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Thanks so much Solveig for interested and your answer ; I Agree with you that My Question is complicated but everyone in real work environment if he didn't know his role the result and work environment will be not healthy...
I am waiting before answer the question to see if there who interested;
My opinion is:
Most companies have an individual in a senior Finance role. Often the title given is one of Chief Financial officer (CFO), Director, other times it is Controller, many times, it is confusing to understand the difference.
At its simplest, the Chief Financial officer (CFO), “Strategies “, Finance Director “directs” and the Controller “controls”.
From my experiences and my reading; the different depending on the size of the company;
In Large and multinationals, we must found the CFO, Finance Director and financial controller positions and there is in huge groups a Group CFO, CFO, Finance Director and financial controller Positions.
In SMEs rarely we are found the position CFO and if we found sure he have a troubles and confused in his role with Finance Director and/or financial controller Why?
The main roles as a following table:
Main Roles
CFO
Finance Director
Financial Controller
Strategic Planning
Corporate Strategic Planning
a) Participation in strategy discussions
X
X
b) Selection of initatives
X
X
c) Creation of financial plan (p/l, b/s, cash)
X
X
X
Tax strategy
X
X
Risk management strategy
X
X
X
Treasury Strategy
X
X
Internal Control Strategy
X
X
X
Market / Product / Competitive Analysis
X
X
Functional oversight / management
Accounts Payable/Receivable/Billings
X
Financial Analysis
X
X
Tax
X
X
Treasury
X
X
Non-finance staff areas (HR, IT, etc.)
X
X
Accounting
Manage Accounts Receivable - billing/collection
X
Manage Accounts Payable - payment/discounts
X
Cost Accounting (job cost, per unit, etc.)
X
Reconcile Bank accounts/loans
X
Issue basic financial statements
X
Design and maintain Chart of Accounts
X
Month end close process
X
Compliance with GAAP
X
X
X
Management Reporting:
Design Management reports
X
X
Prepare Management reports
X
Develop Action Plans from Mgt Reports
X
X
X
Design Financial Statements: historical & projections
X
X
Prepare Financial Statements: historical & projections
X
Financial Analysis:
Develop Performance Measurements
X
X
Maintain Performance Measurements
X
X
X
Operational Reporting package
X
X
X
Develop Action Plans
X
X
X
Budgeting/Forecasting
Develop Budget targets and other financial plans
X
X
Facilitate budget process: accountability, schedule
X
X
X
Prepare budgets & forecasts
X
Project cash flows
X
X
X
Review Capital requests/approval process
X
X
Process Capital requests
X
X
X
Internal Controls / Audit
Design and review Policies and Procedures
X
X
X
Maintain Policies and Procedures
X
Review Internal Control system
X
X
X
Maintain Internal Control system
X
Manage Auditor relationship
X
X
X
Prepare Audit information/schedules
X
Develop Action Plans relative to internal control needs
X
X
X
Board of Directors / Investors
Board reporting - preparation/delivery
X
X
Maintain investor relations
X
X
Contracts / Outsourced functions
Negotiate contracts
X
X
Negotiate Outsourced functions
X
X
Maintain Outsourced functions
X
Maintain insurance coverage
X
M&A / Divesture activities
Develop M&A targets
X
X
Negotiate acquisitions
X
X
Due Diligence
X
X
X
Implementation
X
X
X
Divestitures/Shutdown
X
X
X
Investment / Funding Activities:
Develop banking relationships
X
X
Maintain banking relationships
X
Arrange debt financing
X
X
Conduct equity placements
X
X
Invest funds
X
X
Monitor cash balances
X
Dear Walid,
I think your question is relevant but also complicated and a bit tiresome as there are so many companies not applying the correct terms and not even bothering about them. They use all of the mentioned roles like controller, finance director etc. on the same positions or even worse on not qualified positions at all. For instance controller in some companies means assistant or such. Even Finance Director is sometimes a Director in a department where there is one person in the finance department and that is you. My experience is that you need to work in a global or at least international company where they might take these different roles seriously.
