Finance Administrator Salary
Job Description for Finance Administrator
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.Read More...
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.
Financial Administrator Job Listings
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Popular Skills for Finance Administrator
Finance Administrators seem to require a number of specific skills. Most notably, skills in Accounting, Financial Analysis, Microsoft Excel, and Accounts Payable are correlated to pay that is above average. Skills that pay less than market rate include Account Management, Accounts Receivable, and Payroll Administration. Most people who know Accounting also know Microsoft Excel.
Pay by Experience Level for Finance Administrator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Finance Administrators, extensive experience does not lead to significantly more money. People who have worked for fewer than five years bring home $41K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $46K. Finance Administrators see a median salary of $54K after reaching one to two decades on the job. Finance Administrators with more than 20 years of experience report incomes that are only modestly higher; the median for these old hands hovers around $57K.