Typically, finance managers work in an office setting where they are in charge of a small group of other coworkers. Even though the work they do is not usually physically demanding, it can be mentally challenging because of the large groups of numbers that they deal with which require lots of patience and diligence. Most finance managers are required to have a college degree with a major in either economics, finance, or business, and some require experience at an entry-level position in order to get this type of position. Financial managers must usually have a good personality, be able to work with others, have good communication skills and knowledge of how to use a computer, and be able to generate reports using various types of spreadsheets with several different types of software.
The primary job of a finance manager is to oversee, analyze and coordinate all of the financial records or reports for a variety of companies varying in size from small mom-and-pop businesses to large corporations. It is up to the financial manager and his or her team to prepare informational analyses on the current business processes and to be able to explain this information to others. They prepare reports on the actual performance versus the planned budget and then compare it to the prior year’s data. They also provide analyses to the operations team in order to identify areas where they can enact cost reductions as well as operational improvements, and they assist the operations team with the monthly operations review.
Financial Manager Tasks
- Manage client accounts and act as the subject matter expert for budgetary decisions.
- Refine and implement monthly, quarterly, and annual reports for designated groups.
- Prepare and submit budget and resource reports and statements, with an eye towards compliance.
- Perform ad hoc, non-routine financial analysis as needed.