A finance manager can also be called a chief financial officer (CFO) and it is their responsibility to look after the accuracy and profitability of company’s finance. In other words, they oversee anything in a business that is money related, including accounts and billing departments.
One of the main duties of a finance manager is look after and calculating the company’s budget and making sure that they stick to it. This includes checking for errors or oversights, searching for the problem when a department goes over their budget and a solution to this. They sometimes also have to make the difficult decision of trimming one department’s budget in order to increase another more important one. Overall, they must create an accurate, reliable and fair budget.
A finance manager is also in charge of all the finance recordings within a company. Although it may be a lot of work, an organised finance manager will be able to produce, store and organise both an electronic copy of finances and a hard copy on paper for reference or it there is a server fault and electronic copies are lost.
As well as look after the financial records, a finance manager must also produce and be able to understand and explain a financial report. This will include a profit and loss report, accompanied with a balance sheet and expense report and also various tax preparation forms. With all of this information, a finance manager will be able to make informed decision about a company’s finances.
A good skill that a finance manager should have is to be able to foretell (to a certain extent) the financial future of their company. This is a little like budgeting, but it is over a longer period of time for example, one planned budget may last for a calendar year but a forecast may last for 2 or 3 years. Although it is very difficult to predict what will happen in finance, a forecast can provide a positive and goal oriented future for a business in terms of their finances.
One of the main duties of a finance manager is look after and calculating the company’s budget and making sure that they stick to it. This includes checking for errors or oversights, searching for the problem when a department goes over their budget and a solution to this. They sometimes also have to make the difficult decision of trimming one department’s budget in order to increase another more important one. Overall, they must create an accurate, reliable and fair budget.
A finance manager is also in charge of all the finance recordings within a company. Although it may be a lot of work, an organised finance manager will be able to produce, store and organise both an electronic copy of finances and a hard copy on paper for reference or it there is a server fault and electronic copies are lost.
As well as look after the financial records, a finance manager must also produce and be able to understand and explain a financial report. This will include a profit and loss report, accompanied with a balance sheet and expense report and also various tax preparation forms. With all of this information, a finance manager will be able to make informed decision about a company’s finances.
A good skill that a finance manager should have is to be able to foretell (to a certain extent) the financial future of their company. This is a little like budgeting, but it is over a longer period of time for example, one planned budget may last for a calendar year but a forecast may last for 2 or 3 years. Although it is very difficult to predict what will happen in finance, a forecast can provide a positive and goal oriented future for a business in terms of their finances.
