VP Finance

A VP of finance oversees and manages the finances of a company, including accounting data, operational information, and market trends. Their tasks vary greatly, from auditing payroll records to advising the chief executive officer (CEO) on financial decisions for the business. They make predictions about future financial health and can use company data and market research to provide informed advice to company executives on how to increase profits and reduce financial risk.

Responsibilities of the role

While the role differs according to your industry and employer, these finance professionals often have many of the same responsibilities. If you’re interested in learning more about working as a VP of finance, here is a list of their duties:

• hiring and overseeing accountants
• overseeing insurance coverage for the company
• collaborating with the CEO during financial activities, such as venture capital fundraising
• creating methods and processes for tracking expenses
• establishing financial operations and guidelines for each company department
• identifying inefficiencies in company systems and advising on overcoming them to use resources more efficiently
• devising strategies to save the company money
• setting financial goals for the company and providing a strategy on how to achieve them
• overseeing company compliance with various regulations and legislation
• managing employees in the accounting department
• coordinating and managing investment plans
• automating reporting systems for the accounting and finance departments
• ensuring the company adheres to tax laws and industry regulations
• auditing company expenditures
• ensuring data accuracy in company reports
• creating, implementing, and leading company budgeting processes
• overseeing business deals that may affect profits
• creating regular reports of company finances
• advising the CEO on financial planning
• making financial forecasts
• monitoring all financial transactions
• overseeing the company’s progress toward its revenue goals and advising as necessary
• managing all payroll and tax activities

Requirements to work as a VP of finance

Candidates for this role typically require at least a bachelor’s degree in accounting, business administration, finance, or a related field. To help increase your chances of career progression and qualification for the role, you can also pursue a master’s degree in a relevant area. Many employers also request that candidates for a VP of finance role have professional certifications, such as Chartered Professional Accountant, Chartered Financial Analyst, or Certified Management Accountant.As this is a senior role, you’re likely to need extensive, related work experience. For instance, some employers may expect candidates to have five to 10 years of experience in a finance position and additional experience in management roles. The role also requires strong skills in fiscal management and processes, financial benchmarking, and tax compliance and laws. In addition, you can benefit from gaining skills and experience in accounting, auditing, and financial models.