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Taxation is an important element of the organization. This element is often outsourced to the tax consultants and the tax return accountants in London are operating a similar structure. Managerial positions in the tax consultancy firms are held by the professional with utmost expertise in tax laws and applications.
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As a profession finance is a broad term which consists of various sub sections. It pertains to taxation, compliance, treasury and accountancy. In smaller organization internal audit is also falls under the jurisdiction of this department. Because of prime connection with the finance elements of the business which has strong ties with the business throughout the process makes it as one of the most prestigious departments in any organization.
Entry Level Positions Because these are the most junior positions in the department fresh graduates are hired. Fresh graduates from the universities and colleges are often hired. Hiring process is fairly complicated at the entry level. Because aptitude test and psychometric testing is often the most widely used screening process in initial selection procedure, initial screening is very standardized. After fair number of candidates are short listed, one to one interviews with technical questions to judge technical expertise of the candidate. Even though theoretical knowledge has not much to do with the profession still a strong foundation enables the candidate to grasp work.
Job descriptions of the entry level jobs is often very niche and very clerical. Candidate is in charge of a certain operation in a sub division of the department such as payments or receivables. Work pressures on these positions are extreme but technical expertise requirement to excel in these positions is fairly less. Employees are expected to complete the task within due timelines to insure continuous operations in the department. Record keeping is also one of the responsibilities at these positions. Junior employees are expected to maintain documentation and maintain record for the financial transactions of the company.
It often seems like a difficult task because as the company gross the record maintenance becomes more and more complicated and difficult to manage. Normally entry level positions have no responsibility for the other colleagues because each of the employees is responsible for its own work. No or minimum leadership and managerial skills are required to excel at these positions. Entry level positions usually determine the career path for the employee. Up to the role of a manager, roles are quite focused and segregated. Initial job determines which department employee is expected to live in up till the managerial post.
MANAGERIAL POSITIONS Managerial positions often comprise of managers and assistant manager. As evident from its title, these positions comprise of more of a responsible role as compared to the junior staff. Technical expertise of required for the managerial supervision is of high level. Managers are responsible of the team under their command, and have to ensure that work in their jurisdiction is up to the required mark.
Assistant managers are the role with little less responsibility as compared to the managers. Actually entry level positions are converted in to assistant managers in most of the organization. These positions require the candidate to show their expertise gained over time in the organization. Assistant managers are working under the managers to supervise the teams performing various tasks. Teams are reporting to the assistant managers and assistant managers are directly reporting to the managers.
Recruitment procedure of these positions is majorly based upon the qualifications and past experiences. People with the relevant job experiences are mostly preferred to the position of managers. Practical experience teaches a lot about a certain field which is unknown to the fresh candidates graduating from the universities. Psychometric testing and individual face to face interviews help the organization to match the managerial profile with the organization. Often organization believes in internal promotions for these positions. Reason for this strategy is outsider takes time to come and understand system whereas with proper succession planning a junior staff can understand and grasp the responsibilities of the managerial position quite well.
CHIEF FINANCIAL OFFICER Chief financial officer commonly known as CFO of the company is often the highest position in the organization after chief operating officer. Importance of finance in the strategic placement of the organization has made this position so important Chief financial officer is held responsible for entire department. His position deems him to have broader expertise in terms of internal audit, accountancy, finance, tax and costing. He is responsible to oversee all aspects of the organization. Recruitment procedure for the chief financial officer consists of a strong emphasis on the past experiences. Leadership and strategic approach towards ones job can only be guaranteed by the practical experience an individual have on his profile.
Career options for New Entrants There are various career options available for the fresh graduates entering an organization as a new entrant position. Candidate should carry out a self-assessment analysis because understanding the strengths and weaknesses of his personality to fit into the sub division of the finance department is extremely important. Finance and Treasury This comprises of the finance and treasury for the organization i.e. ensuring that funds are available for the organization in the relevant currency at the lowest cost possible. People at senior position in this sub department at expected to have professional qualification pertaining to finance because finance itself is a complicated field.
Costing Costing department pertains to the allocation of the cost element for the calculation of actual cost of the products and services. People at senior positions have experience in cost allocation and process improvement because information about processing is key for such roles. Taxation Taxation is an important element of the organization. This element is often outsourced to the tax consultants and the tax return accountants in Londonare operating a similar structure. Managerial positions in the tax consultancy firms are held by the professional with utmost expertise in tax laws and applications.
FINANCIAL ACCOUNTANCY Sub division of financial accountancy is one of the core divisions of the finance department. Team of financial accounting is responsible to record for the business transaction and preparation of financial reports. Senior positions at financial accountancy are held by the professional with significant expertise in financial reporting standards applicable in that particular country. INTERNAL AUDIT Internal audit is often under the finance department working independently to ensure value addition into the company. Because function is strongly focused on effective internal controls to improve the productivity of the business.
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