Organizing and Managing the Finance Function

The finance function raises a variety of organizational and managerial issues that must be resolved and continuously assessed as the company grows and its needs with respect to accounting, controls, reporting and relations with capital providers evolve and change.  Globalization, and breakthroughs in technology, has led to changes in the way that the finance function is seen within the company, the role that the function plays in providing value for the company and the most important activities that the finance department carries out on a day-to-day basis.  The head of the finance function, generally referred to in this chapter as the chief financial officer (“CFO”), will typically be tasked with management of core responsibilities and activities such as controllership, financial reporting, bank and investor relations, financial planning and analysis, treasury, tax reporting and compliance, internal controls, corporate development and participation in strategic initiatives such as mergers and acquisitions.  In addition, the evolution and development of the finance function will require attention to training and development and acquiring the skills and technology necessary to operate in a global environment with assets and revenue sources in many countries.  To learn more, download the chapter on “Organizing and Managing the Finance Function” prepared by the Sustainable Entrepreneurship Project.  The chapter focuses on the duties and activities of the CFO in various functional areas such as controllership, treasury, reporting, financial planning and analysis and tax, as well as the increased responsibilities of the CFO with respect to corporate governance and internal controls,  Additional Project information on finance is available here.

 

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