Effective Cost-Cutting Strategies for Business Success
April 25, 2025
The Magpie Effect: How Businesses Get Distracted by Shiny Objects
May 15, 2025
Streamlined finance roles in SME’s
In an SME, the finance department often runs leaner and more efficiently than in larger corporations. People wear multiple hats, and every role is designed to keep the company moving forward, financially sound, and growth oriented. If you’re running or working in an SME, you’ll recognise that agility and adaptability are key in every role, from accounting to strategic financial planning. Here’s an overview of the key finance roles commonly found in SMEs. Keep in mind that every SME is unique, and not all of these roles may be relevant to your organisation:
1. Chief Financial Officer (CFO) / Finance Director
In an SME, the CFO is the financial backbone – the person who’s as hands-on with the day-to-day numbers as they are with long-term strategy. They bridge the gap between survival and sustainable growth by getting involved in everything from planning cash flow to negotiating with investors.
What they really do:
-
Craft financial strategies that line up with the business goals.
-
Manage cash flow, financial planning, and budgeting ensuring everything stays on track.
-
Oversee financial reporting, compliance, and risk management.
-
Act as the go-to for big decisions like investments and funding.
-
Lead on financial negotiations, whether it’s securing funding or managing those all-important banking relationships.
2. Financial Controller / Accounting Manager
The financial controller or accounting manager keeps the engine running by making sure everything is recorded and reported accurately. This role handles day-to-day operations while also having a hand in financial planning and keeping everything compliant.
What they really do:
-
Own the preparation of financial statements and reports.
-
Ensure the general ledger is squeaky clean and that records are always accurate.
-
Run the financial close process and make sure everything aligns with accounting standards.
-
Supervises the accounting team, or often, just get stuck into the details themselves.
-
Set up and monitor internal controls to keep errors and fraud at bay.
3. Accountant / Bookkeeper
This person is the foundation, if not the sole make-up of the finance team, making sure every penny is accounted for and the books balance at the end of the day. In SMEs, this role might be one person doing it all or a small team, depending on the size of the company.
What they really do:
-
Record every financial transaction – purchases, sales, receipts, and payments – so nothing slips through the cracks.
-
Reconcile bank statements and keep the general ledger in check.
-
Prepare the bread-and-butter reports: income statements and balance sheets.
-
Handle payroll processing and ensure compliance with tax laws.
-
Manage both the accounts payable and receivable, including invoicing and collections.
4. Payroll Administrator
In smaller SMEs, payroll might fall on the accountant’s plate, but as the company grows, it’s common to bring in a dedicated payroll administrator to make sure everyone gets paid on time and tax laws are followed to the letter.
What they really do:
-
Process payroll from A to Z, including wages, deductions, bonuses, and everything in between.
-
Ensure tax compliance and handle filing payroll taxes.
-
Manage employee benefits and retirement contributions.
-
Answer payroll-related questions from employees, and maintain secure payroll records.
5. Accounts Payable (AP Clerk)
The AP clerk makes sure the company’s bills get paid on time – it’s all about keeping suppliers happy and avoiding any unnecessary late fees. This person plays a vital role in maintaining smooth supplier relationships and managing cash flow.
What they really do:
-
Process supplier invoices and ensure payments go out as scheduled.
-
Manage expenses and supplier relationships, keeping everyone happy.
-
Reconcile accounts and fix discrepancies, quickly and efficiently.
-
Keep detailed, accurate records of all transactions.
-
Help manage cash flow by staying on top of payment schedules.
6. Accounts Receivable (AR Clerk)
The AR clerk is all about making sure the company gets paid for its goods or services. They keep cash flowing into the business and ensure that customer accounts are in good standing.
What they really do:
-
Send out invoices and follow up on payments.
-
Handle credit control and ensure customers pay on time.
-
Reconcile customer accounts and solve any issues or discrepancies.
-
Manage customer relationships with a sharp eye on timely payments.
-
Report on receivables and keep management in the loop on cash flow.
-
Recommend taking legal action if the cash doesn’t look forthcoming
7. Finance Assistant / Clerk
The finance assistant is often the glue that keeps everything together – they’re an all-rounder who helps with anything and everything, from data entry to managing petty cash. It’s typically an entry-level role, but it’s vital to keeping the finance department running smoothly.
What they really do:
-
Help with data entry and keep financial records up to date.
-
Support the preparation of financial reports and statements.
-
Manage petty cash and handle smaller transactions.
-
Assist with both accounts payable and receivable duties.
-
Provide general admin support like filing, document management, and keeping everything organised.
Conclusion
In an SME, your finance department might be small, but it’s mighty. The roles might overlap, but that’s where the beauty lies – everyone plays a part in making sure the company stays financially healthy, agile, and ready for growth. From the CFO down to the finance assistant, each role is essential in driving long-term success. It’s not just about the bottom line – it’s about building a business that’s sustainable, adaptable, and primed for future growth. Every person here is integral to the bigger picture – and together, they help the business thrive.
