Cash Manager Salary
Average Cash Managers in the United States make around $67K annually. Including potential for bonuses and profit sharing — peaking near $14K and $6K, respectively — total cash payment to Cash Managers can bottom out near $29K or peak near $99K depending on individual performance. Career duration is the biggest factor affecting pay for this group, followed by geography. Medical benefits are awarded to most, and a strong majority earn dental coverage. Job satisfaction for Cash Managers is high. More than half of Cash Managers (65 percent) survey participants are women. This snapshot results from replies to PayScale's salary survey.
Job Description for Cash Manager
The cash manager is a position that is generally sought after by a large variety of companies in many industries. The prospective employee will need several years of experience working in accounting and finance, with cash management and banking system experience being the most preferable. A bachelor's degree is generally required by most companies, specializing in accounting, finance, or another business field. However, a master's degree is preferable. Some companies will require that the cash manager also be a certified public accountant. A good understanding of the Microsoft Office suite of products would be very helpful.Read More...
The cash manager will work in an office environment and will not be expected to lift any heavy objects nor travel. The cash manager will be expected to be able to manage and supervise their staff to perform various cash reconciliation tasks, such as processing bank statements and keeping records of receipts. The manager will also need to develop, maintain, and analyze various policies and procedures to ensure that operations are running in line with regulations set by the company. The cash manager may also be required to assist with audits and tax returns. The cash manager will need to produce a daily report of the cash position of the company and present this information to executives as needed. A presentation may be required quarterly to present an overview and analysis of budgets and proposals to executives. The cash manager may also be required to keep good relations with banks and may need to negotiate service fees and other packages from banking institutions.
Cash Manager Tasks
- Monitor cash flow, including account balances, cash movement, bills, and taxes.
- Track profitability, risks and losses, letter of credit requirements, and other financial data.
- Approve and release payments, investing or borrowing when required.
- Track employee expenses, receipts, and other in-house expenditures.
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Pay by Experience Level for Cash Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $50K; however, individuals with five to 10 years of experience bring in $68K on average — a distinctly larger sum. Cash Managers with one to two decades of relevant experience report an average salary of approximately $66K. Seasoned veterans with 20 years under their belts enjoy a median income of $75K.