At the base level, the finance department is responsible for all the day to day transactional accounting for the business. This includes the tracking of all transactions right through to preparing the financial statements.
The finance department is also responsible for management of cash flow and ensuring there are enough funds available to meet the day to day payments. This area also encompasses the credit and collections policies for the company’s customers, to ensure we are paid on time, and that there is a payment policy for the company’s suppliers.
In addition, we contribute to the management and improvement of our various operations, by measuring and reporting regularly on key numbers crucial to the success of the organisation.
Looking forward, the finance department works with senior managers to prepare the organisation’s budgets and forecasts, and to report back on the progress against these throughout the year. This information is used to plan investments, staffing levels, asset purchases, and cash needs, before they become necessary.
Finally, the finance department provides information to assist managers in making key strategic decisions, such as which markets, products or projects to pursue, or the payback periods for large capital purchases. The team assists in customer RFP’s and RFI’s, as well as helping to put together commercial propositions. The finance department contributes an objective perspective based on our independent vantage point.