Finance Officers, classified under SOC Code 4124, play a vital role in maintaining the financial health of organizations by overseeing critical financial processes. Their responsibilities include:
- Recording and Checking Transactions: Ensures the accurate and timely recording of daily financial transactions.
- Preparing Financial Reports: Compiles provisional balances and produces financial reports to assist management in decision-making.
- Reconciliation of Accounts: Conducts regular reconciliation of accounts to maintain accuracy in financial records.
- Supervising Financial Clerks: Plans work schedules and assigns tasks to financial clerks to ensure efficient operation within the finance department.
- Coordinating Department Activities: Oversees activities and resources to guarantee that financial objectives are met.
With an ever-evolving economic landscape, the demand for skilled finance officers remains strong, creating ample opportunities in the financial sector. This guide aims to assist HR professionals in navigating the hiring and sponsorship process for finance officers under the UK’s immigration system.
What is SOC Code 3411 for Finance officers?
SOC Code 4124 refers to finance officers who oversee financial operations and ensure the accuracy of financial records. Their responsibilities can include:
- Recording financial transactions: Overseeing the daily recording and verification of financial transactions to maintain accurate financial records.
- Preparing financial reports: Compiling and arranging the creation of financial reports for management review to facilitate informed decision-making.
- Reconciling accounts: Ensuring accurate financial data by performing regular reconciliations of financial accounts.
- Planning work schedules: Organizing and assigning tasks to financial clerks to optimize efficiency within the finance department.
- Coordinating resources: Managing activities and resources within finance departments to support operational goals and objectives.
Finance officers play a vital role in the financial health of an organization, providing essential oversight and strategic insights to ensure sound financial management.
Eligibility to Hire Finance officers (SOC Code 3411)
1. Job Requirements
Finance officers seeking employment must demonstrate their financial acumen and meet specific qualifications or experience criteria. These may include:
- Financial record-keeping: Proven experience in accurately recording and checking daily financial transactions.
- Reporting skills: Ability to prepare financial reports, including provisional balances and account reconciliations, for management review.
- Leadership capabilities: Experience in planning work schedules and assigning tasks effectively to financial clerks and team members.
- Coordination skills: Ability to coordinate activities and resources within finance departments to achieve financial objectives.
- Education: A degree in finance, accounting, or a related field is typically required, with relevant certifications (e.g., CPA, ACCA) considered advantageous.
Ensure the job description aligns with SOC Code 4124 and that the finance officer’s experience and work meet the expectations for the role.
- Salary Thresholds
- Use the Minimum Salary Calculator to ensure your salary offer meets immigration requirements.
Sponsoring Finance officers: A Step-by-Step Guide for HR Professionals
Once you’ve confirmed that the role and candidate meet the eligibility requirements, follow this step-by-step guide to sponsoring Finance officers under SOC Code 4124.
Step 1: Obtain a Sponsor Licence
Before hiring non-UK Finance officers, your company or institution must obtain a sponsor licence. This licence enables you to legally sponsor overseas Finance officers under the Skilled Worker Visa program.
- Sponsor Licence Application: Submit documentation proving that your business is legitimate and has a genuine vacancy. Visit the sponsor licence application guide for more information.
- Sponsor Licence Fees: Small businesses typically pay £574, while larger institutions pay £1,579. For more information, visit the sponsor licence fees guide.
- Processing Time: Applications typically take up to 8 weeks, but using the Sponsor Licence Priority Service can reduce the processing time to 10 working days.
Once your sponsor licence is approved, you will receive a sponsor licence number, which allows you to assign Certificates of Sponsorship (CoS).
Step 2: Assign a Certificate of Sponsorship (CoS)
Once you have your sponsor licence, the next step is to assign a CoS to the Finance officers. This document provides key details about the job and the individual being sponsored.
- Defined vs Undefined CoS: Use a Defined CoS for Finance officers applying from outside the UK, and an Undefined CoS for those already in the UK. Learn more in the Defined & Undefined Certificates of Sponsorship guide.
- Required Documents: Provide details such as the Finance officers’s portfolio, passport and job offer. Refer to Documents Required for Certificate of Sponsorship for a full list of necessary documents.
Step 3: Apply for the Skilled Worker Visa
Once the CoS is issued, the Finance officers can apply for the Skilled Worker Visa.
- Visa Fees: Fees vary depending on the role and visa length—use the visa fees calculator to estimate the costs.
- Immigration Skills Charge: Employers are required to pay this charge as part of sponsoring non-UK workers. This is separate from visa fees.
Conducting a Right to Work Check for Finance officers
Before the Finance officers begins working, you must conduct a right to work check to ensure they are legally allowed to work in the UK.
- Manual Right to Work Check: Verify original documents such as the Finance officers’s passport and visa.
- Online Right to Work Check: If the Finance officers holds an eVisa, you can use the UK government’s online system to verify their right-to-work status.
For more details on how to perform these checks, see the right to work check guide.
Post-Hiring Responsibilities and Compliance
- Record-Keeping and Reporting
- Record-Keeping: Maintain accurate and up-to-date records of the Finance officers’s employment details, salary and contact information.
- Reporting Changes: Report any significant changes to the Finance officers’s role—such as promotions or salary increases—via the Sponsor Management System (SMS).
- Sponsor Licence Duties and Compliance
- Failure to comply with your sponsor licence duties can result in penalties or sponsor licence revocation, impacting your ability to sponsor future Finance officerss.
How Borderless Can Help with Sponsoring Finance officers
Sponsoring Finance officers under SOC Code 4124 can be a complex process, but Borderless can simplify it for you. We offer comprehensive support to help you manage the entire sponsorship process.
End-to-End Sponsorship Support
At Borderless, we assist with:
- Sponsor Licence Application: Guiding you through the application process and ensuring all required documents are submitted correctly.
- Certificate of Sponsorship Assignment: Streamlining the CoS process to make hiring easier.
- Compliance Management: Helping you stay compliant with immigration laws to avoid penalties.
If you need assistance with hiring or sponsoring Finance officers, get in touch for personalised support.
Conclusion
Hiring and sponsoring Finance officers under SOC Code 4124 can be a rewarding way to enrich the cultural landscape of your organisation. By following the steps outlined in this guide, you can successfully navigate the sponsorship process while ensuring compliance with UK immigration laws.
For further guidance, Borderless is ready to assist you with all your sponsorship needs. Contact us for expert advice.
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