Main Responsibilities and Required Skills for Finance Manager
A Finance Manager manages the day-to-day financial operations of a company, including budgeting, accounting, profit and loss reporting, and the creation of financial reports. In this blog post we describe the primary responsibilities and the most in-demand hard and soft skills for Finance Managers.
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Main Responsibilities of Finance Manager
The following list describes the typical responsibilities of a Finance Manager:
Accomplish
Accomplish department objectives by supervising staff and organizing and monitoring work processes.
Accomplish key performance indicators as identified by the Manager.
Achieve
Achieve targeted performance objectives on a consistent basis.
Analyse
Analyse financial performance and produce forecasts.
Analyze and communicate variances to plan / budget to business partners and other key stakeholders.
Analyze IT budget processes while finding opportunities for improvement and recommend solutions.
Analyze sales and operational data to provide management with key conclusions and recommendations.
Analyze the needs of prospects.
Apply
Apply common sense understanding to carry out detailed written or oral instructions.
Assist in / Assist with
Assist as needed with accounting requirements, queries and compliance (controls).
Assist in Canada consolidation reporting for monthly close and forecast.
Assist in financing activities as required.
Assist in the creation of various reports for management and for board packages.
Assist in the monthly closing process, including the issuance of financial statements.
Assist in the revenue forecast process Qualifications.
Assist MP leader to lead team handle commercial settlement.
Assist plant management teams with the development of annual plans and standard costing.
Assist to develop standard operating procedures and ensure it was properly executed by the team.
Assist with quarterly and annual financial reporting.
Assist with the preparation of the annual statutory accounts and audit pack.
Assist with variance analysis and commentary with real time information.
Assume
Assume responsibility of accounting procedures.
Attend
Attend required meetings, training and classes to obtain and maintain product knowledge.
Attract
Attract new business by creating thoughtful proposals and building strong client relationships.
Build
Build and maintain complex financial models to forecast and support the business objectives.
Build effective relationships with external advisors and key stakeholders.Builds strong partnerships.
Build strong regular communication with Finance Director APAC.
Build talent and capability to support business performance in the short and longer term.
Build strong relationship with the G&A Business Partners and other regional focused FBPs.
Build sustainable and scalable controls.
Calculate
Calculate and prepare month-end journal entries to reconcile deferred revenue and un-billed work.
Calculate commissions / bonuses and process company payroll.
Calculate monthly contractor pay, prepare pay statements and process payment.
Clean
Clean criminal background check (Canada and International).
Close
Close collaboration with Operational managers and group functions.
Collaborate
Collaborate cross functionally with sales leaders to understand hiring needs.
Communicate
Communicate business results through succinct presentations and supporting material.
Communicate complex matters to Internal (Medtronic people) and other.
Communicate effectively, both verbally and in writing.
Communicate key messages to senior management.
Compliant
Compliant usage of common systems.
Conduct
Conduct business studies on past, future and comparative performance and develop forecast models.
Conduct frequent research, including benchmarking of disclosures and processes.
Conduct variance analysis of actual performance against budget and forecast.
Contact
Contact clients that have applied for vehicle financing (no cold calling).
Contribute
Contribute to the development of and implement toolkits in collaboration with Finance.
Coordinate with
Coordinate multiple actors from multiple teams and work collaboratively.
Coordinate review of all requests from field offices and sub-recipients for prior approvals. Coordinate the collection and presentation of planning and forecasting information.
Coordinate the forecasting of funds needed for staffing, equipment, material and supplies.
Coordinate with department managers to determine financial information for funding contracts.
Create
Create and maintain an up-to-date position manual.
Create Financial KPI's as a continuous improvement tool.
Deliver
Deliver a monthly roll-up.
Deliver results - driven to achieve results and deliver against objectives.
Deliver specific IFRS17 cash flow matching activities.
Design
Design and place advertising for special finance.
Develop
Develop and maintain a suite of Senior Management and Executive sales reporting.
Develop and maintain critical banking relationships.
Develop and maintain detailed month over month cashflow forecast and spend.
Develop and maintain excellent working relationships within Weir.
Develop and maintain pricing tools.
Develop and / or refines financial and information system strategies and objectives.
Develop and oversee Human Resources processes and functions.
Develop and utilize sound financial processes to drive improved business performance.
Develop budgets in collaboration with senior management for entities and proposals writing.
Develop financial models, conduct benchmarking and process analysis.
Develop Global policies and procedures related to capital governance.
Develop, implement and monitor three-year projections of income / expenditure.
Develop KPIs and models to support future reporting.
Develop metrics for analysis of the Housing Choice Voucher program.
Develop quarterly forecasts, monthly outlooks and annual budget plan.
Develop staff succession and growth plans, and Individual Performance Management Planning.
Develop strong working relationships with team members and other key stakeholders.
Develop the financial plans / forecasts (including annual plans / RLBEs) for the ANRD organization.
Direct
Direct and supervise two direct reports.
Discuss
Discuss and educate client on current lender requirements.
Draft
Draft and review organisational policies relating to finance.
Draw
Draw credit financing, cash financing.
Drive
Drive all company budgeting, forecasting, and reporting activities.
Drive and lead things that matter across the business.
Drive continuous improvement & automation across the finance function.
Drive cost efficacy initiatives through financial analysis, reporting and process improvements.
Drive current brand performance processes to unlock deep insights into performance.
Drive development and implementation of key process improvement initiatives.
Drive operational excellence through standardization and simplification of processes.
Drive process improvements.
Drive the development of the Long Range Financial Plan (LRP) for these functions and organizations.
Enable
Enable effective cash flow and capex management.
Engage
Engage in comprehensive financial analysis to help drive strategic and operational decision making.
Ensure
Ensure accurate daily cashflow recording and monthly forecasting.
Ensure all Regulatory filings with the Registrar of Companies are as per the country specific laws.
Ensure appropriate SOD analysis and implementation through IT applications.
Ensure Bankable's financial reporting is aligned with current UK GAAP accounting standards.
Ensure company financial policy and internal control requirement are strictly followed.
Ensure compliance with information security program and other laws.
Ensure compliance with invoice approval process.
Ensure continual improvement in budgeting process.
Ensure continuous improvement in collaboration with regional and global partners (SSC / BPO).
Ensure data integrity of the balance sheet.
Ensure development, review and revision of accounting and finance policies and procedures.
Ensure financial activity is managed effectively, provide visibility on revenue and expenses.
Ensure inter-company variances are resolved to acceptable thresholds.
Ensure monthly accrual reports submitted on a Pan India Basis.
Ensure professional support for cross Division shared service responsibilities.
Ensure systems and controls verify integrity of data.
Ensure that all variances are understood and deliver insightful commentary.
Ensure that reconciliations are complete and investigate and resolve differences.
Ensure the annual audit is completed.
Ensure the operation complies with all legal and regulatory requirements.
Ensure there are appropriate controls in place to protect and preserve client funds.
Ensure the team delivers on agreed upon financial activities and KPIs.
Ensure the team is structured to maintain & exceed the client's financial expectations.
Ensure the timely and accurate preparation of financial statements.
Ensure the timely delivery of vehicles while maintaining impeccable customer satisfaction.
Ensure timely sales invoicing and payment.
Establish
Establish and maintain fiscal files and records to document transactions.
Establish and maintain good working relationships with several finance sources and factory.
Establish and maintain the organization's accounting principles, practices and procedures.
Evaluate
Evaluate financial performance by comparing and analyzing actual results with plans and forecasts.
Explain
Explain thought process and analysis to senior management.
Facilitate
Facilitate agreement on financial objectives and success measures.
File
File and approve deviation to global policy from Abbott Corporate.
Find
Find and drive process improvement opportunities across each of our global teams and process areas.
Focus
Focus on people development and ensure cross training in key roles.
Follow up
Follow up and updates customer financing files and credit accounts.
Follow up on past-due invoices to promote positive cash flows.
Generate
Generate ad hoc financial reports on request.
Guide
Guide Finance and Strategy support for business leaders within Global Public Sector Go-to-Market.
Help
Help evolve and perfect our pricing structure as we add new services.
Help execute staff succession and growth plans.
Help to identify and minimize financial risks.
Help to support Construction Team in executing all coordination efforts for timely on budget builds.
Highlight
Highlight and understand major assumptions and their effects on the budget / forecast.
Highlight potential areas of cost saving opportunities for the Business Division.
Identify
Identify and champion process and systems improvements.
Identify and implement process improvements.
Identify and implement process re-engineering.
Identify and recommend corrective action plans to mitigate key risks.
Identify business solutions to increase profitability and maximize cash flow.
Identify continuous opportunities to improve the operating performance.
Identify opportunities to streamline processes and improve reporting to drive new insight.
Instruct
Instruct salespeople in the methods of selling finance.
Integrate
Integrate working capital management into operations culture.
Interact
Interact with appropriate departments.
Interpret
Interpret financial results and recommends options.
Lead
Lead a financial analyst and adhere to the mission and values of CRD at all time.
Lead all financial oversight of Customer Supply Chain expenses.
Lead and develop team of 3-4 analysts.
Lead and participate as the key finance stakeholder in cross functional teams.
Lead annual plant target process & quarterly forecast process for plant team.
Lead consolidation of weekly order commitment and monthly forecast and present to leadership.
Lead cost reviews & drives cost management with plant team.
Lead finance contact for fuel, distributor pass through pricing model and hedging programs.
Lead financial planning and reporting for Mexico.
Lead for Client and Sales Tax audits.
Lead innovation business case learning agenda across finance and marketing.
Lead on Area projects as defined by leadership team and in coordination with country teams.
Lead overall general accounting and tax functions.
Lead short- and long-term financial planning.
Lead specific National Sales Finance training initiatives as assigned.
Learn
Learn how to finance vehicles and achieve highest gross profit per vehicle.
Learn how to read credit bureau and helping customers understand credit.
Leverage
Leverage concise and compelling pro-active communication to drive action.
Liaise with
Liaise with sales teams to resolve deductions issues and optimize overall processes.
Maintain
Maintain a large portfolio of clients.
Maintain a liaison with Student Faculty Association Treasures as well as provide training.
Maintain credit files and monitor PPSA filings for continuation on Independent stores.
Maintain dead file for inactive deals.
Maintain
Maintain records and support auditing efforts.
Maintain supporting schedules for land purchases and land development spending.
Maintain technical knowledge and keep abreast of all new IFRS accounting developments.
Maintain the highest standards of accuracy and precision.
Manage
Manage and complete monthly, quarterly, an annual reporting including variance analysis.
Manage and mentor staff and help guide their development.
Manage and oversee the quarterly user access review (UAR) process per SOX requirements.
Manage and review contracts with outside parties.
Manage budget and forecasts completion and process.
Manage components of month end and direct team in their deliverables.
Manage Financial Risks and Opportunities.
Manage monthly financial / treasury reporting to the Board of Directors.
Manage one - two Financial Analyst.
Manage relationship and communications with our specialist HR contractors and related services.
Manage relationships with other internal finance teams, corporate, subsidiaries.
Manage the development of Budgeting, Financial Forecasting, Operating Plan and Modeling tools.
Manage the monthly and quarterly close process.
Manage the payroll process).
Manage the reporting of exchange rate fluctuations between local and contract currencies.
Monitor
Monitor data integrity in various financial systems including SAP, GMX, HFM & others.
Monitor financial performance against plan and communicates key performance metrics.
Monitor forecast and challenge spending to ensure budget compliance with business unit owners.
Monitor inventory processes at multiple plants, ensuring accuracy and adherence to corporate policy.
Monitor SPV service providers to ensure an efficient and high-quality level of service is maintained.
Monitor, validate all cash flow data and prepare cash-flow forecast.
Motivate
Motivate each team member to achieve their best.
Operate
Operate independently and adaptable to changing requirements.
Oversee
Oversee all customer loan origination / approval.
Oversee and coordinate internal key management financial reporting for the ADD division.
Oversee and manage future statutory audits as needed.
Oversee and report on ongoing spend on each of our programs around the UK and Ireland.
Oversee and support financial analysis of product development initiatives.
Oversee day to day Order to Cash Process activities to meet SLA / KPI requirements for service.
Oversee the budget process.
Oversee the preparation of the AP ledger and management Payments.
Oversight
Oversight and guidance of corporate IT functions.
Own
Own and complete monthly operational reviews.
Own and lead on performance management for all aspects of product commercial finance.
Own the business partnership with Revenue Recognition Accounting.
Own the day to day relationship with Multiverse's external third party bookkeepers.
Participate
Participate in all and lead certain monthly client billing meetings.
Participate in strategic initiatives that may influence customer perceptions and behaviour.
Participate in various cross functional projects.
Perform
Perform and / or manage the processing of accounting information and generated reports.
Perform audits to confirm financial condition.
Perform month-end closing procedures, including account reconciliations, and updating schedules.
Perform price change impact analysis, including GM risk and profitability assessments.
Perform special projects and other duties as assigned.
Plan
Plan & organize regular system training to business users in procure-to-pay processes.
Plan, monitor, and appraise job results.
Prepare
Prepare all necessary paperwork for the purchase within a deadline.
Prepare and assist with Ad-Hoc analysis for management requests or presentations.
Prepare business activity reports, financial statements, and forecasts.
Prepare cash flow projection.
Prepare commission reports for the Sales Representatives and Agents.
Prepare consolidated monthly management and board level reporting materials.
Prepare drawdowns of sub-awardee expenses on federal funders.
Prepare financial reports for the Board of Directors and the management team.
Prepare monthly forecast packages and assist in preparation of board of director materials.
Prepare monthly Lease dashboard.
Prepare monthly subscriber and advertising revenue reports and analysis.
Prepare position papers and memos on IFRS as required by External Auditors.
Prepare short- and long-term cash flow analysis, monitor cash flow.
Prepare slides for QFR and QBR as well as weekly analysis on bookings performance.
Prepare Week / Month / Quarter / Year End Customer Finance Reports.
Process
Process implementation and improvements.
Process property tax assessments.
Promote
Promote finance and extra service contracts.
Provide
Provide accurate information 100% of the time.
Provide accurate reporting based on the TOL team reporting cadence & calendar.
Provide ad hoc analytical support to support key decisions & business development opportunities.
Provide ad hoc financial analysis and presentation as required by senior management.
Provide ad hoc financial support, analysis, training, etc.
Provide ad hoc reporting to Finance Director and client upon request.
Provide business partnering with key senior stakeholders.
Provide exemplary customer service / relationship management and consultative selling.
Provide financial and accounting support, closing entries and allocations.
Provide financial management support for senior management.
Provide general financial and accountancy support to the HQ finance department.
Provide grant budgets, and strategic support in fundraising efforts to optimize revenue.
Provide guidance and oversee financial elements of present and future business ventures.
Provide in-depth analysis on rolling forecast, performance variance and other key metrics.
Provide insights and commentary monthly keeping apprised of business drivers and challenges.
Provide leadership for all finance, controls, & procurement functions at the plant.
Provide ongoing budget and spending control oversight to the GSC team.
Provide on the job training and coaching to develop the Business Finance Analyst.
Provide on the job training for salespeople.
Provide oversight and support of the finance and administration functions of the Etobicoke office.
Provide proactive leadership to enable team members to own and deliver on objectives.
Provide reconciliations of network activities and research project activities.
Provide special financial reports as needed based on project deliverable requirements.
Provide support to Divisional Strategy on financial related topics.
Provide timely reporting and analysis to business leadership.
Provide wide ranging financial analysis, research / resolve / identify trends.
Recommend
Recommend improvements and corrections as well as identify risks and opportunities.
Recommend methods and strategies for cutting costs.
Recruit
Recruit, retain and mentor finance team members.
Reinforce
Reinforce financial data confidentiality and conduct database backups when necessary.
Report
Report and share actual performance, providing insight into variances and future implications.
Report on performance to Hydro One senior management.
Research
Research accounting issues, and book correcting entries where necessary.
Research and explain any variance.
Research and implement better uses of available financial data.
Review
Review and approval of disbursements as required.
Review and help prepare monthly balance sheet reconciliations.
Review and implement best practices in term of control and processes.
Review company bottlenecks and recommend changes to improve the overall level of company throughput.
Review monthly journal entries including accruals, prepayments and deferred income.
Review new items and cost change requests throughout the year.
Review the MD&A and financial statements to ensure accuracy and completeness of information.
Run
Run the review and approval of the finance policies with the Chief Accounting Officer.
Schedule
Schedule hours for staff within department payroll allocation.
Set
Set goals, and takes time to coach and mentor the team where needed.
Solve
Solve problems in a principled manner in collaboration with the rest of the team.
Suggest
Suggest and assist in new initiatives, support process improvements.
Supervise
Supervise a team of 5 professionals.
Supervise billing / invoicing operations, banking operations, and payroll.
Supervise full finance and accounting services for the department.
Support
Support accounting, auditing, and grants and contract compliance activities.
Support alignment with Global Internal Controls Compliance Organization.
Support and advise on major investments in the region, including ROI and payback analysis.
Support any ad-hoc reporting and year end stock counts.
Support areas of critical investment such as the Cleaner Future agenda.
Support Branch Managers and Operations.
Support company-wide technology, product development, software engineering, editorial.
Support Credit Control as well as posting and matching cash upon receipt.
Support external accountants with annual preparation of statutory accounts.
Support from senior management to help drive your personal growth in the role.
Support GFS Credit Management & Operations teams as needed.
Support Head of Finance with year-end preparation and during audit.
Support implementation of changing and emerging standards (e.g., IAS, IFRS, US GAAP).
Support implementing the new reporting requirements on a timely basis as needed.
Support internal and external financial / compliance audits.
Support internal / statutory audits.
Support Month End close process for designated entities.
Support of lease administration, including calculations of rent escalations.
Support On Call Services for Issue Management.
Support project-related audits.
Support project teams on certain financial aspects and reporting of their activities.
Support sales team in developing financial evaluation for business recommendations.
Support SC Transformation team setting overall targets.
Support the client, the account team, and corporate management.
Support the Sales department.
Support the team members in their day to day tasks.
Support the VP Strategy & Finance on fundraising and ad hoc projects.
Track
Track and collect accounts receivable.
Track contract renewal dates.
Track financial contractual requirements.
Track record of successful and quantifiable process improvement projects.
Train
Train and supervise sales staff.
Train colleagues and improve their understanding of the financials and compliance matters.
Train, develop, and assist in coaching staff in Financial training and systems.
Transform
Transform reporting to be insightful to the business.
Understand
Understand and adhere to financial regulations and legislation.
Understand equations, reports and financial terms used in DPFC's grocery retail management systems.
Understand all current programs and rate options offered by our lenders.
Undertake
Undertake ad-hoc projects and requests when they come up.
Uphold
Uphold the Kraft Heinz values and to work in a way that contributes to the company's vision.
Use
Use knowledge of expenditure codes and accounting codes to accurately code documents.
Use them to educate the Renewal Managers and Sales communities.
Use your commercial skills and data to inform and support decision making.
Work with
Work on technical issues including system design, maintenance, and troubleshooting.
Work with all Department Managers in implementing on-going cost cutting initiatives.
Work with business stakeholders to develop business plans to achieve targets.
Work with cross-functional teams in preparing business cases.
Work with department / field managers to develop action plans and measure their results.
Work with other MRM offices on revenue and staff sharing.
Work with the business to align key performance indicators with financial forecasts and plans.
Work with the Finance Manager to review and communicate process improvements.
Work with your customers to identify their wants and needs in a vehicle based on their approval rate.
Most In-demand Hard Skills
The following list describes the most required technical skills of a Finance Manager:
MS Excel
CPA
Powerpoint
Business
Reporting
Economics
MS Word
Analysis
Budgeting
Forecasting
Management
Tableau
SQL
ACCA
Financial Analysis
Financial Planning
Business Administration
Financial Reporting
Project Management
Oracle
Financial
Financial Modeling
ACA
CIMA
Outlook
Hyperion
Customer Service
Most In-demand Soft Skills
The following list describes the most required soft skills of a Finance Manager:
Written and oral communication skills
Analytical ability
Attention to detail
Interpersonal skills
Problem-solving attitude
Organizational capacity
Leadership
Team player
Presentation
Self-starter
Time-management
Work independently with little direction
Self-motivated
Detail-oriented
Multi-task
Accurate
Work ethic
Critical thinker
Proactive
Collaborative
Influencing
Results-oriented
Flexible
Bilingualism
Teamwork
Organized
Planning
Integrity
Positive
Meet tight deadlines
