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The first steps of a FINANCE DIRECTOR in a new company

Contrary to popular belief, the implementation of a financial management system should not begin with the development of management accounting reporting forms or the creation of budget regulations. First of all, the FINANCE DIRECTOR must communicate with the owners and managers of the business in order to clearly understand the strategic goals of the company, taking into account which he will carry out all subsequent actions.

According to the author of the article, in the first two weeks of work in a new place, the FINANCE DIRECTOR needs to solve the following tasks:

Understand the goals of the owners and their vision of business prospects. Develop a set of indicators that objectively characterize the performance of the assigned tasks.

Introduce tools to control cash flows. Get access to all the information necessary for further work. Define the functions of the finance department.

Let us dwell on the listed tasks in more detail and consider possible options for their solution.

How to get started as a FINANCE DIRECTOR

There is no consensus on the priority of certain tasks that the FINANCE DIRECTOR must solve at the new place of work. Much depends on the specifics of the business, financial management tools already implemented in the company.

Meet with employees. Find out that the key people in the organization are and make time to meet with them. This will provide reliable sources of information;

Do not immerse yourself in paper “headlong”. Meeting people is much more important, and work with documents can be left for weekends and evenings;

Take your time with important decisions. It is better to work in the company for some time, and the decisions made must be discussed with the leading employees;

Set priorities. Based on the results of the meetings, a list of work priorities is drawn up regarding both efficiency gains and organizational changes. It is always necessary to inform employees in advance about their own intentions, explaining their expediency;

Introduce a personnel appraisal system. If you intend to fire any employees, it is best to do so at the beginning of your tenure. However, if there is a lack of information about employees, there is a risk that good employees will be fired. The personnel appraisal system can be used to figure out who to leave and who to invite to leave.

Implementation of a cash flow control system

As a rule, in domestic companies, the operational management of cash flows is in the hands of the owner, CEO or their proxies.

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In the FINANCE DIRECTOR’s first month, pay requests serve as a fact-finding tool. The requisite “Initiator of payment” allows you to track which department of the company carries out certain types of expenses. In this case, it is necessary to authorize the application with the head of the department and the general director, which will avoid the misuse of the company’s funds. Applications can be easily classified by department and expense item, even in Excel. Having accumulated information on actual payments for two or three months, you can proceed to limiting expenses and drawing up a payment calendar.

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