What is a Finance Manager?
Finance Management is an essential role in an organization, and the primary goal is to ensure there is minimal or no financial waste in the company’s processes. People in this role spend the majority of their time monitoring and analyzing data. They support the executive management team by offering insights and financial advice that enables them to make the best business decisions for the company.
Because they deal with the financial information of an organization, a Finance Manager’s work must comply with all applicable governmental laws, rules, and regulations. Along with their team, Finance Managers monitor financial information about the organization and use that data to help set short and long-term financial goals. Cutting costs and maximizing profit are key finance manager competencies. Finance Managers may advance to the role of Financial Controller, Finance Director and Chief Financial Officer.
- Bachelor’s degree
- Several year’s experience in the financial field
Finance Manager Essential Skills
- Communication skills to explain data’s meaning
- Organizational and leadership skills
- Detail-oriented and precise mindset
- Decision-making skills and judgement
- Commercial and business awareness
Finance Manager Roles & Responsibilities
- Reduce costs and discover ways to bring in more money
- Plan budgets
- Ensure legal requirements are met in regards to financial details
- Act as an advisor to top executives, helping them make financial decisions
- Develop plans for an organization’s long-term goals
- Continue education and stay up-to-date on topics, tax laws, and regulations that are specific to the organization or industry
- Review financial reports and forecasts to help plan for the short-term financial needs and long-term financial goals of an organization
- Review financial reports
- Monitor accounts
- Prepare financial forecasts
- Monitor cash flow
- Investigate ways to improve profitability and analyze markets for business opportunities, such as expansion, mergers, and acquisitions