An organization’s finance office deals with the overall financial matters carried out by the company. These matters can be internal affairs or external with other companies or businesses. A finance officer is responsible for ensuring timely payments and receipts, reviewing a list of expenditures and how to stabilize a company financially. The professional provides expert advice on how to spend more wisely for the company and how to make smart deals with other entities. Finance officers are mostly hired by established companies or multi-nationals who have operations in more than one facility. They ensure the smooth financial running of a company in every manner possible and bring important matters to the knowledge of seniors. They are required to provide their expertise on matters like which asset needs to be bought and which contract should be delayed for some time. There is more than one benefit in working as a finance officer in an organization. Some major benefits are mentioned below:
Appraisals and Promotions
Finance officers have high chances of being promoted at early stages in big companies. This is due to the flow of work pouring in for a company, where more finance officers may be required for hiring. Finance officers are also provided with various benefits and appraisals from companies since they are permanent employees in companies usually hired for long term purposes. A finance officer can easily be promoted after a couple of revenue generating deals and advices. Established companies acknowledge the fact that the finance officer has brought profits to the company hence, he or she be promoted. Other benefits may include health insurance, annual bonuses, vacation leaves, commissions, the provision of an assistant, etc.
Finance officers are always trusted individuals. Not only does the company as a whole trust finance officer but so does the other individuals working in the same company. Finance officers are professionals who have access to the most important information about a company. Since they have access to financial matters of the company, they are obliged to sign a contract of non-disclosure before being hired. Once they are hired, they are trusted to make every decision keeping in mind the benefit of the company. Any wrong decision can cost them their job or monthly compensation from the company. Due to the sensitivity of the finance officer’s role in the company, the interviewing process and background checks are extensive by the employer.
Finance officers are considered to be significant employees in a company. Their decisions and inputs in financial matters are highly important for the superiors of a company. In some scenarios, multi-nationals may hire more than one finance officer so that the various contracts and deals undergoing each day in a company are kept under a check. These matters are directly related to the revenues generated within a company hence a finance officer benefit companies in the long run.
Report to a single entity
Another vital benefit of working as a finance officer in a company is that a finance officer only reports to a single senior who can either be a finance manager or the finance chief officer of the company. This determines the responsibilities of the finance officer since he or she is single-handedly responsible for the everyday decision-making and task completions. These finance officers generate daily or weekly reports for their seniors and are directly from their immediate seniors for further tasks. Receiving directions from a single entity prevents unnecessary communication and clashes within the organization. Since this position in a company is already considered to be a very sensitive one, finance officers should restrain themselves from unnecessary conversations with other professionals in the company to avoid discussions of vital information which is not supposed to be disclosed.