The finance department implements tools to help in strategic decision-making and thus prevent financial risks. The finance management, generally supervised by an Administrative and Financial Director, helps plan the development strategy of the company’s manager.
A company’s finance management checks that the expenses that the decision-makers want to engage to ensure the development strategy are achievable at a given time.
If they are not, the role of the finance department is to determine the actions that will allow the company to find the balance. Thus, the financial department must ensure and verify: the company’s profitability, the company’s solvency, and the proper management of the company’s cash flow.
A company’s finance management also verifies the correct application of the legal procedures applied in the company. It must be aware of the economic and regulatory context in which it operates and anticipate future changes and their impact on the company’s financial health. Very broadly speaking, the finance department must know its market: the evolution of competitors, suppliers and all the players that gravitate around the company.
In short, the finance management and its Chief Financial Officer (CFO) plan the company’s development strategy alongside the management team.
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