Financial managers are the backbone of every company, ensuring that the finances are accounted for at all times. To run a successful business, you have to have your books in check and in order, and a financial manager is great for that. If you are considering becoming a financial manager yourself to give your company the boost it needs, then read on. We will take a look at how you can become a financial manager, the skills and attributes you need, plus what you can expect on a daily basis when you take on a financial manager role.
What Does A Financial Manager Do?
Financial managers perform data analysis and advise senior managers on profit-maximising ideas. They are responsible for the financial health of an organisation. They create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organisation.
Besides the obvious of working with numbers, a financial manager’s job description includes the requirement of having a variety of different skills, from having a knack for law and regulations, and effective communication and leadership skills to being compliant and tax-savvy, there are many things to consider before employers hire a financial manager.
How To Become The Finance Fundi
Becoming a financial manager can afford you opportunities to better your business or company, as well as give you a shot at becoming a freelance financial manager for other companies to earn extra skills and money. However, becoming a financial manager means having to handle a couple of duties on a regular or day-to-day basis. Some of these duties include:
Creating Budgets And Evaluating Performance Against Them
While creating a budget is the first step to taking control of finances, it’s not a one-and-done activity. Your and your business’ needs and goals will change over time, so the key to making a budget work is to treat it as a living document and periodically evaluate it and adjust it as necessary to ensure that it meets all your financial goals.
Producing Regular Reports On Financial Issues And Presenting Them To Senior Executives
A financial manager has to have regular reports for their team as well as senior executives to see where the company’s finances are going and how they can be improved if need be. As a financial manager, it is important that your presentations to senior executives are clear and concise for them to comprehend.
Coming Up With Strategies For Long-Term Financial Success For The Company, Including Reducing Costs
Every business wants to make more and spend less, so you will have to come up with strategies that will earn the business some profit while cutting costs too.
Submitting Tax Returns
Tax submissions can easily be forgotten, resulting in penalties for the company. Having a financial manager will help in having one person responsible for the company’s tax returns and issues. When you are employed as a financial manager, your responsibilities include regular visits to the SARS offices and website.
Recording, Analysing And Interpreting All Financial Information
As a financial manager, you should be able to break down your findings and information into simpler terms for the rest of your team, as well as other departments, to understand.
Recommending The Best Investment Opportunities For The Company’s Assets
As mentioned earlier, a company wants to make more and spend less, so part of your tasks include sourcing investment opportunities for the company.
You can invest in a financial management course which you can complete at your own pace. This course will introduce you to the fundamentals of financial management, the skills and lessons you need to help the business or businesses you work for.
What About The Skills?
According to CA Financial Appointments, a finance and accounting professionals hiring company, there are some key skills every Financial Manager should possess. These include:
Strong leadership skills: This is a senior management position, so you have to exhibit leadership of the highest quality. The team around you needs to know that they are working with someone they trust and who has the insight to take the company to new heights.
Excellent analytical ability: Assessing information and solving problems is a major part of any financial manager’s responsibilities. You need to see beyond the numbers and understand their impact on the company’s future.
A flair for communication: You’ll possibly be working with large teams, so the ability to get your point of view across clearly and succinctly is vital.
Creative thinking and good problem-solving skills: You need to be able to come up with solutions, guidance and long-term financial strategies.
Once you have studied for your financial management qualification, you may want to sharpen your skills and start in the job market to pursue your career. Here are some of the entry-level jobs you can consider:
- Creditors clerk:
Creditors’ clerks take phone calls and answer billing questions from residential and business customers. They also advise those with delinquent accounts on required actions and may arrange special payment plans for creditors, with the approval from a supervisor, or initiate legal action or collections for delinquent accounts.
- Junior Financial Accountant:
A junior accountant maintains and compiles financial reports and statements in compliance with government regulations and requirements. The junior accountant may analyse balance sheets, manage general ledger accounts, update financial statements, maintain accounts receivable and accounts payable, pay monthly payroll, and prepare financial reports.
- Payroll Administrator:
Payroll administrators assist employees who experience problems with their pay or need to make a change, whether it’s a new address or an adjustment to their withholdings. They also educate staff about their salary and benefits and any updates to the payment process.
Wondering If This Is The Right Job For You?
Do you enjoy working with numbers and love solving problems? You need to have the qualities of a leader because, at the end of the day, you will be in charge of carrying the whole team, as well as the company’s finances. If you think you have what it takes, then all you need to do is to put in the hard work and absolutely go for it! Your day-to-day activities will include reporting, strategising, and communicating with different teams and divisions, so if you are passionate about numbers and your communication skills are up to par, then this might be the career for you.
A career in financial management can evolve with time and qualifications. It is up to you which direction you will want to take once you secure your first qualification. Always remember to research the different divisions you may want to get into and familiarise yourself with what will be expected of you. You should also consider joining social media groups and pages where financial managers go to gain tips and tricks.