The organizational structure of a finance department is determined by each individual company, largely depending on whether it is a small, medium or large sized organization. The most typical organizational structure consists of a chief financial officer (CFO), a vice president, one or more accountants and a budget analyst.
How finance departments are changing: McKinsey Global Survey Results. What’s surprising, though, is a reluctance to adjust the finance function’s structure. All eyes are on corporate-finance departments as they are asked to cut costs, reassess risks, and cope with the deep uncertainty generated by the current economic crisis. Accounting Department Structure in Brief. Accounting, which has been called the 'language of business', measures the results of an organization's economic activities and conveys this information to a variety of users, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants.
The chief financial officer, or CFO, is the head of the finance department, which also means that this person is at the top of the organizational structure. The CFO is not only the boss or the person that everyone in the finance department reports to, but he or she is also responsible for the overall planning and guidance for implementing the plan when it comes to the finances of the company.
The CFO reports to the chief executive officer (CEO) of the company. He or she also works with the heads of other departments, including human resources, manufacturing, sales, marketing, production or any of the other departments that comprise the company. The CFO meets with the heads of all of these departments for planning purposes. Each department has needs for conducting their jobs and the finance department is in charge of creating, managing and allocating funds from the company budget to meet all of these needs.