When you get accounting services in Malaysia because you are going to put up a company of your own, you will need to know the organizational structure of your finance department is going to be.
Today, I am going to talk about the usual accounting organizational structure that every business owner should know.
Chief Financial Officer
The CFO is usually the go-to man or woman when it comes to the company’s financial and accounting perspectives. The Chief Financial Officer will be the one to report directly to the board of directors or the company’s CEO about the financial situation of the company and its policies.
That is usually the case when you run a relatively huge company, but for small businesses, the CFO would probably just manage a report or two. Still, the gravity of their work is still the same and they are the ones that will directly communicate with the organization’s bosses.
Not all companies have a financial controller, but those who do typically handles the reports that are given directly to the CFO for reporting.
They will usually handle all of the day-to-day expense and income ledgers and they will be the one to assign different tasks to all of the accountants under them.
As the financial controller is not part of the executive team of the company, their inputs are usually deemed as advisory only.
In a typical large company, they usually have people that will act as the accounts payable manager, the accounts receivable manager, and the payroll manager. However, smaller businesses might only have one person that will handle all of these tasks.
In any case, all of these managers and their respective divisions typically represent the core aspects of any accounting structure. In other words, these divisions will handle and manage the expenses, salaries, and income of the company.
Accountants and Clerks
The division managers usually have a lot of accountants and clerks that work under them. Think about them as the worker bees who do the brunt of the crunching, calculating, and pretty much all of the accounting services that are needed by the higher-ups.
These people are specialists in their respective fields and will help manage the company’s expenses, keep track of the organization’s income, and will also establish and administer Human Resources policies, as well as the company payroll.
Large companies usually have the luxury of having a lot of accountants and clerks, but in smaller businesses, there is typically only one person or two that will handle all of the accounting tasks.
In some cases, companies are willing to take on interns that are either young professionals or students who are required to render hours of work in this field.
They are usually there to help the accountants do all of what is required of them. Interns are either paid or not, but their duties will provide them with the work experience that they need to help them land a job in the future.