Who Does What in Your Finance Department? A Practical Guide for a Growing Retail Business

Your business is making sales. Customers buy in your store and online. Suppliers need payment, stock needs replenishing, the generator needs repairs, and someone has to buy electricity units.

But who raises the request? Who approves it? Who pays? And who records the transaction?

When these responsibilities are unclear, the owner becomes the approval desk, payment officer and problem solver for almost everything.

A simple finance structure helps your business grow with clearer accountability.

A typical business scenario

Consider a growing Lagos business selling physical products:

• Monthly sales: ₦30 million.
• Average sale: ₦80,000.
• Sales mix: 20% in-store and 80% online.

That works out to approximately 375 transactions monthly: 75 in-store and 300 online, assuming both channels have the same average sale value.

This scenario does not automatically require a large finance department. A practical starting structure is a finance manager or senior accountant, an accounts officer, and external accounting or tax support.

The right staffing level also depends on the number of products, suppliers, stock locations and manual processes.

1. The owner or managing director

The owner sets financial priorities, approves budgets and authorises payments within an agreed approval structure.

They review business performance and make decisions about growth, major purchases and cash commitments.

They should receive reliable information without having to prepare every transaction personally.

2. The finance manager or senior accountant

This person leads the finance function.

Their responsibilities include reviewing accounts, monitoring cash flow, checking payment requests, overseeing reconciliations and preparing management reports.

They also help management understand whether sales are generating profit, whether cash can cover upcoming commitments, and whether stock records are reliable.

3. The accounts officer

The accounts officer handles the daily accounting work.

They record supplier invoices and expenses, prepare payment vouchers, match sales to receipts, track outstanding settlements and maintain supporting documents.

For an online sale, they should be able to connect the order to the payment received, any payment fees and any subsequent refund.

For an expense, they record what was purchased, who was paid, the amount and the relevant supporting documents.

4. Admin, store and operations staff

These staff identify operational needs and confirm that goods or services have been received.

They may request generator repairs, electricity purchases, delivery services or store supplies.

They also maintain the operational records finance needs: stock receipts, dispatch records, delivery confirmations and repair completion records.

Finance should not have to guess whether a repair was completed or whether purchased goods arrived.

Example: the generator needs repairs

The admin or store manager reports the fault and obtains a quotation.

An authorised manager approves the work. The accounts officer checks the documents and prepares a payment voucher. The finance manager reviews it, and an authorised signatory releases payment.

Admin confirms the repair was completed. The accounts officer records the expense under repairs and maintenance and retains the supporting documents.

If an advance is required, it should be tracked until the final invoice and completion confirmation are obtained.

Example: buying electricity units

Admin submits the meter details and requested amount.

The expense is approved under the business’s approval policy. Accounts prepares and records the payment, while admin confirms that the token was received and loaded.

Routine purchases can operate within an approved budget and delegated payment limit.

What about stock?

The stockkeeper receives, stores and issues products. The accounts officer maintains the related accounting records, while the finance manager reviews stock reconciliations and discrepancies.

Physical counts should include an independent check. The person holding the stock should not be the only person confirming that the records are correct.

As product variety and stock complexity grow, a dedicated inventory or cost accounts officer may become necessary.

An organogram is only the beginning

A reporting line tells you who supervises whom. It does not tell you who can approve a refund, change a supplier’s bank details or release a payment.

Each important process needs:

• A person responsible for initiating it.
• An approval rule and limit.
• Required supporting documents.
• A person responsible for recording it.
• A review or reconciliation step.

Several responsibilities can sit with one employee in a small business, but preparation, approval and checking still need clear boundaries.

Put the structure into practice

Start by mapping your sales, purchasing, expense, payment and stock processes. Identify who owns each step and where requests or records regularly get lost.

Download the free Finance Roles and Responsibilities Map to organise these duties in your own business.

For a more complete framework covering finance governance, SOPs, controls and management reporting, explore the DMS Finance Framework at https://diosmanagementsystems.com.