They can be self-financing, attracting bank and commercial (commodity) loans, raising equity capital, obtaining budgetary funds, leasing.

For the timely fulfillment of monetary obligations, financial services create operational cash funds, form reserves, use financial instruments to attract cash into the turnover of the enterprise.

The tasks of the financial service are also:

1. promoting the most efficient use of fixed production assets, investments, inventory items;

2. implementation of measures to accelerate the turnover of working capital, ensuring their safety, bringing the size of own working capital to the economy of reasonable standards;

3. control over the correct organization of financial relations.

The functions of the financial service are determined by the very content of financial work in enterprises. It:

1. planning;

2. financing;

3. investment;

4. organization of settlements with suppliers and contractors, customers and buyers;

5. organization of material incentives, development of bonus systems;

6. fulfillment of obligations to the budget, optimization of taxation;

7. insurance.

The functions of the financial department (service) and accounting are closely intertwined and may coincide. However, there are significant differences between them. The accounting department records and reflects the facts that have already happened, and the financial service analyzes information, is engaged in planning and forecasting financial activities, provides the management of the enterprise with conclusions, justifications, calculations for making management decisions, develops and implements financial policy.

The following functions are assigned to the financial department:

Development of the financial strategy of the organization.

Development of projects of long-term and current financial plans, forecast balances and cash budgets.

Preparation of draft plans for the sale of products (works, services), capital investments, research and development, planning the cost of production and profitability of production - participates in the preparation.

Calculation of profit and income tax.

Determination of sources of financing for the production and economic activities of the organization, attraction of borrowed funds and use of own funds, research and analysis of financial markets, assessment of possible financial risk in relation to each source of funds and development of proposals for its reduction.

Implementation of the investment policy and asset management of the organization, determination of their optimal structure, preparation of proposals for the replacement, liquidation of assets, analysis and evaluation of the effectiveness of financial investments.

Development of working capital standards and measures to accelerate their turnover.

Ensuring timely receipt of income, registration in deadlines financial settlement and banking operations, payment of invoices of suppliers and contractors, repayment of loans, payment of interest, wages to workers and employees, transfer of taxes and fees to the republican and local budgets, to state extra-budgetary social funds, payments to banking institutions.

Analysis of the financial and economic activities of the organization.

Execution control financial plan, product sales plan, profit plan and other financial performance, after the termination production, not having a market, the correct expenditure of funds and the targeted use of own and borrowed working capital.

Record keeping of movement financial resources and reporting on the results of financial activities in accordance with the standards of financial accounting and reporting, the reliability of financial information, control over the correctness of the preparation and execution of reporting documentation, the timeliness of its provision to external and internal users.

The fundamental differences between the financial service and accounting are not only in the approaches to the definition of funds, but also in the area of ​​decision-making. Accounting is working on collecting and presenting data. The financial department (management), getting acquainted with the accounting data and analyzing all these materials, makes specific decisions regarding the activities of the enterprise.

The following tasks are set for the financial service:

• ensuring a sufficient level of funds necessary for the operation of the enterprise;
• timely fulfillment of obligations to tax authorities, banks and other entities with which the enterprise has monetary relations;
• organization of the competent movement of financial resources, contributing to the most efficient management;
• ensuring the rational use of cash reserves and working capital;
• development of a strategy to increase the income received.

Functions of the financial service

The named organizational structure operates in the following areas:

• Analyzes the financial and economic condition of the enterprise, based on statistical reporting. Tracks factors that affect production efficiency in one way or another.
• Looking for ways to replenish financial resources, as well as the optimal use of own and borrowed money. Finds new money sources. Develops a profitable investment strategy.
• Monitors the movement of material resources, their receipt and expenditure. looking for ways effective management financial flows, allowing to carry out cash flow with the greatest benefit.
• Plans further actions, for the near future and the distant future. Appoints executors for the implementation of the planned, distributes responsibilities between them. Makes adjustments to plans as needed.
• Controls the implementation of decisions made. Monitors compliance legislative norms and timely execution of various operations.
• Interacts with counterparties, making settlements with them and distributing the profit.

The financial service maintains constant communication with other units operating in the organization. For example, the accounting department receives information about the amount of funds in internal accounts, the amount of debt and the amount of planned expenses. Based on this information, the financial service evaluates the company's solvency, draws up plans, and prepares reports for management.

The marketing department provides data related to the sale of products. The financial service analyzes costs, creates conditions for concluding more profitable deals and optimizes the profitability of production.

In the process of cooperation, the financial service has the right to demand from other structural units the most effective actions in terms of implementing the financial policy of the enterprise.

Financial service organization

The device of the service depends on the scale of the enterprise and the financial volumes with which you have to work. With an insignificant cash turnover within the framework of small production financial management can be carried out by the head of the company. These duties are also often assigned to the accountant, if such a specialist is involved. In medium-sized organizations, this service may be represented by a dedicated team. Each employee included in it is responsible for its scope of work.

At large enterprises where there is a large-scale production, the formation of a full-fledged financial department is required. It operates under the control of the chief, who, in turn, reports directly to the head of this enterprise. The department consists of several bureaus. Each of them operates in a separate area. One bureau is responsible for planning, another for banking, and a third for different types calculations.

Properly organized activity of the financial service creates the prerequisites for the successful development of the enterprise and strengthening its position in a competitive business environment.