Finance administrators are responsible for all aspects of an organization’s finance and budget concerns. This includes managing accounts receivable and accounts payable, designing and implementing the budget, and handling any investments or capital expenditures in which the organization might engage. Finance administrators ensure that all payments the company owes have been made and monitor incoming payments and revenue to maintain a proper cash flow. Additionally, they produce a budget, working closely with other managers. They are required to make regular reports on the current and future state of the company’s finances and financial plans. They must react to changes in revenues, expenditures, or even radical shifts in company focus due to new developments or opportunities.
Finance administrators generally work in an office environment during regular business hours, although overtime may be required to meet key deadlines. They must monitor multiple departments involved in financial matters, such as accounts receivable and operations. Close work with management in every department is necessary to produce a budget and for future planning. They also contact customers or other organizations to discuss financial matters, such as late payments or the specifics of a financial deal.
Finance administrators require a bachelor’s degree in finance or a related field, such as accounting. Many companies prefer candidates have a master's of business administration (MBA) and possibly be a certified public accountant (CPA) as well. To reach the administrative level, they must have relevant experience, usually five to seven or more.
Finance Administrator Tasks
- Maintain accounts and follow up to verify and close invoices and collect fees.
- Document project status, obstacles, reporting and reviews.
- Review and verify accuracy of financial and contract paperwork and processes.
- Create budget templates and serve as point of contact for questions and exceptions.