A company consists of various divisions that work together as a part of the whole system. One of those divisions is the finance manager. In dealing with anything related to finance, the financial manager is the spearhead of a company.
In addition, this particular division is also the deterministic factor of a company’s growth. So, what is the division of finance management job description? What are their responsibilities?
Finance management job description
The job of the financial manager can vary, which depends on the size and the complexity of a company.
For instance, in a larger company, the financial manager may be involved in focused activities like strategy analysis.
As a way to help the senior manager make the best decision, strategy analysis may include the interpretation of financial information ad forecasting future trends.
In a smaller company, the financial manager may have a much wider range of responsibilities, which may include the entire finance function.
In some small companies, financial managers carry out cross-functional team supervision with other divisions, such as the IT department and administrative staff.
Financial management responsibilities
In addition to duty and job description, finance management divisions also have several main responsibilities, which may include:
- Coordinate and control the planning, reporting, and payment of corporate tax obligations so they can run efficiently in accordance with the applicable government regulations.
- Plan and coordinate the preparation of the company’s budget plan as well as control the use of the budget to ensure the effectiveness of funds used to support the company’s operational activities.
- Manage the function of accounting in processing financial data to produce the accurate financial reports needed by the company.
- Plan and coordinate the development of financial and accounting systems. In addition, financial managers also control the system implementation to ensure every financial process run in an orderly manner.
- Plan and control the company’s cash flow, especially in receivable and payable management accounts. As a result, this can ensure the availability of funds and keeping the company’s financial stability.
- Consolidate corporate-wide taxation to ensure cost-efficiency and company compliance with tax regulation.
Financial managers can be a bright career path, especially considering the average salary of this particular job.
However, this job also possesses various challenges, such as new technology implementations and the requirement to provide real-time data.
Therefore, financial managers must possess the necessary skills to overcome these problems while, at the same time, carrying the weight of a company’s finances. So, be sure to learn the necessary skills to be a good finance manager.