Why is it necessary to study financial management? Financial Manager

The problem arises mainly because entrepreneurs do not understand the differences between accounting and financial management. In fact, their work is closely interconnected, but, nevertheless, this is absolutely different functions.

Accountant and financial manager - four differences

Olga Pestretsova, Ph.D. economical sciences

Who serves as the financial manager in your company? Quite often, entrepreneurs answer this question in the same way: a person who was a former chief accountant. In fact, many companies, especially actively developing ones, faced with the need to have a financial manager, followed one path: they promoted chief accountants. And we ran into a problem: the manager still doesn’t get paid complete information required from the financial manager, and the latter is completely overloaded. In addition, he is constantly in a stressful situation, because he cannot provide the manager with what is expected of him. The problem arises mainly because entrepreneurs do not understand the differences between accounting and financial management. In fact, their work is closely interrelated, but, nevertheless, these are completely different functions, and they must be performed absolutely different people.

A little history

By the way, the branching and increase in the scale of the functions of a financial manager occurred naturally following the development of the economy itself. Thus, until the 20s of the 20th century in the West, the function of a financial manager or director as such did not exist at all. There were financial and economic departments dealing with all matters related to finance. The separation of services: accounting, economic and financial began only in the 20s. At this time, the stock market began to actively develop and the main task of financiers was to work with securities.

The crisis of the 30s required new qualifications from financiers: people were needed who knew how to assess liquidity, the ability of enterprises to generate cash flows, and, of course, identify signs of bankruptcy of companies using a set of indicators.

In the 40s, the functions of planning, budgeting and cash flow assessment became in demand. Since America was at its best during this period (the country did not participate in the war and earned huge money by supplying goods to warring states), it needed evaluators of the investment attractiveness of enterprises, specialists capable of predicting the future potential of the company.

In the 50s, new tasks arose that required new abilities from financiers. The number one task is the optimal use of resources. Economic and mathematical methods for managing enterprise assets are beginning to develop, and the concept of the time value of money is becoming especially popular.

The 60-70s became the period of management accounting. Information about enterprises for the market has already been unified and standardized, the main coefficients for assessing the state of businesses have been identified, and the need has arisen to understand the economics within companies. Models for optimizing cash and material reserves are being developed.

The 80-90s were marked by a boom in investment markets. Accordingly, the functions of financial managers have expanded into this area. The area of ​​competence of financiers included the calculation and assessment of investment portfolios of enterprises.

Thus, modern Western Financial Manager- This is a person who deals with all of the above issues. He plans future cash flows, assesses the liquidity and investment attractiveness of the enterprise, analyzes the situation in the financial and foreign exchange markets and stock exchanges.

We will go our own way.....

In Ukraine, due to historical characteristics, the development of the functions of a financial manager, as well as, in fact, the emergence of such a position, occurred in a slightly different way. For the first ten years of the country's functioning in a market economy, accountants dealt with all financial issues. The main task of these specialists was to pay taxes, everything else came second. But, since economic development required enterprises to perform a number of other tasks in a high-quality manner, specialists had to urgently master the entire ladder of functions that the West had traversed over 80 years. It cannot be said that there were no professional financiers at all at that time - in economic universities even in Soviet times there were departments of banking finance and enterprise finance. However, they did not provide the knowledge required from a specialist in a company operating in a market, rather than a planned, economy.

Ukraine actually skipped the period of the Western 20s, i.e., the stage of development of securities. Currently, only the corporate rights departments of banks, investment companies and securities issuing companies work with securities. Financial managers of other enterprises did not have to face this task, and those who perform functions related to securities implement them in a rather truncated form due to the underdevelopment of the Ukrainian stock market. The current trend in Ukrainian business is the retraining of accountants into financial managers or directors. Formally, it looks something like this: after some time, an accountant is promoted to chief accountant, and then to financial director. In practice, this means adding more and more new tasks to the latter’s track record. And this is where the problems begin.

Four differences

The financial activities of any enterprise can be divided into three main areas: accounting and taxes; management accounting and budgeting; analysis of the financial condition and financing of the enterprise. So, an accountant, by definition, cannot coordinate three areas at once. He has a different education, different tasks and even a different type of thinking. And this in no way can be blamed on the latter. It’s just that a financial manager and an accountant are different people, different positions and different functions. This is an axiom, which, due to the same historical features of the development of our country, required proof. Let's look at the differences between a financial manager and an accountant in detail.

So, professional competence. An accountant is a specialist who works on an accounting system in accordance with current legislation. His tasks are to pay taxes on time and correctly and report to government agencies, clients and partners of the company, monitor the status of the company’s account and reduce the balance to a single indicator. This is far from an easy job. It requires serious professional training and high qualifications, especially in Ukrainian conditions, when legislation changes with enviable regularity. The financial manager, in turn, must manage the company’s working capital, plan the financial flows and budgets of the enterprise, and develop financial strategies. At the same time, constantly analyzing the real economic state of the enterprise, comparing it with the national and even international market situation, it must make certain financial decisions in a timely manner to optimize the situation. In addition to the above, the financial director is also required to provide the head of the company with reliable information about the current state of the enterprise, a forecast of the future state and an action plan for the further development of the enterprise. The accountant is simply unable to do this because he does not have the necessary information.

Information competence can probably be identified as a separate point of difference between an accountant and a financial manager. The first one generates accounting and tax reports based on available primary data and tax legislation. These figures are the results of the enterprise's activities for the period. That is, yesterday's numbers. Forecasting the future financial condition of a company based on such data requires additional processing using a special analysis technique, the knowledge of which is not within the competence of an accountant.

The financial manager works with management accounting documents, i.e., has information about the cost result of the daily activities of the enterprise, cash flow, sales, production and procurement, financial condition enterprises by individual species business, about the strategic position of the enterprise in the market and, most importantly, about the current value of the company for the founders and owners. This data forms the basis for forecasts, budgets and strategies of the enterprise. And it is this information that interests the head of the company most of all.

A simple example: from a certain instruction, an accountant knows that by a certain date the company is obliged to pay a certain amount - this is his main job, to know how much and when should be transferred so that the company does not have problems with the law. The financial director, in turn, has information about the current state of the enterprise, as well as about the company’s future plans, for example, to take out a loan. Based on this, he can decide whether it makes sense to pay the specified amount now, or whether there are options for extending the period to optimize the financial situation within the company. The latter, by the way, can also be attributed to distinctive feature financial director: he is familiar with commercial law and can offer alternative options work with financial reporting services, if necessary.

Naturally, a person working as an accountant at an enterprise can also take on the collection and analysis of management data. But, in this way, he will already be dealing with two large-scale and equally important species activities. In addition to the need for new education, a person will also need a huge amount of additional time and energy. Specialists who cope with both functions equally well deserve respect, but, unfortunately, there are very few of them.

Goals are the third distinguishing characteristic of accountants and financial managers. The accountant's goal is transparent and obvious - compliance financial activities enterprise tax legislation. Modern financial management, in turn, sets itself one global task - maximizing the market (economic) value of the company by increasing the return on capital of the enterprise. The business environment of the post-Soviet space, due to many factors, has not yet fully faced the need to prioritize precisely this goal, but Western financial managers have been working in this direction for a long time. The development trend of the domestic economy also suggests that this goal of financiers’ work will come to the fore in the near future.

The difference in goals leads to another important point that distinguishes an accountant from a financial manager - the type of thinking. A financial manager, as a person focused on financial results and maximizing the company's market value, is constantly faced with the need to evaluate alternative opportunities in the capital market. In order to direct the resources of an enterprise in the most profitable direction, it must make financial or investment decisions only taking into account all risks, while necessarily assessing the potential profitability of all alternative investment options.

An accountant does not need to evaluate alternatives. Rather, the qualities that are important for his work can be called pedantry and punctuality. The fact that an accountant does not have alternative thinking is in no way a “minus” of him. People performing different tasks think differently, which is completely normal.

Ideal scheme

So, the axiom is proven. The functions of a financial manager and an accountant in an enterprise operating in a dynamically developing market economy must be separated. One person can theoretically perform both jobs, but this will be associated with considerable difficulties for himself, and will not provide the manager with the opportunity to receive all the necessary information.

As mentioned earlier, the financial activities of an enterprise are divided into three areas. So, the following management scheme for these areas can be called ideal: the chief accountant is responsible for accounting and taxes; planning, accounting and control are undertaken by the financial manager, and the financial director manages the funds of the entire enterprise based on the analysis of data provided by the accounting department and the manager. Often in companies the function of a financial manager is not distinguished - the financial director is engaged in two areas. This is not as important as the separation of the functions of an accountant and a financier.

The separation of the two functions, in addition to the needs of the enterprise itself, is also required by the market. The importance of the functions performed by the financial director is great enough to state that the company’s position in the market depends on the quality of their performance. That is why financial directors are, in fact, the only ones among all functional heads of departments of the enterprise who are usually included in the board of directors. And for a business owner who is not involved in managing the enterprise, the CFO is the main person responsible for the profitability of his company. Therefore, it is better for a person performing such important functions to do this exclusively.

Bibliography

To prepare this work, materials from the website http://www.gaap.ru were used

There are a lot of financial management courses in Moscow, and their programs are very similar. True, not everyone can study there.

Maximum program

There is no question of strict selection – not on any short-term courses entrance examinations not provided. But you just have to look at the list of items on the websites training centers on the Internet to understand: mastering them without knowledge of at least basic economic concepts will be problematic. However, this does not bother everyone.

According to teachers, there have been cases when students with “zero” basic training achieved impressive results by the end of the courses. The main thing is desire and determination. Of course, they had to buy more necessary literature, ask questions to the teacher, come for additional consultations. There are only a few such students, but they do exist.

And the main contingent are people who have a fairly clear understanding of economics and accounting. Moreover, everyone who studies in financial management courses is not without ambition. The maximum program for most is to become a financial director. However, everyone understands: to manage effectively financial resources not so easy. Therefore, the courses are only the first step towards the cherished goal.

In round table mode

The groups are formed small (8-12 people), mostly in the evening; there is little demand for daytime ones. If necessary, you can study according to an individual program or in a weekend group. Course duration is from 80 to 500 academic hours.

Training is usually conducted in the form of lectures. However, this does not mean that for 4 hours in a row, students do nothing but write notes. They never get bored. The teacher regularly throws up interesting financial problems based on specific examples(with somewhat simplified numbers). And listeners offer solutions based on the experience of their enterprise. But the companies work differently, so disputes arise, and gradually the whole group is drawn into the discussion. The teacher only has to use leading questions to direct the train of thought into the right direction. As a result, most classes are held in the form of such “round tables”.

From 100 rubles to 100 billion dollars

The goal of the program is to discover the secrets of building successful business. First of all, students must understand the concept of “financial management”. Everyone is used to thinking that a business is created for the sake of making a profit. In fact, this is only one of the financial tasks. Another thing that is much more important is the growth of the company’s value.

Any enterprise can become an object of sale and purchase, and each has its own price: 100 rubles or $100 billion. Of course, the owner is interested in its constant improvement. With proper management, this is exactly what happens. Main role Here, of course, the financial service of the enterprise plays a role. It may include a financial director, treasurer, chief accountant, chief financial controller - that is, people who control the movement of Money. Students will learn how to properly organize such a service in the first lesson.

A delicate issue is dividend policy. It is necessary to optimize payments to shareholders so that they are satisfied and enough money remains in the company. After all, for its development, and therefore for the growth of value, funds are needed.

Briefly about the important

The next part of the program is management accounting. This is the science of minimizing costs, or what to do if a business becomes unprofitable. Of course, a teacher can only give recommendations for certain cases, and life will make its own adjustments. Nevertheless, theoretical knowledge helps solve purely practical problems.

“Political” issues are also touched upon. The title of the topic sounds almost military: financial strategy and enterprise tactics. Lack of money for a professional is a serious failure. Even if business partners are to blame (they did not transfer funds on time for goods received, for example), he should have methods in his arsenal to avoid financial disaster.

A separate topic is tax management. This is not a training on evading payments to the state treasury, but just a story about the basic principles of tax planning. However, having such knowledge, you can legitimately save considerable amounts for the company.

In addition, a financial manager must be aware of such problems in any market as mergers and acquisitions and be able to protect his company from takeover. We are, of course, talking only about civilized methods.

Unfortunately, not a single enterprise is insured against bankruptcy or a “pre-bankruptcy” state. In a lesson on crisis management, the teacher will tell you what to do in such cases: sell off assets, optimize payments, work with creditors, etc.

Of course, all these topics are not discussed in as much detail as, say, in the economics departments of universities, but students will receive basic knowledge.

Who will build the budget?

The main emphasis in training is on financial analysis and financial planning. Actually, the essence of the profession is to predict with high accuracy possible profits and losses, offer profitable ways to invest funds and be able to find a way out even of a crisis situation.

And for this you need to know how the company’s budget is built. A teacher, for example, can offer a game-task: come up with a fictitious enterprise and develop a financial plan for it. Most often, a small plant or factory is taken as a basis. If one of the students has at least approximate figures about such production, he provides this information to the others. Then everyone builds their own budget. Everything is taken into account: sales volume, costs of purchasing raw materials and wages, transportation costs, etc. There are a lot of numbers. As a result, all of them should be summarized in a forecast balance sheet, a forecast cash flow statement, and a forecast profit and loss statement. Moreover, everything is done as in real companies - by month: in order to notice in time if suddenly there is not enough money for something.

Students complete the work at home, for about a month - in parallel with the completion of the program. And in class, issues that arise are discussed and mistakes made are analyzed. This task allows you not only to practice, but also to see gaps in your knowledge. Upon completion of training, course participants take a test.

·Many serious courses produce educational multimedia discs that contain both theoretical information and practical tasks.

·Cases (specific situations from the life of enterprises) for course participants are currently in the process of development. After analyzing them, students will have to offer their solutions and make recommendations. Such tasks develop the ability to think logically and outside the box.

What is the difference between the profession of an accountant and a financial manager?

Alexander Borisov, teacher of the Association of Additional vocational education:

– By and large, an accountant is just a recorder of what has already happened: goods were shipped, money was received, wages were calculated.

And a financier always lives in the future. For example, there is such a concept in financial management as the “gorge of death” - the moment when a company begins to feel a lack of money. If you don’t plan for the future, you can end up in this “gorge.”

A financier, unlike an accountant, is seriously involved in analytics. He knows the reasons for what is happening, understands what factors led to this or that situation. And he is able to find ways to avoid similar mistakes in the future.

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Have you decided to get a financial and economic education? Unified State Examination or written testing required:

• Russian language;
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Why choose a financial correspondence institute today?

Among the current trends higher education Today, the specialty of financial management stands out powerfully. Modern program training, advanced technologies of correspondence distance learning, a state diploma - this is a 100% guarantee of increased demand for professionals with financial and economic education.

Higher financial and economic education includes the study of disciplines necessary for effective work with money:

• economy;
• theory of economic doctrines;
• mathematics and mathematical analysis;
• probability theory;
• econometrics;
• Accounting;
• economic analysis;
• banking and auditing basics;
• theory of finance;
• theory of money and financial markets;
• financial management;
• the financial analysis;
• investment analysis.

We are graduating from financial institutions, where to work?

• commercial trade and industrial structures;
• banks, credit and various financial organizations;
• retail chains;
• production plants;
• trade missions;
• transport, trade intermediary and other enterprises;
• brokerage firms, trust companies and exchanges;
• foreign companies or foreign representative offices.

The labor market for a financial manager graduate is extremely dynamic. Dozens of vacancies regularly appear on job search sites. The most in demand are low and mid-level specialists. The best paid are accomplished professionals in the field of financial management.

What can a specialist with a financial and economic education do?

• To plan cash and non-cash flows in order to make a profit.
• To make decisions on allocating funds, obtaining loans, and planning a budget.
• Searching for sources of financing, conducting negotiations, concluding contracts.
• To work with securities.
• For development and implementation financial policy enterprises, fulfillment of the plan for profit and other financial indicators.
• To analyze the financial and economic condition of the enterprise.
• For tax planning and work with tax reporting.
• For analysis or accounting.
• To participate in cost formation and pricing.
• To ensure the intended use of our own and borrowed money organizations.
• To implement the enterprise's investment policy and asset management.
• To prepare correct and reliable reporting documentation.

What is the difference between a financial manager and a financial director?

A professional with a financial and economic education can hold the position of financial manager or financial director. Often these job titles are used both as synonyms and, at the same time, as different concepts.

Senior managers: To occupy the position, you must have at least 3 years of experience and a salary of 50,000 rubles per month. These include:

• Vice President of Finance;
• financial director;
• financial manager;
• senior financial manager;
• chief financial manager.

Middle and lower level managers: You can get a job immediately after graduating from a financial institution, salary from 25,000 rubles. These include:

• financial managers;
• heads of financial department;
• financial economists;
• financial analysts;
• financial experts;
• specialists in finance and accounting.

Only by studying financial management part-time

Have you decided to enroll in a financial correspondence institute? Then you need to know that the quality of management of the entire organization directly depends on your competence. When you have mastered such sciences as statistics and psychology, computer science, econometrics, operations research, decision theory and financial management itself, you will have to worry every second about how to get the greatest benefit from the functioning of the enterprise.

We can safely say that a professional financial manager is the basis for the stability and dynamic development of an enterprise.

The rapid development of the market has led to the emergence of many previously unknown professions. A special focus in the work of many companies has become management methods that affect all areas of activity. Depending on the assigned functions, such an employee may perform various duties. For example, control and organization of sales or financial management.

Economic relations involve management of capital and other funds of the company. The consolidation of business has led to a demand for specialists who can professionally manage financial affairs and carry out their correct accounting.

A financial manager is a manager who combines an accountant and a specialist who knows the market situation at the same time. He ensures that the efficiency of their use becomes even greater, and the company’s goals are achieved in the shortest possible time.

Financial manager - a person reporting to the director of finance

This position involves performing several functions. Firstly, it is achieving a balance between material and financial resources in the process of capital turnover. Secondly, this is a distribution function, which implies right direction cash flows. This is also the creation of funds and the proper use of their funds. The last function is control over all financial resources and comparison of the profit received with the expected result.

The main task performed by a financial manager is to obtain maximum profits with minimal production costs. He must also carry out restructuring to ensure a reasonable ratio.

The responsibilities of a financial manager include searching for sources from related activities, from the sale of unused types of property, long-term investments and fixed assets.

It should be revised according to market conditions to increase sales revenue. His responsibilities also include improving financial relations with subsidiaries.

If the company is large, then it has a group of people on staff who are engaged in the initial task that the financial manager performs is to build an organizational structure that allows for the effective distribution and control of funds.

He is obliged to identify the size of the company's need for financial injections. The search for alternative sources of funds and their development to obtain the final result are encouraged.

The financial manager must always be aware of the current situation this moment On the market. It controls fluctuations in supply and demand, as well as price levels.

That is why a person applying for this position must be sociable, economically educated, inquisitive, and striving for self-improvement. He must have an excellent understanding of the structure of the market and finance. The well-being and prosperity of any company depends on his work.

- a document that defines the rights, responsibilities and status of this specialist within the company. The instructions also determine the subordination and requirements for this employee. Let's figure out what exactly such a document is and how it is compiled.

What is a financial manager?

The modern economy is developing so rapidly that new professions and positions are constantly appearing that no one has even heard of before. The profession of a financial manager is one of these. What does this specialist do?

In practice, the word “manager” is understood as a person engaged in one of the areas of management (management of some area of ​​activity), increasing profits in it and reducing costs. Thus, a financial manager is a person who manages cash flows, moving within the company, as well as between it and counterparties under contracts.

Moreover, the position of financial manager is introduced only at large enterprises. In small companies, the tasks of financial management are solved jointly by the head of the company and the chief accountant, who is entrusted with control functions. In large companies, financial management is often handled by a special department, department or other division in the internal structure. If the creation of such a unit is not practical, the manager can act as an employee directly reporting to to CEO(in this case, the financial manager is often referred to as the financial director).

With all this, there are no uniform requirements for the title of such a position, general practice for all companies operating in the financial sector has also not yet been developed. However, determining the place of the financial manager in the company structure is extremely important, so it is highly advisable to display this information in job description— a document defining the rights, duties and responsibilities of the employee.

The role of the job description of a financial manager

Job descriptionfinancial manager does not apply to documents that are always required by law. However, such a document is extremely useful, because in most cases it is drawn up at those enterprises where the position of financial manager is being introduced. The benefits of having such instructions are as follows:

1. It makes it possible to clearly delineate the responsibilities of the financial manager and other employees working in related areas. For example, partial overlap can be observed between the responsibilities of a financial manager and an accountant - and it is precisely the instructions that make it possible to specifically determine which of them will act in different situations and how.
2. It allows the employee to clearly know what exactly he is required to do. This allows him to clearly focus on specific responsibilities and understand what management demands may be unreasonable. It also improves the management of the company, since the administration knows exactly what and from whom it can be demanded.
3. The instructions allow you to objectively judge the quality of the employee’s work. If he fails to cope with the responsibilities listed in this document, this may become the basis for the application of disciplinary measures (reprimand, deprivation of bonuses, etc.). Also, the courts, in the event of a dispute between an employee and the company on issues relating to the validity of dismissal, require the submission of a job description. If it is not available, it can become a serious problem for the company.

In addition, the job description defines:

• what place does a manager occupy in general structure companies to whom he reports and who he can manage;
• what is his competence, what are the requirements for a person applying for this position;
• what rights does he have?
• what kind of responsibility and in what cases he bears in accordance with the law and internal regulations of the enterprise.

Structure of the job description of a financial manager

The law does not establish mandatory requirements for what a financial manager’s job description should look like and what parts it should consist of. However there is regulations, which should be guided by when developing such documents. These include, in particular:

1. Qualification Directory of Positions (QDS), adopted by the Ministry of Labor of the Russian Federation in 1998. In 2003, it was supplemented by the description of the position “Financial Director”, which can be used as the basis for instructions intended for the manager, with the allowance for the fact that he may not act as one of the management employees.
2. GOST standards for office work. They relate only to the external execution of documents, but may be important when preparing any internal act of an enterprise, including job descriptions. For example, GOST R 7.0.8-2013, concerning office work and archiving, provides definitions of terms used in document management; GOST R 6.30-2003 describes the rules regarding the placement of the stamp and other details, documentation forms, etc. All this information will allow you to prepare the job description properly.

Typically, the job description of a financial manager is structured according to the following scheme:

1. General provisions. Here it is established which category the financial manager belongs to in a particular organization (he can be either a specialist or a manager if he has subordinates), to whom he reports, and by whom he is appointed and dismissed. If necessary, it is also stated here what qualifications he must have to occupy the position (education, work experience, knowledge of specific regulations, etc.).
2. Responsibilities assigned to this employee. They will be described in more detail below.
3. Rights vested in the employee. In relation to the financial manager, it is required to indicate at a minimum the right to sign relevant documents, the right to correspond with divisions/branches of the company and third-party organizations, the right to request and receive information necessary for work.
4. Responsibilities borne by the person holding this position. It is usually stated that the manager is responsible disciplinary liability for failure to comply with management orders, as well as civil, administrative and criminal - in cases provided for by Russian legislation.

Responsibilities assigned to the financial manager

The section of responsibilities is main part any job description. The instructions for the financial manager are no exception. The exact list of responsibilities will depend on the area in which the company operates, since the activities of, for example, a bank financial manager and a financial manager production company varies quite a lot. However, there are some general points:

• management of the company’s finances, focused on making them profitable;
• development of plans, forecasts and budgets in various fields activities of the enterprise;
• control for working capital and acceleration of their turnover;
• managing the organization’s capital and taking measures aimed at increasing its price;
• analysis of the economic condition of the organization, achieved results, audit;
• ensuring solvency and increasing the profitability of the enterprise;
• control over financial discipline and targeted use of funds;
• development of methods that allow regulating the financial component of an enterprise’s activities (cost distribution, setting prices and tariffs, etc.);
• management of the company's financial assets;
• search additional sources financing necessary for the organization’s activities, as well as an analysis of the associated risks and possible losses;
• consultations with management on issues of financing production activities (if any);
• establishing and maintaining business relations with financial institutions that finance the work of the enterprise;
• preparation, together with accountants, of documents on all company payments;
• implementation of the organization's investment policy;
• analysis and assessment of how effectively the company’s funds are invested;
• calculation of expected profits and losses from the operation of the enterprise;
• participation in the distribution of profits received, taking into account previously prepared plans;
• optimization of tax and other payments to state budgets, municipalities, as well as to extra-budgetary funds;
• preparation of reports for the management and founders (shareholders) of the enterprise regarding its financial condition;
• consultation with company management on current financial issues.

If necessary, this list can be expanded.

Requirements for knowledge and qualifications of a financial manager

No less important is the section of the job description devoted to the description of the requirements that apply to the candidate for the position. In relation to the financial manager, when developing this section, you can rely on the provisions of the CSD, since it contains requirements that are equally applicable to financial director, and to the financial manager.

In particular, the financial manager must know:

• regulations governing financial, economic and production activities companies;
• norms and methods used in the field of accounting and financial management;
• at least the basics of civil, financial, tax and business law;
• specialization and organizational structure companies;
• methods used to analyze financial activities, markets, risks and planning in this area;
• the procedure for concluding contracts in the field of the company’s work;
• the procedure for concluding and executing loan agreements, investment methods;
• procedure for working with securities;
• procedure for organizing the audit;
• legislation relating to labor itself and its protection.

KSD, as a qualification requirement, also indicates the need for higher economic education and at least 5 years of experience in finance or accounting. However, the CSD norms are only advisory, so the employer has the right to set requirements independently.

How are job descriptions developed and applied?

The procedure for developing and applying instructions for a financial manager is as follows:

1. The head of the company issues an order to prepare the relevant document. If necessary, he appoints a commission that will prepare the instructions, or a specific person with the necessary experience to prepare it.
2. A draft text is being prepared. If the preparation commission includes representatives of personnel or legal services, they are directly involved in the preparation; if they are not, the project is coordinated with the relevant departments of the company.
3. The prepared document is approved by the head of the company.
4. The manager meets him under his signature.

If necessary, a copy of the completed instructions is given to the employee.