Companies want to be successful. But, what does a Vp of Finance do to ensure this? What training did they attend to help the company’s success?
Explore more in this post.
What Does a Vp of Finance Do? – Overview
A Vp of Finance is a position in an organization that handles the company’s financial success. They help with the planning and development of the company’s budget and financial outlook. This is to ensure that the company will achieve its financial goals.
A Vp of Finance may also be in charge of overseeing and managing financial risks and opportunities. Their work includes looking over and analyzing all aspects of a company’s finances.
A Vp of Finance is usually seen as a high-ranking position in a company. This is because it is usually one of the highest positions in a company that deals with finances.
In most cases, a Vp of Finance is also seen as an executive position in a company, due to their high rank. They may also have subordinate staff that helps them with some parts of their work.
Vp of Finance Duties
A person who holds this post may have some duties that include:
• Helping the company develop budgets for all areas in their work. This includes long-range, mid-range, and short-term budgets.
• Ensuring that they make financial forecasts about future income and expenses. As well, they make sure they know how much money will be available from current income sources to make necessary purchases.
• Making sure all financial statements are recorded accurately and presented on time according to the industry’s standard practices. In addition, they make sure that all required information has been reported according to accepted practices within their industry. A Vp of Finance might also be responsible for checking whether information has been reported according to laws and regulations regarding finances in their country or region of operation.
• They may be responsible for making sure that proper accounting methods are used by the company’s staff when recording transactions or preparing reports, statements, or accounts for tax purposes.
• They may also be responsible for overseeing investments made by the company, as well as any public offerings made by the organization to raise capital for growth or expansion purposes.
Education Needed for What Does a Vp of Finance Do?
Depending on an individual’s educational background will determine if he or she will qualify for this position or not. Usually, someone who has an education in business administration will qualify to take on this role. However, this is not always true since other educational backgrounds can qualify someone to take on this role. Some of these backgrounds include:
- Accounting or Finance
- Business Administration
A Vp of Finance is usually a senior-level position in an organization. That’s why a person who wants to take on this role must have met some of the following requirements:
- Minimum of a Bachelor’s Degree or Master’s Degree in a related field.
- Minimum of 10+ years in a related field.
- Strong communication skills, both written and oral.
- Minimum of 5+ years of management experience in a related field.
- Strong interpersonal skills, both written and oral.
- Ability to work under pressure and meet tight deadlines.
- Strong analytical skills.
- Good time management skills, along with the ability to prioritize tasks effectively, set goals and monitor progress.