A finance manager, or financial manager, is a person that is responsible for the overall financial health of a company. As well as managing finances they also analyze financial performance and assist in making decisions about how to maximize a company’s profits.
Financial managers are tasked with the following:
• Preparation of financial statements, business activity reports and business forecasts
• Monitoring financial information to ensure legal and other compliance requirements are met
• Supervising a team of employees that prepare financial statements and budgets
• Review a company’s finances to see find efficiency improvements and cost reductions
• Analyze opportunities for growth and expansion, including by acquiring other companies, and developing business plans to take advantage of them
• Predicting financial trends and making financial decisions with other members of the executive team
• Develop strategies and maintain procedures for minimizing financial risk
A major part of financial management is producing and analyzing financial reports although this is changing as technology provides significant advances in the production and analysis of data. Finance managers’ tasks often depend on the specific industry or area they operate in. Those in government roles, for example, are tasked with spending government appropriations and controlling budgeting while those in the healthcare industry will oversee financing for hospitals, physicians, health support staff, care facilities and specialist health provision, among others.
A finance manager typically has a degree in a finance related discipline such as accountancy, economics, mathematics, commerce, management and business studies as well as holding postgraduate degrees in financial management. They are typically only elevated to the role after extensive experience in finance-related roles and need to possess the following skills and qualities:
• An analytical mind and a proficiency with mathematics
• Good negotiation skills and the ability to develop strong work relationships
• Experience and knowledge of the industry and commercial arena in which they operate
• Good oral and written communication skills
• An eye for detail and an ability to analyze data
• The ability to meet time and financial constraints when required
Finance manager must work closely with senior executives and often have distinct characteristics such as being enterprising and adventurous, ambitious, confident, assertive, energetic, enthusiastic and have a positive outlook. They are also dominant, and persuasive individuals that can motivate others. They often also have an investigative frame of mind and are both intellectual and inquisitive which is a necessary aspect of their role when managing complex financial structures.
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