Financial Manager Job Description
A financial manager is a key player in the management of any company. They are responsible for overseeing all aspects of the business finances, including budgeting and forecasting, managing cash flow, analyzing profitability, and handling sensitive information.
A company's financial manager needs to combine discipline, experience and an in-depth knowledge of accounting, finance, taxation and company specific regulations.
The following are some of the typical duties a company's financial managers need to fulfill:
- Draft company budgets and forecast income statements. This is usually completed by using computer software or an online budget model that allows company financial managers to project revenue and expenses for the company as a whole. They will also often provide company management with budget reports, detailing how company budgets were met.
- Manage company accounts payable (money owed by company)
- Monitor company cash flow, so that adequate money is available to pay necessary bills and staff salaries. The company financial manager will often report company cash flow and company debt to company management.
It is also the company financial managers responsibility to oversee company tax, by handling company paychecks, issuing company checks for taxes or other government payments, such as unemployment insurance. They must also sort out any special income and loss situations which may arise from time to time. Some company financial managers have the authority to sign company checks and direct company funds. Others may only be able to process company payments after company management has approved them.
In larger organizations, company financial managers will often supervise other company finance staff, such as accounting assistants or bookkeepers. The company financial manager will be responsible for making sure that staff are completing company financial tasks in a timely manner. Company financial managers will also oversee company investments, property and company assets.
The company financial manager is an important position because of the amount of work they handle on a daily basis. The company's finances are largely under their control and they must have a detailed knowledge and understanding of how company accounts work in order to do their job properly.
In order to become company financial managers, they must be qualified with at least a bachelor's degree in business or accounting. In some cases, company financial managers will have completed an advanced company finance course of study and will have passed company exams such as the Certified Finace Manager (CFA).
Statistics on Financial Manager
- Employment of financial managers is projected to grow 15 percent from 2019 to 2029, much faster than the average for all occupations. (bls.gov)
- 30% Professional, scientific, and technical services (bls.gov)
- The lowest 10 percent earned less than $70,830, and the highest 10 percent earned more than $208,000. (bls.gov)
- From 2019 to 2029, employment of financial managers is projected to grow 17 percent in this industry. (bls.gov)
- The average growth rate for all occupations is 4 percent. (bls.gov)
- Growth Rate (Projected) The percent change of employment for each occupation from 2019 to 2029. (bls.gov)
Articles On Financial Manager
Financial Managers : Occupational Outlook Handbook: U.S. Bureau of Labor Statistics
Financial managers create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization. (bls.gov)
Financial Manager - Career Rankings, Salary, Reviews and Advice
Financial managers have the responsibility of overseeing the finances of major companies, agencies and everything in between. (money.usnews.com)
What does a financial manager do? - CareerExplorer
Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. (careerexplorer.com)
Financial Managers (onetonline.org)
How to Become a Finance Manager
Financial managers exist to keep corporate bank accounts healthy. Here's what you need to know to play doctor with enterprise-level money. (noodle.com)
Financial Managers at My Next Move (mynextmove.org)
Financial manager Job Profile
Discover what it takes to be a Financial manager. Find out expected salary, working hours, qualifications and more. (prospects.ac.uk)
Financial Managers: Jobs, Career, Salary and Education Information (collegegrad.com)
What does a Financial Manager do and How to become One.
What does a Financial Manager do? How to become a Financial Manager and Job Description. Financial College Degrees. Financial Manager Career Outlook. (yourfreecareertest.com)
Learn About Being a Finance Manager
Learn about the job requirements and expectations for a finance manager, including salary, education and experience. (indeed.com)
How to Become a Financial Manager
Learn all about a career as a financial manager, including salary, responsibilities, degree requirements, and the best places to work. (onlinemba.com)
AGA - CGFM Certification
AGA is the member organization for government financial management professionals. Through training and events, professional certification, publications and ongoing education, AGA helps members build their skills and advance their careers. (agacgfm.org)
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