Financial administrators are in charge of managing financial-related tasks for their company. They perform budget and payroll transactions, maintain separate account such as discretionary and grant funding, and maintain accurate financial records for tax-related purposes. They must follow company policies to process payments, approve money transfers, keep financial statements, review reimbursements, and approve purchase order requisitions. Additionally, they prepare financial reports, and collaborate with other departments as needed.
Financial administrators must provide excellent customer service and act professionally with interacting with external financial institutions. Additionally, they must work closely with other financial professionals to reach all organizational goals. In addition to working well with others, financial administrators must work well independently and have excellent problem solving skills. To help oversee budget requirements, financial administrators must have advanced bookkeeping knowledge, reconcile accounting records, and correct discrepancies. They need to be able to work well under pressure and to shifting financial circumstances. They monitor economic policy changes, and use company resources efficiently.
Generally, financial administrators work in an office environment with other finance professionals. One of their main tools is a personal computer with spreadsheet software that helps them calculate financial transactions. They also have proficiency with finance-related software to make projections for future use by the business.
A bachelor's degree in finance, accounting, administration, or a related field is required for this position. Experience in a similar position may be preferred, as may experience in a managerial role.
Financial 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.