A financial reporting manager is responsible for preparation of many of the financial reports required by an organization. On an average day, they may be ensuring the accuracy of 10-Q or 10-K reports for the Securities and Exchange Commission (SEC), pulling profit and loss financials for one or all remote locations of a large conglomerate, or working with others to improve the reporting process for various divisions of their company.
Depending on the size and type of their firm, financial reporting managers may be leaders of a team of accountants, bookkeepers, and/or other staff. They may also work alone or hold additional responsibilities if the firm is relatively small. Regardless of whether or not they are team leaders, they generally report to upper management, and often have interactions with others outside the organization, including the SEC.
Since financial reporting managers spend so much of their time dealing with financial and accounting affairs, they are generally expected to have a bachelor's degree in accounting, and most companies prefer that they also be licensed as CPAs (Certified Public Accountants). In many industries, familiarity with other organizations or legislation, such as the SEC and the Sarbanes-Oxley Act, are also required. Depending on what kind of organization they work for, they may need a certain amount of specialized knowledge about a particular industry, such as oil and gas exploration, commercial construction, or health care facilities.
While financial reporting managers are busy every day of the year, there are certain times of the month and year in which they are especially busy. End-of-month reporting is one example, as is the end of the calendar and/or fiscal year, when important financial documents for all employees, contractors, and the like must be generated. This position is primarily mentally taxing, with few physical demands, though having the stamina to work overtime hours when it's time to print and review large quantities of data is essential.
Financial Reporting Manager Tasks
- Develop and put into practice company policies for accounting to ensure clarity, accuracy and transparency.
- Keep financial records up to date with all financial activity and in compliance with regulations.
- Prepare forms and documents for company annual and quarterly financial disclosures and earnings releases.
- Provide financial data to support SEC filings.