What Does a Finance Director Do?
A finance director is responsible for the financial standing of a company. They evaluate markets, identify solutions and improvements, and prepare reports for management on the company’s financial status that are used to make educated decisions on key monetary matters, such as future investments and budgets. They must be able to analyze company performance and risks and drive the financial strategy by recommending solid fiscal plans. Finance directors may also set up and manage the company’s finance IT system.
Finance directors need to have extensive knowledge of accounting, and business principles. They need excellent leadership qualities and should be strategic thinkers to guide the company toward profitability and long-term success. They should be proficient in relevant programs like Quickbooks or SAP. Outstanding organizational, communication and interpersonal skills are also needed. These professionals must be solid decision-makers and able to implement high-level strategies that further company goals and enhance profitability.
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National Average Salary
Finance director salaries vary by experience, industry, organization size, and geography. To explore salary ranges by local market, please visit our sister site zengig.com.
The average U.S. salary for a Finance Director is:
Finance Director Job Descriptions
It’s important to include the right content in your job description when hiring a finance director. The following examples can serve as templates for attracting the best available talent for your team.
The finance director provides comprehensive administration of all fiscal activities for our company. Responsibilities include planning, directing, and coordinating all accounting, debt management, treasury management, billing and collecting of company revenues, and purchasing activities. The position provides executive-level supervision to the finance department and participates in the formulation of and execution of our financial policies. The position has the considerable responsibility of the development and administration of our annual budget. Subject to policy and legal requirements, the incumbent plans and develops all financial operations. As an ideal candidate, you have proven experience in a leadership role guiding a company’s finances toward profitability and success.
Typical duties and responsibilities
- Drive the financial strategic planning of the company by evaluating performance and potential risks
- Perform ongoing financial analysis using business software
- Develop budgets that meet company requirements
- Manage accounting and finance personnel, including management accountants and internal auditors
- Make sound investment decisions to improve company portfolio
- Supervise all audit and internal control operations inside the company
- Prepare regular, detailed reports on the company’s financial performance and present them quarterly
- Ensure compliance with financial laws and guidelines
- Identify patterns in company spending and recommend solutions to any problem areas
- Coordinate with external financial entities on behalf of the company
- Oversee the company’s finance IT system(s)
- Develop the corporate fundraising strategy and manage relationships with partners and investors
- Conduct analysis to make forecasts and report to upper executives
Education and experience
- Bachelor’s degree in accounting, finance, or a related field
- A minimum of 5 years experience in financial management
- A master’s degree may be required
Required skills and qualifications
- Proven experience as director of finance or similar role leading departments
- In-depth knowledge of corporate finance and accounting principles, laws, and best practices
- Strong knowledge of financial analysis and forecasting
- Proficient in the use of MS Office and financial management software such as SAP
- Excellent math skills
- Excellent verbal and written communication skills
- Innovative and creative
- Experience creating and delivering budget expectations
- Certified Public Accountant (CPA) or Chartered Financial Analysts (CFA)
- Responsible for managing the day to day accounting including accounts payable and receivable, data entry, and reconciliation, following all Bluffton Self Help cash handling procedures to ensure checks and cash are deposited and recorded appropriately
- Provide leadership, support, and backup for annual audit
- Review all incoming donations including tracking restrictions
- Prepare, verify, and disseminate monthly financial statements, supporting schedules, statistical analyses, and accounting reports as necessary and appropriate for management and monitoring agencies
- Prepare monthly balance sheet reconciliations
- Ensure all cash and receipts are collected and proper bank deposits are made
- Perform daily reconciliation of point of sale revenues, tax liabilities, and cash/charge receipts
- Provides entries/approval for payroll to PEO system
- Manage any cash banks (petty cash, cash drawers) at BSH locations and events
- Manage credit card accounts, balance, payments, receipts, and reconciliation
- Prepare and/or supervise the preparation of applicable federal, state, and local tax returns, including coordination/preparation of annual 990 filing
- Works with CEO and Treasurer to ensure nonprofit accounting rules are being followed
- Review, manage, and track all financial investments with financial investment firm
- Communicate any and all discrepancies immediately to CEO
- Ensure proper bookkeeping, accounting, and tracking of all financial and in-kind revenue and expenses
- Maintain knowledge of current (and changing) financial accounting principles
- Ensures that all business licenses, liquor licenses, certificates of operation, and other licenses/permits are current and properly maintained
- Ensure that procedures are in place to safeguard company assets, assure that records are accurately maintained and that established policies and practices are satisfactorily and consistently followed
- Review insurance policies on an ongoing basis to ensure they reflect the organization’s needs. Update, manage, and track all organizational insurances including scheduling annual review and presentation from broker
- File necessary paperwork with government entities to satisfy grant requirements as needed.
- Complete projects as assigned by CEO involving data collection and/or analysis
- Grant fund training and reporting
- Oversee and lead annual budgeting process
- Further develop Bluffton Self Helps HR policies, procedures, and onboarding
- Work closely and transparently with all external partners including third-party vendors and consultants
- Oversee technology resources, installations, and upgrades as necessary to include networks, software, hardware, and cyber security
- Negotiate and oversee rental and leasing contracts
- Solicit and evaluate bids for services as needed
- The ideal candidate has experience of final responsibility for the quality and content of all financial data, reporting and audit coordination for either a division or significant program area, and has preferably overseen human resources and IT functions
- Minimum 5 – 10 years of operations and accounting experience
- An understanding of and passion for Bluffton Self Help’s mission and vision
- Proficient in QuickBooks
- Ability to translate financial concepts to – and to effectively collaborate with — programmatic and fundraising colleagues who do not necessarily have finance backgrounds
- A track record in effective project and staff management
- Effective leadership to staff, volunteers and donors
- Must possess strong project management skills, interpersonal skills, and positive relationship building internally and externally
- Must have a high level of work ethic, urgency, and transparency
This job operates in an office setting. This role routinely uses standard office equipment such as computers, phones, photocopiers, filing cabinets, etc.
An ideal candidate will have great communication skills, high level of attention to detail, and the ability to work independently in a fast-paced, multitasking environment. We offer competitive compensation and excellent benefits.
This role requires a strong understanding of accounting and financial principles, strong communication skills, the desire to drive data based business decisions and the ability to deliver in the following key areas:
- Co-Manage firm and fund accounting functions
- Manage firm audit and tax activities
- Manage firm and fund treasury operations
- Assist CFO in strategic and financial planning design and analysis
- Co-Manage financial, managerial, and regulatory reporting
- Drive cost management processes and improve operational efficiencies
- Augment business development activities through sound financial support and analysis
Required skills, experience, and education
- 10+ years of experience in Finance or Accounting
- Direct industry experience and knowledge of financial markets
- CPA highly desired
- Good customer service skills team oriented, able to work across teams and functions
- Technology and process efficiency driven
- Experience in Geneva or other portfolio accounting system a plus
- Familiarity with data management and visualizations a plus
- Aptitude to finish a project or activity on time the first time.
In this role, you will
- Be responsible for all financial performance for a Business Unit, leading a team of Program Financial Analysts and Managers
- In coordination with Programs and Operating Units, implement risk and opportunity management plans for individual programs
- Ensure efficient and effective cash flow for programs within the portfolio
- Partner with the Business Unit Vice President and Growth team to bid new business
- Develop and implement fiscal operating budgets, policies, and procedures
- Develop, implement, and administer financial records in accordance with generally accepted accounting principles, corporate policies, and government regulations through subordinate analysts
- Develop and administer the cost accounting and financial management systems
- Develop, monitor, and distribute to management essential financial operating budgets, reports, and forecasts
- Review annual and intermediate budgets periodically to analyze trends affecting budget needs
- Responsible for the development of financial management data reflecting financial condition and operating results
- Develop the Business Unit’s funding base to secure present and future service delivery
- Evaluate financial reporting systems, accounting and collection procedures, and investment activities, and make recommendations for changes to procedures, operating systems, budgets, and other financial control functions
- Minimum of a Bachelor’s Degree with 16+ years of relevant experience
- 6 years experience as a manager
- The ability to obtain a TS/SCI with a polygraph. (Can start without a clearance but the expectation is that the clearance process will start upon taking the role)
- Experience working with Intelligence customers and the Maryland Procurement Office specifically
Candidate Certifications to Look For
- Chartered Financial Analyst (CFA) The Association for Investment Management and Research (AIMR) offers a credential that provides a strong foundation in portfolio management and investment analysis skills. To obtain the CFA, candidates must pass three different levels of examinations, have a minimum of two years of experience in a relevant field, and become a member of the CFA Institute. The CFA is one of the most highly respected credentials in the finance industry.
- Certified Treasury Professional (CTP) This certification, offered by The Association for Financial Professionals, demonstrates a candidate’s knowledge in cash and treasury management. Topics covered include revenue collection, obligation payment, cash processing, account management, monitoring transactions, forecasting and monitoring cash flow, and analyzing financial statements. They must pass an exam and have at least 2 years of experience in cash/treasury management or a related position. A master’s degree can be substituted for one year of experience. The CTP credential is good for three years. Recertification requires the completion of 36 hours of continuing education and paying a fee.
- Certified Public Accountant (CPA) The CPA designation is a professional license for accounting professionals who are committed to protecting the public interest. CPAs are qualified to offer organizations tax, financial reporting, and advisory services that drive strategic decision-making and foster long-term financial growth and success. The license requires at least 150 hours of post-secondary education, passing a rigorous four-part exam, and meeting a relevant work experience requirement, which can differ by state. Candidates must also take continuing education courses to maintain their certification.
Sample Interview Questions
- What makes a successful financial plan or budget?
- What methods/metrics do you use to evaluate financial performance?
- How would you handle a challenging client?
- Which financial reports are important to upper management and why?
- What key elements would you look at to evaluate the company’s investments?
- Is a cash flow statement enough to tell whether a company is doing well?
- How do you calculate and interpret ROI?
- How do you reward innovation, initiative, and teamwork?
- What is the most challenging part of creating a budget?
- What size budgets have you dealt with?
- Do you have experience managing accounts payable and accounts receivable?
- Tell me about a large financial project you worked on.
- What is your leadership style?
- How would you ensure our department is following policies and regulations?
- How would you support an underperforming employee?
- What strategies can you use to evaluate our company’s financial progress?
- What would you do if your ethics were challenged?