1. Monitoring and reporting
Keeping a watchful eye over the organisation’s financial health remains the basis of financial management within a company. A financial manager must prepare or oversee the compiling of data and the preparation of reports, financial statements, financial analysis, income statements, business activity reports, and forecasts.They must monitor the company’s financial operations and ensure that everything meets all legal requirements and maintains the necessary compliance standards.2. Identifying and implementing cost-reduction practices
With the data and reports in hand, financial managers can better manage company budgets as well as find new ways to help reduce costs.3. Looking ahead and strategising
Financial managers also utilise the information they obtain through their data analysis to develop long-term business plans and the appropriate financial planning. They do this together with senior management to ensure the company’s continued prosperity through financial decisions taken.They also spend significant time and resources analysing competitors and market trends. Depending on the company’s current financial state, they strategise and advise the board and stakeholders on expansion, acquiring, or investment opportunities. It is therefore important for financial managers with such responsibilities to possess great analytical skills.This also includes identifying the best ways to finance the acquisition of any assets such as through debt, equity, or both.Types of financial managers
Different companies have varying levels of finance management needs depending on their size, financial goals, and the sector or industry they operate in. Due to the vast range of roles that we have identified above, financial managers are usually employed in more specific positions with more defined roles.Some types of financial managers include:What does it take to become a financial manager?
First of all, you would need to obtain the relevant bachelor's or master's degrees in finance, accounting, economics or business administration. You would also need to obtain professional certification or accreditation depending on the specific field you'd like to specialise in. Such licenses or certifications include Certified Public Accountants (CPA, Chartered Financial Analysts (CFA), and Certified Treasury Professionals.Job seekers reading through financial manager job descriptions are likely to come across a list of interpersonal skills which are vital to succeed in such work environments. These include great analytical skills, communication skills, a knack for problem-solving and negotiation skills. Senior managers must also have strong leadership capabilities.?)
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