The Function of a Finance and Accounting Department

The Function of a Finance and Accounting Department

In the second video to this CFO series, Paul outlines the importance of the finance team surrounding the CFO, and their key areas of responsibility in ensuring that there are key systems and processes in place to maximise efficiency.
Overview

Given the breadth of the modern CFO’s role, it’s important that there is a sound Finance team, system and processes to support them. It’s bound together by a robust set of Financial Controls that ensure that financial risk is minimised and that the financial data are in accordance with accounting standards and can be relied upon to support the CFO’s interactions with a broad group of important stakeholders.

Key learning objectives:

  • How is the typical Finance department structured and why is the core Accounting section so fundamental to the whole?

  • What are the roles of the non-Accounting functions of Finance ?

  • Who are the key stakeholders of Finance ?

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Summary
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Expert
Paul Nichols

Paul Nichols

Paul is a Chartered Accountant having qualified with Price Waterhouse in 1998 and has since spent over 20 years in commercial finance roles. Early in his career, Paul undertook a 10-year spell at De Beers, setting up the company's UK Business Partnering function. Following this, in 2011 Paul became European Finance Director of Coach Inc, responsible for their expansion into Europe. Finally, Paul became CFO of Chesneys Lts in 2016, coinciding with the company receiving private equity investment.

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