• FredaJ

Head of Finance Job Description

Updated: Jun 20

Job Purpose-Head of Finance Job Description

To provide an efficient and effective suite of finance services to the company

and lead and own the work of the finance department, ensuring preparation of accurate statutory and management accounts and information.



To ensure financial systems and financial controls are effective and efficient, developing both as necessary. Also to lead, manage, support and develop the finance team to meet the current and future needs of the business and be an agent for change in pursuit of professional excellence within the department.



Key Responsibilities-Head of Finance Job Description


The Head of Finance leads the Finance Department, which is responsible for ensuring the day to day management and control of all aspects of the business finances.


The Finance Department ensures the preparation of accurate, up-to-date and timely financial and management information, for the budget holders across all departments.


The Head of Finance attends relevant committees such as the Finance Committee and Investment Committee and will be involved in wider activities.



Statutory and management accounts, and regulatory reporting


Review of monthly management accounts (income and expenditure account, balance sheet and cash flow), as prepared by the management accountant, with a report on major variances to be presented to the senior budget holders.


Prepare annual statutory accounts for audit.


Managing the relationship with the external auditors and the conduct of the audit of the statutory accounts.



Prepare monthly reconciliation of investment portfolios with Fund Managers’ schedules and the accounts.


Preparation of portfolio summary reports for the Investment Committee


Prepare all statutory and non-statutory financial returns to the appropriate bodies, including tax returns (if required) for HMRC, Companies House and the Charity Commission, and annual US tax filing


Review and submission of quarterly VAT returns


Financial strategy and planning


Attend the Investment Committee and Finance Committee, including preparing and presenting papers for the committees on topics which fall within the Head of Finance’s remit.


Prepare annually a 5 year projection demonstrating the financial direction of the business, on the basis of known development of the operations and demonstrating the capacity to address the repayment of debt and required capital expenditure and refurbishment costs.


Lead, manage and oversee the annual planning and budget process, including:


o Review of previous year’s budget and spend

o Development and preparation of new budgets, with assistance from the Management Accountant ;

o Liaising with, advising and where appropriate challenging Heads of Department / other budget holders on their budget plans in order to set a final budget for presentation to Finance Committee.



-Assist in monitoring and planning capital expenditure including the timing and amount of cash flows, in advance of the rest of the annual planning round.


- Overseeing administration of USS, CCFPS, AVIVA and any other pension schemes.


-Overseeing the operation of payroll processes.


-Providing ad-hoc reports and financial data as directed


Operational financial management


-Ensure significant budget variances or matters of financial control are raised in a timely way


-Manage cash flows to forecast the availability of funds and advise senior management on the optimum use of funds, including recommendation for sums to be placed on short-term deposit and meeting interest and capital repayment obligations on debt.


-Maintain day-to-day relationships with the banks



-Lead in the appraisal and development of the accounting systems and other related software (billing, EPOS, Forum and stock management), and implementing changes as necessary


-Keep under review all Finance Department activities and processes to optimise their effectiveness, reviewing workloads and duties as required


-Develop and maintain fully documented procedures and manuals for all activities/posts in the Finance Department


-Advise on a programme of internal audit tasks to out/insource as necessary to specialist auditors or conduct reviews internally


-Develop finance systems that are effective and efficient, recommending and supporting the implementation of financial system changes


-Manage the finance department’s budget.


Administration and Staff Management



-Control the assets and equipment through the maintenance of an asset register and associated procedures


-Staff management and supervision of Finance Department to ensure efficient, timely and accurate administration of all financial activities


-Conduct annual staff appraisals


-Advise on Finance Department’s training, development and office needs


-Undertake risk assessments for the department


-Undertake other reasonable duties as directed



Knowledge Skills Experience and Education-Head of Finance Job Description


Essential:

  • A practical as well as technical understanding of the purpose(s) of the role.

  • Ability to quickly grasp and deliver according to the financial and business drivers and direction.

  • Positive, persistent and flexible. A self-sufficient, resilient mindset with the persistence to understand complexity, and own and complete tasks

  • Ability to understand the wider implications of financial operations, plans and decisions within the context of a complex organisation, i.e. beyond “the numbers”

  • Recognised full accounting qualification

  • Good commercial understanding of the key aspects of income and expenditure

  • Well-developed management skills, with a minimum of 5 years’ experience of managing a team

  • Desire and proven ability to work well with other departments, to give guidance in an appropriate way, collaborate on financial deliverables

  • Experience and understanding of the production of statutory accounts in the charity sector, Charity Commission and Companies House compliant

  • Knowledge of financial packages and report software, advanced Excel skills

  • Ability to collaborate, communicating well and appropriately with a wide variety of stakeholders

  • -Experience of appraising, reviewing and implementing new financial systems and processes

  • Project and option appraisal experience




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