Responsibilities & duties for Directors of Finance
A Director of Finance (or Chief Financial Officer) is responsible for all of the finances and matters relating to finance of an organisation - includes statutory reporting requirements such as annual reports. Depending on the size of the team, there will often be the need to be quite hands-on despite being a key member of the SMT. You will be heavily involved with strategy and the board (your key relationship with the Trustee board will likely be your Treasurer). It is the role of the Finance Director on the SMT to ensure that all plans are financially viable and sustainable, or else to provide the information on income generation targets and cost cutting measures required to make plans viable.
Skills required for Directors of Finance
More so than ever, a formal qualification (such as a CCAB recognised qualification or an MBA) is required to attain a Director of Finance role to prove you have the financial knowledge required for this role. Significant managerial experience and knowledge of accounting applications such as SAGE are required alongside experience in presenting to the SMT and reviewing systems. In order to be a successful appointment for a not for profit organisation, a Director of Finance role must be undertaken by someone willing to find solutions rather than simply block ideas on financial grounds. A modern Director of Finance does not say ‘no’, they ask ‘how’ and it is people with this attitude to financial control that TPP are most likely to find senior appointments for.
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