The activities of the financial service are subordinated to the main goal - ensuring financial stability enterprises, creating sustainable preconditions for economic growth and making a profit.

The main tasks of the financial service are:

• - provision of funds for current expenses and investments;
• - fulfillment of obligations to the budget, banks, other business entities and 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, attracting equity capital, obtaining budget funds, leasing.

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

The tasks of the financial service are also:

• - assistance to the most effective use fixed production assets, investments, inventories;
• - implementation of measures to accelerate the turnover of working capital, ensure their safety, and bring the size of own working capital to economically feasible standards;
• - control over the correct organization of financial relations.

The functions of the financial service are determined by the very content of financial work at enterprises. This:

planning;

financing;

investment;

organizing 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 facts that have already happened, and the financial service analyzes information, plans and forecasts financial activities, presents conclusions, justifications, and calculations to the management of the enterprise for adoption. management decisions, develops and implements financial policy.

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

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 function relies on the cash method (cash) in determining funds of funds. In this case, the occurrence of income and expenses is considered to be the moment of receipt and expenditure of cash.

The fundamental differences between the financial service and accounting lie not only in the approaches to determining funds, but also in the area of ​​decision-making. Accounting works to collect and present data. The financial department (management), getting acquainted with accounting data and analyzing them, prepares additional information. Based on the analysis of all these materials, specific decisions regarding the activities of the enterprise are made.

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

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

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

The following circumstances indicate that financial work at the enterprise is not smoothly organized:

The absence of a financial service as such or its performance of a role auxiliary to accounting or economic planning work.

Execution financial functions other departments (marketing, sales, planning department) in the presence of a financial organizational structure or their duplication of functions.

Unsatisfactory distribution of responsibility and authority.

Failure to perform many functions within financial management

Insufficient qualifications of financial workers, lack of understanding of many conceptual things (cash flows, budget, cost of capital) in the context of corporate strategy.

Imperfection of document flow, information and technical, incl. computer support for financial activities.

Lack of motivation of financial services employees, etc.

The negative consequences of poor financial management can manifest themselves as purely financial losses, losses and missed opportunities, and in the form of weakening the quality of the business as a whole.

The financial service of an enterprise is understood as an independent structural unit that performs certain functions in the system of organizing the activities of the enterprise. Main purpose financial policy enterprise is to organize the movement of resources, promoting efficient management, maximizing income, timely and complete financial support its reproductive needs and settlements with the financial system of the state and counterparties.

The financial service of an enterprise is part of a unified 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 funds in its accounts, and the amount of upcoming expenses. In turn, the financial service, processing this information and 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 units that use this information in their work.

From the marketing department, the financial service receives information on product sales and uses it when planning income and drawing up operational financial plans. To conduct a successful marketing campaign, the financial service justifies selling prices, analyzes sales costs, carries out a comparative assessment of the competitiveness of the enterprise's products, optimizes its profitability and thereby creates conditions for concluding transactions.

The financial service has the right to demand from all services of the enterprise the actions necessary for the quality organization of financial relations and financial flows. It also has jurisdiction over the following: the most important characteristics activities of the enterprise, such 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.

In small businesses with minor cash flows And small in number working in the absence of separation of management functions, the duties of the financial service are performed, as a rule, by an accountant.

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

In large enterprises, with on a large scale production and large volumes financial work, special financial departments are 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 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 to finance the costs provided for in the plans.

The financial department of an enterprise usually consists of several bureaus responsible for separate directions financial work: planning bureau, banking bureau, cash bureau, settlement bureau, etc. Special groups are created within each bureau. The functions of each group are determined by detailing the functions of the bureau. For example, within a planning bureau it is possible to create groups of prospective, current and operational planning. The settlement bureau, as a rule, contains groups responsible for specific types settlements of the enterprise: settlements with suppliers, consumers, tax calculations, etc.

Large non-state enterprises may have financial directorates. The financial directorate is headed by the financial director, who is, as a rule, the vice president of the company or enterprise.

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

Concentration in the hands of one directorate of the main enterprise management services significantly increases the possibilities of regulatory influence on financial relations and financial flows. In this type of existence, the financial service not only successfully records the quantitative parameters of the enterprise’s activities, but also, thanks to direct participation in the development of financial strategy and tactics of an enterprise, largely determines their quality.

Today there is no unified financial management structure in the Republic of Belarus. Each enterprise uses its own system.

Whatever the status of the financial service of an enterprise, it is an active component of the system of organizing its finances.

In the financial organization system, the financial service acts as an organizing subsystem, and financial work acts as an organized subsystem.

The main tasks of the financial service are: providing cash for current expenses and investments; 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, attracting equity capital, obtaining budget funds, leasing.

To ensure timely fulfillment of monetary obligations, financial services create operating cash funds, form reserves, and use financial instruments to attract cash into the enterprise’s turnover.

The objectives of the financial service are also: promoting the most efficient use of fixed production assets, investments, and inventories; implementation of measures to accelerate the turnover of working capital, ensure their safety, and bring the size of own working capital to economically feasible standards; control over the correct organization of financial relations.

The functions of the financial service are determined by the very content of financial work at enterprises.: planning; financing; investment; organizing 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 facts that have already happened, and the financial service analyzes information, plans and forecasts financial activities, presents conclusions, justifications, and calculations to the management of the enterprise for making management decisions, develops and implements financial policies.

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

ü a significant lack of funds for investment, and in some cases for production activities, low level 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 total tax obligations, a high share of taxes and other obligatory payments in sales proceeds;

ü high price borrowed resources, which existing level production profitability 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 state’s finances is a priority for both the state and enterprises.

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

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

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 function relies on the cash method (cash) in determining funds of funds.

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

The fundamental differences between the financial service and accounting lie not only in the approaches to determining funds, but also in the area of ​​decision-making. Accounting works to collect and present 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 regarding the activities of the enterprise are made.

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

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

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

The full name of the research object is Closed Joint Stock Company "Kuban-GSM"; in English - Closed Joint Stock Company "Kuban-GSM".

Abbreviated name: CJSC Kuban-GSM, CJSC Kuban-GSM.

Location: Russia, Krasnodar, Western administrative district, Gimnazicheskaya st., 61

General Director – V.E. Moskalenko;

Chief accountant T.A. Korsun

Board of Directors:

Smirnov Mikhail Alekseevich, born in 1950

Blinov Andrey Konstantinovich, born in 1965

Gorbachev Vladimir Lukich, born 1950

Ushatsky Andrey Eduardovich, born in 1974

Kondrakov Yuri Ivanovich, born in 1954

Sole executive body– General Director Moskalenko Vyacheslav Efimovich, born in 1949.

A collegial executive body is not provided for in the charter.

CJSC Kuban-GSM is registered by the Registration Chamber of Krasnodar (Registration Certificate Series B No. 6948 dated May 15, 1998).

CJSC Kuban-GSM was created on May 15, 1997. For short term The network was installed and configured and on December 15, 1997 it was launched into pilot commercial operation. The company began to operate in the territory Krasnodar region and the Republic of Adygea. The company was created for an indefinite period.

The purpose of the Company's economic activity is to make a profit through planning, marketing and operation of cellular mobile network radiotelephone communication on the territory of the Krasnodar Territory and the Republic of Adygea in accordance with licenses issued by the Ministry of Communications of the Russian Federation.

CJSC "Kuban-GSM" in Krasnodar region and the Republic of Adygea is the market leader cellular communication South of Russia, already serving more than a million subscribers in the region.

Since June 2003, CJSC Kuban-GSM has been operating under the single brand “MTS” and has introduced new, more profitable unified tariff plans for the federal MTS network in the Krasnodar Territory: “MTS. Optima", MTS. Business", "MTS. VIP" and "MTS. Corporation", "Jeans-Tonic" (and the "Extra-Jeans" service introduced on May 1, 2004), "Super-Jeans", which most fully take into account the needs of all cellular users. Every second family in the region uses the services of the MTS cellular network in the Krasnodar Territory and the Republic of Adygea.

The quality of communication and subscriber service is always a priority in the company’s activities, so increased attention is paid to it.

To ensure the best communications in the Krasnodar Territory and the Republic of Adygea, switching capacity is constantly being expanded, new base stations are being installed, and existing ones are being modernized.

Branches were opened in large cities of the region: Novorossiysk, Sochi, Maikop, Tikhoretsk, Tuapse, Armavir. Customer service centers have been opened in Anapa, Gelendzhik and other cities of the Krasnodar Territory.

Today, CJSC Kuban-GSM provides coverage of about 70% of the Krasnodar Territory and the Republic of Adygea, including largest cities Black Sea coast, which are visited by more than 5 million people every summer season.

The technical innovations introduced by the company provide subscribers with the opportunity to make full use of the capabilities of their phone. In addition to standard, the company also provides additional services who do mobile phone not just a means of communication, but also an indispensable assistant in business and personal use.

Based on the results of the past year, CJSC Kuban-GSM was awarded the title " The best enterprise» in the postal and electrical communication. Over the past 2 years, Kuban-GSM has been a regular winner of this competition

In 2002, General Director of Kuban-GSM CJSC V.E. Moskalenko was among the best top managers in Russia.

In 2002, CJSC Kuban-GSM took 1st place in terms of the number of subscribers in the Southern Federal District.

First of all, to say that the structure of an organization is a logical relationship between levels of management and functional areas, built in a form that allows you to most effectively achieve the goals of the organization.

The highest management body of the enterprise CJSC Kuban GSM is a meeting of shareholders. Once a year, the company holds an annual meeting of shareholders, but in addition to the annual meeting, extraordinary meetings can be convened.

Extraordinary meetings of shareholders may be called General Director to address any issues.

The General Director exercises sole operational management of the company's activities and is vested, in accordance with the legislation of the Russian Federation, with all the powers necessary to perform this task.

Organizational and management structure diagram CJSC Kuban-GSM shown in Fig. 1.

The organizational structure of CJSC Kuban-GSM can be characterized as a linear-functional type based on the “mine principle”.

Table 1

Analysis of linear – functional structure CJSC Kuban-GSM

The linear-functional management structure of Kuban-GSM CJSC includes one block - the marketing department, the technical and production department, the international department and the sector of interaction with foreign partners, the investment department and the corporate development sector, the radio subsystem integration and communication quality control department, department information technology and department software, department administrative management, department of public relations and work with dealers, financial department (accounting, department of tax minimization and internal audit, commercial department), legal department, department of personnel work and personnel development of the enterprise. These are the broad areas of activity or functions that a company has to ensure that the organization's goals are achieved. However, the specific names of such departments may vary, and traditional designations do not accurately describe the critical functions of some areas of production activity. But the size of these functional departments is large and the main departments can in turn be subdivided into smaller functional units.

Let's move on to analyzing the structure of the financial service of the enterprise under study.

2. FUNCTIONAL AND ORGANIZATIONAL STRUCTURE OF THE FINANCIAL SERVICE OF THE ENTERPRISE STUDY

Finance is the lifeblood of an enterprise, and the financial system is circulatory system, ensuring the life of the enterprise. The financial service of the enterprise is responsible for its functioning.

1. Mission of the financial service of CJSC Kuban-GSM

Purpose:

ensuring long-term effective economic activity of the enterprise in a constantly changing competitive external environment;


ensuring constant growth in the volume of activity of the enterprise and its market value.


Scope of activity:


economic activity and enterprise development;


enterprise finances.


Control objects:


Economic activities of the enterprise:


— operating activities of the enterprise;


— trade policy (pricing, trade discounts, terms and volumes of trade loans, barter transactions, etc.);


— financial condition of the enterprise: solvency, financial stability and financial balance;


- level and dynamics financial results activities of the enterprise: cost and profitability, tax policy, etc.;


— profit: distribution and dividend policy;


— financial risks of economic activity.


Enterprise finances:


— current assets: structure and volume, turnover, renewal, optimization and financing;


— cash flows from operating, financial and investment activities;


— non-current assets: structure and volume, renewal, optimization and financing;


— capital: price, formation and optimization of structure and volume;


— borrowed financial resources: attraction;


— real and financial investments;


— movement of financial resources (cash and their surrogates) between stores and sources of their financing (external and internal);


— financial relationships with budgets and banks.


2. Functions of the financial service of CJSC Kuban-GSM


There are three planning periods and, accordingly, three levels of financial management:


Strategic financial management. The planning period is from 2 to 5 years or more. Focused on organizing medium- and long-term financing of enterprise activities and development.


Current financial management. The planning period is one year, broken down by quarter. Focused on organizing short-term financing of enterprise activities.


Operational financial management. The planning period is one quarter, broken down by month. Focused on organizing short-term financing of enterprise activities.


In accordance with the levels of financial management, the functions of the financial service of the enterprise CJSC Kuban-GSM are determined.


Table 1 – Functions of the financial service of the enterprise CJSC Kuban-GSM, depending on the level of financial management


Financial management level	Functions of the financial service
	Financial and economic management economic activity enterprises	Enterprise financial management
Strategic	Development of corporate financial enterprise strategy (including investment and credit). Participation in long-term management enterprise development and investment. Strategic financial risk management.	long-term development of the enterprise. Control: — non-current assets; - capital and investments.
Current	Participation in business planning economic activity of the enterprise. Participation in the management of medium-term development of enterprise strategy, innovation and investment. Control: — common trade policy; — the financial condition of the enterprise (with a focus on the entire planning period, i.e., a year broken down by quarter); — medium-term tax policy; — distribution of profits and dividends politics; — current financial risks.	Organization of project financing medium-term development of the enterprise. Control: - current and non-current assets, — own and borrowed capital; — attracting borrowed financial resources; - real and financial investments; — financial relationships with budgets and banks.
Operational	Operating room budget management activities of the enterprise. Control: — operational trade policy; - financial condition of the enterprise (with orientation towards the entire planning period, i.e. quarter by month); — short-term tax policy; — the level and dynamics of financial results of the enterprise's activities; — operational financial risks.	Organization of financing operating activities of the enterprise. Control: — current assets; — short-term borrowed capital; — cash flows; — operational financial risks; — movement of financial resources between structural divisions enterprises and their sources financing.

3. Financial management process


Management of financial activities (i.e. financial management) of an enterprise financial service CJSC Kuban-GSM
carries out by setting target financial indicators, standards and objectives of the enterprise for the planning period and organizing their implementation.


The process of managing the financial activities of an enterprise CJSC Kuban-GSM
includes:

Analysis of the financial and economic condition of the enterprise for the past planning period.


Development of a financial strategy for the enterprise for the planning period.


Development financial plan— systems of target financial indicators, standards and objectives of the enterprise for the planning period.


Development of a system of management decisions in the field of financial activities for the planning period.


Monitoring the implementation of management decisions made in the field of financial activities


Adjustment of management decisions made in the field of financial activities based on control results.


Analysis of the financial and economic condition of the enterprise for the past planning period includes:

horizontal financial analysis: comparison of financial indicators of the reporting period with those of the previous period, comparison of financial indicators of the reporting period with indicators of the same period last year, comparison of financial indicators for a number of previous periods;


vertical financial analysis: structural analysis of assets, capital, cash flows, etc.;


comparative financial analysis: comparison with industry average financial indicators, with financial indicators of competitors, with financial indicators structural units enterprises, comparison of reported and planned financial indicators, etc.;


analysis of financial ratios (R - analysis): financial stability, solvency, asset turnover, capital turnover, profitability, etc.;


integral financial analysis, using any of the relevant systems: DuPont, object-oriented system integral analysis or other.


Development of a financial strategy for an enterprise CJSC Kuban-GSM
for the planning period is based on overall strategy economic development enterprises and includes:


definition general period formation of a financial strategy;


study of factors of the external financial environment and financial market conditions;


formation of a system of strategic goals and target indicators of the enterprise’s financial activities;


identification of priority tasks to be solved in the near future;


development of a financial policy for the enterprise’s actions on certain aspects of financial activity;


assessment of the developed financial strategy.


Development of a financial plan - a system of target financial indicators, standards and objectives of the enterprise for the planning period is a specification of the target indicators of the financial strategy for the periods of its implementation


Development of a system of financial management decisions in the field of financial activities for the planning period includes:


development of a system of organizational and economic measures to ensure the implementation of the financial strategy;


formation of a system of incentives and sanctions for heads and managers of structural divisions of the enterprise for fulfillment or failure to fulfill established financial targets, standards and plans;


implementation of the system (through the budgeting system and with the help of other tools, including such as, for example, a contract form of remuneration for executives and managers of structural divisions).


Monitoring the implementation of management decisions made in the field of financial activities (Table 2).


Table 2 - Three main types of financial control:


Type of financial Control	Main area of ​​control	Main control period
Strategic control	Control of financial strategy and its targets	Quarter; year
Current control	Control of current financial plans	Month; quarter
Operational control	Budget control	Week, decade, month

Each type of financial control involves:


building a system of informative reporting indicators;


development of a system of generalizing (analytical) indicators reflecting the actual results of achieving the specified quantitative control standards;


determination of the structure and indicators of the forms of control reports of performers;


determination of control periods for each group of controlled indicators;


monitoring the achievement of the required values ​​of controlled indicators by structural divisions and the entire enterprise


establishing the size of deviations of the actual results of controlled indicators from established standards;


identifying the main reasons for deviations of the actual results of controlled indicators from established standards.


Adjustment of management decisions made in the field of financial activities based on the results of control and bringing them to the relevant departments of the enterprise.


3. STRUCTURE OF THE FINANCIAL SERVICE OF THE ENTERPRISE


The general rule for forming a team of employees in the financial service of an enterprise is high qualifications and economically justified staff minimization. Therefore, the structure of the financial service of the enterprise CJSC Kuban-GSM
was formed gradually, as the enterprise developed, mastered modern technologies and implementation modern instruments financial management, financial centralization - economic management enterprise and the formation of a high corporate culture at the enterprise.


Structure of the financial service of the enterprise CJSC Kuban-GSM
shown in the figure. It consists of two main divisions (financial management and planning), which for the sake of convenience are called departments. Financial service units consist of specialized groups. A group can consist of one or more people. For smaller businesses, one person may represent several groups.


Enterprise accounting CJSC Kuban-GSM
within the framework of financial management, he specializes in financial accounting and is one of the sources of information for the activities of the financial service. It is advisable to separate it from the financial service of the enterprise, which will ensure control over the finances of the enterprise independent of the financial service (the so-called control in “two” hands).


Financial service CJSC Kuban-GSM
also attracts specialists from legal and other departments of the enterprise as experts when performing individual works on financial management and in the preparation of regulatory, methodological, contractual and other documentation.


Rice. 1. Structure of the financial service of the enterprise CJSC Kuban-GSM



Enterprise financial management department. The department specializes in managing the enterprise's own financial resources and external financial resources.


Financial design group. Its main functions and tasks:


— development of normative and methodological documents on enterprise financial management;


— development of a financial strategy and preparation of draft management decisions on the strategic financial resources of the enterprise;


— development of proposals and preparation of draft decisions on the current and operational financial management of the enterprise;


— monitoring the status, control of execution and adjustment of management decisions made regarding the finances of the enterprise;


— preparation of draft decisions to improve the organization of financial management in enterprises.


Group for organizing external financing. Its main functions and tasks:


— development of regulatory and methodological documents on the organization of external financing;


— organizing the attraction of strategic borrowed capital from the financial market;


— organizing the attraction of real investments;


— organization of medium-term financing of the enterprise’s economic activities from the financial market;


— organizing short-term financing of the enterprise’s operating activities;


— placement of the enterprise’s free capital on the financial market.


Securities and Stock Market Group Its main functions and tasks:


— development of regulatory and methodological documents on the activities of the enterprise on the stock market;


— organizing the attraction of strategic borrowed capital from the stock market;


— organization of medium-term financing of the enterprise’s economic activities from the stock market;


— placement on the stock market of the enterprise’s free capital (monetary and in the form of securities, for example, bills).


Planning department The department specializes in the financial and economic management of the economic activities of the enterprise.


The department includes the following groups:


Strategic and current planning group. Its main functions and tasks:


— development of normative and methodological documents on strategic and current financial and economic planning at the enterprise and the functioning of the system of planned financial and economic documentation of the enterprise;


— development of a financial strategy for the enterprise;


— development of financial sections of the annual business plan of the enterprise, and determination of annual planned financial and economic indicators;


— development of financial sections of business plans for enterprise projects;


— adjustment of financial strategy, business plans and planned financial and economic indicators.


Budgeting group. Its main functions and tasks:


— development of normative and methodological documents on budget planning at the enterprise and the functioning of the system of planned financial and economic documentation of the enterprise;


— development and adjustment of the consolidated operating budget of the enterprise;


— development and adjustment of budgets for operating activities of enterprise divisions.


Monitoring and control group. Its main functions and tasks:


— development of normative and methodological documents on monitoring, accounting, control and analysis of the implementation of financial and economic plans for the economic activity of an enterprise and the functioning of the financial and economic accounting and reporting documentation enterprises;


— monitoring, accounting, control and analysis of implementation:


general corporate financial strategy;


annual planned financial and economic indicators of the enterprise’s activities;


consolidated operating budget of the enterprise;


— monitoring and analysis of implementation:


planned financial and economic indicators of the activities of the enterprise divisions;


budgets for operating activities of enterprise divisions;


— preparation of financial and economic reporting documentation for the management of the enterprise.


A group of supervisors of enterprise departments. Its main functions and tasks:


— participation in the development of financial sections of annual business plans for the activities of divisions and the determination of annual planned financial and economic indicators;


— bringing planning documentation to the divisions of the enterprise (planned annual financial and economic indicators and operating budgets);


— monitoring and accounting for the implementation of planned annual financial and economic indicators and operating budgets of the enterprise’s divisions, preparation of reporting documentation for the management of the enterprise;


— development, together with the divisions of the enterprise, of proposals for adjusting the planned annual financial and economic indicators and operating budgets and bringing them to the management of the enterprise;


— organizing the implementation of normative and methodological documents regulating financial management in the divisions of the enterprise.


Financial information system administrators group: Its main functions and tasks:


— development and implementation of specialized software for financial management (financial management of an enterprise and financial and economic management of the economic activities of an enterprise);


— creation and organization of operation at the enterprise of a system of planning, accounting and reporting financial and economic documentation;


— creation, organization of implementation and operation of an automated financial information system (and its development) at the enterprise;


— creation of a database of financial and economic data on activities at the enterprise, its maintenance and updating;


— development of normative and methodological documents on the functioning of the enterprise’s system of financial and economic documentation, automated financial information system and financial and economic data base.


5. Stages of development of financial management in an enterprise


The activities of the financial service are aimed at achieving its external and internal goals.


In accordance with its external goals, the financial service must organize the financial and economic management of the enterprise as an economic structure operating and developing in a competitive dynamic business environment.


In accordance with your internal goals In the process of development, the financial service itself must develop technologically and organizationally.


We can distinguish the following stages of development of the financial management system at the enterprise and the corresponding stages of development of the financial service itself:


1. Enterprise implementation basic elements modern financial management


Includes the development by departments and the enterprise as a whole of individual elements of financial and economic management technology. At this stage, the financial service begins to form the corporate financial culture of the enterprise.


2. Creation of basic elements of financial management at the enterprise This stage covers the activities of the financial service in mastering individual elements of the technology of a financial and economic enterprise and ends with the beginning of enterprise management using financial and economic methods.


3. Implementation of operational controlling systems in enterprise divisions This stage covers the activities of the financial service to create full-fledged operational controlling systems (financial management based on the concept of budgeting) in the divisions of the enterprise. It ends with the beginning of regular operational management divisions of the enterprise using financial and economic methods


4. Creation of a current financial management system at the enterprise This stage covers the activities of the financial service to create a system of current (planning period - year) financial management at the enterprise and ends with the beginning of regular current financial and economic management of departments based on the concept of business planning.


5. Creation of a strategic financial management system at the enterprise This stage covers the activities of the financial service to create a long-term financial planning system at the enterprise and ends with the beginning of regular strategic management enterprise using financial and economic methods.


6. Enterprise creation integrated system financial management This stage ends with the beginning of regular “end-to-end” financial and economic management of the enterprise as a single economic structure, including subsystems of operational, current and strategic management. Financial policy of the enterprise FINANCIAL STRATEGY AND FINANCIAL TACTICS

Financial work at enterprises is organized and carried out by financial services. At large domestic enterprises, special financial departments or departments are created for this purpose. At medium-sized enterprises, financial departments or financial groups can be created as part of other divisions (accounting, departments, analysis and forecasting services, 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, consolidated 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 to finance the costs provided for in the plans.

The main tasks of the financial service are:

1. providing cash for current expenses and investments;

2. fulfillment of obligations to the budget, banks, other business entities and 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, attracting equity capital, receiving budget funds, leasing.

To ensure timely fulfillment of monetary obligations, financial services create operating cash funds, form reserves, and use financial instruments to attract cash into the enterprise’s turnover.

The tasks of the financial service are also:

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

2. implementation of measures to accelerate the turnover of working capital, ensure their safety, bring the size of own working capital to economically 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 at enterprises. This:

1. planning;

2. financing;

3. investing;

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. Accounting records and reflects facts that have already happened, and the financial service analyzes information, plans and forecasts financial activities, presents conclusions, justifications, and calculations to the management of the enterprise for making management decisions, develops and implements financial policies.

The financial department is assigned the following functions:

Development of a financial strategy for the organization.

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

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

Calculation of profit and income tax.

Determining sources of financing for the production and economic activities of the organization, attracting borrowed funds and using own funds, conducting research and analyzing financial markets, assessing possible financial risk in relation to each source of funds and developing proposals to reduce it.

Implementation of investment policy and management of the organization's assets, determining their optimal structure, preparing proposals for the replacement and liquidation of assets, conducting analysis and evaluation of the effectiveness of financial investments.

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

Ensuring the timely receipt of income, processing financial, settlement and banking transactions on time, paying bills of suppliers and contractors, repaying loans, paying interest, wages to workers and employees, transferring 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.

Monitoring the implementation of the financial plan, product sales plan, profit plan and other financial indicators, the cessation of production of unsaleable products, the correct expenditure of funds and the targeted use of own and borrowed working capital.

Keeping records of the movement of funds and reporting on the results of financial activities in accordance with financial accounting and reporting standards, the reliability of financial information, monitoring 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 lie not only in the approaches to determining funds, but also in the area of ​​decision-making. Accounting works to collect and present data. The financial department (management), getting acquainted with accounting data and analyzing all these materials, makes specific decisions regarding the activities of the enterprise.

The main functions of the finance department are finding ineffective processes and developing ideas to increase profits. Read what other tasks the financial service solves, what divisions are part of it, and also download the regulations on the financial department.

The finance department can be compared to an oracle. The top manager asks questions:

1. What is the forecast for the company's activities for three years?
2. What can I do to improve my financial situation?
3. Which departments performed better and worse this year?

• How much money do I need to implement the project and where can I get it?

And the finance department provides the answers. Clear, expressed in numbers and deadlines. Read the article and you will find out what functions to assign to the financial department and what tasks it can cope with.

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Functions and tasks of the financial department

A diagram of the functions and objects of the financial department will help you decide how many specialists should work in the financial department of an enterprise, and what kind of specialists they should be.

The list of functions and objects is so extensive that at first glance, it seems that a third staffing table must be given to the financial service. But that's not true.

Let's look at each object and its functions sequentially and decide which employee should perform them.

The first block of company finances

Income and expenses

Financial controller. The person who starts the finance department. The one who is the first to be hired in the finance function, and as it grows, he often becomes the chief financial officer.

In small companies, the financial controller often creates management accounting from scratch, develops documents, analytics and processes for which accounting should be kept. In medium-sized companies, financial controllers actively participate in the further improvement of management accounting, and daily routine tasks are performed by financial analysts subordinate to them.

In large companies, financial controllers and financial analysts work in dedicated divisions - financial control departments by area of ​​activity (by product, region, type of expense, etc.), where they are engaged in planning, accounting and analysis within their area. Sometimes there is a need to bring planning into separate function and create a planning department or budgeting department.

Price

Pricing functions are not very different from calculating income and expenses. Therefore, they are carried out either by the same financial controllers, if the enterprise is small, or by the Pricing Departments. All pricing and management activities pricing policy is carried out jointly with the Commercial Department, because financiers can only give one of the components of the price - cost and profit, the second term is the market, which is not in their competence

Reporting (local, IFRS)

Maintaining local reporting, of course, is the responsibility of the accounting department. While reporting according to IFRS often dealt with by a financial controller, an IFRS specialist, or entire IFRS departments.

If an enterprise, for one reason or another, needs a planned reporting package, then it can also be done by specialists from the financial control department based on the BDR, BDDS and investment budget.

An internal audit of local accounting statements can puzzle the financial controller. Or create an internal audit department. It all depends on the scale, of course.

External audits are usually carried out by a strong collaboration between the chief accountant and the financial control department.

The analysis of key financial indicators and the writing of analytical notes are usually carried out by the same financial controllers.

Management reporting

Maintaining management reporting is entirely the responsibility of the finance department. Accordingly, the full cycle from planning to analysis of the results obtained lies with financial controllers. Or, if there is a dedicated division, on employees of the Management Reporting Department.

The second block of company finances

Cash

If the financial controller was the main one in calculating income and expenses, then in managing funds key figure– treasurer. Tools for short-term planning of DS - payment calendar, and medium-term - the cash flow budget is in his area of ​​responsibility. Every day he coordinates requests for payment and creates payment registers, monitors the profitable placement of DS on time deposits.

In small companies, the treasurer may still be the same financial controller. But such a combination is effective only if the company carries out no more than 30 transactions daily and has well-automated business processes in finance.

The union of a treasurer and an accountant in the payment area works well for medium-sized enterprises, but for large enterprises it is necessary to create a treasury department.

Working capital

Working capital management is a related area to cash management, so it is also handled by the treasurer. In large companies, it is advisable to allocate the functions of controlling accounts receivable to a special department.

Additional and related functions

Taxes

The functions of the financial control department may include reducing the tax burden by developing methods for optimizing and planning tax schemes. In fact, this is a related function of the chief accountant, but it all depends on the distribution of responsibilities in the enterprise.

In large holdings, it is advisable to create a tax consultant position or a tax department.

Treaties

In business sectors based on contractual activities with buyers and suppliers, it is extremely important to establish control of financial specialists over newly concluded contracts. On the one hand, this will reduce the number of financial errors when concluding a contract, such as:

1. Incorrect calculation of amounts and tariffs.
2. Invalid payment term.
3. Lack of price indexation for long-term contracts.
4. Existence or vice versa does not include fines.
5. Etc.

On the other hand, this will allow financiers to include new contracts in planning, extract key data from them, and maintain a portfolio of contracts.

Capital investments

At a certain stage of development for an enterprise, it becomes obvious that fixed assets need to be managed especially carefully, because their cost is enormous. And with the help of competent management, you can save a significant amount on payments, taxes and free up funds for working capital. The management of capital investments is also carried out by the financial control department or a specially designated unit.

Financial investments

When a business has available cash or retained earnings that can generate additional income, the financier’s task becomes their profitable investment.

On a small scale, the financial director is tasked with managing financial investments. And when volumes grow, it is advisable to allocate an Investment Analyst under the management or create an investment department

Business processes

In process-oriented companies, the question is always acute: “Who will participate in the development of processes from the company?” Because of their mentality, financiers are usually good at this and are willing to be included in various project teams. In addition, finance professionals are required to be aware of key business processes so they know where to turn for information.

KPI

A very common practice is to assign the finance department to be responsible for calculating KPIs, especially if they (KPIs) are not numerous or complex. Otherwise, this is the area of ​​responsibility of a dedicated division of the KPI department.

But the development of KPIs should not be completely delegated to financiers, because in the end you will get good KPIs for a stagnating business, but not for rapid development.

Financial department structure

The structure of the financial department depends on the specific development tasks of the company. The unit has basic functions(budgeting, management accounting, internal control, financial reporting) and there are additional ones. The latter may vary depending on the priorities of the current stage of development of the company.

Table. An example of the structure and staff of an enterprise’s financial service

We've covered most of the functions of the finance department and hope that this article will help you create an effective and not overstaffed department.