WHAT DOES A FINANCE AND ADMINISTRATION MANAGER DO?

Published: Mar 12, 2025 - The Finance and Administration Manager ensures efficient financial monitoring and reporting. Develops and implements procedures for financial and accounting management, reviews discrepancies, and recommends corrective measures. Maintains financial databases, prepares annual and monthly financial reports, and oversees payroll processing.

A Review of Professional Skills and Functions for Finance and Administration Manager

1. Finance and Administration Manager Duties

  • Efficiency: Ensure efficient financial monitoring and reporting.
  • Procedure Development: Develop and put into practice procedures for handling finances and accounting, review accounting discrepancies, and recommend corrective actions.
  • Tracking: Keep track of accounts payable and accounts receivable.
  • Budgeting: Prepare the annual budgets of both RMM and MBC (in consultation with staff and boards).
  • Reporting: Prepare monthly financial reports, as well as reports needed for grant requirements.
  • Monitoring: Track discretionary and grant-related funding.
  • Investment Oversight: Monitor and report any investment accounts.
  • Database Management: Maintain financial databases (Etapestry and Quickbooks), including entering physical donations.
  • Audit Preparation: Perform all tasks necessary to fulfill the requirements of an outside CPA firm to perform an annual audit.
  • Documentation Management: Print, scan, and file all deposit documentation.
  • Account Reconciliation: Pay monthly credit card bills and work with staff to reconcile statements to chart of accounts.
  • Bank Reconciliation: Reconcile monthly bank account statements.
  • Payroll Supervision: Supervise and attest payroll processing.
  • Donation Reporting: Prepare and distribute annual giving statements for both RMM and MBC.
  • Tax Compliance: Prepare and distribute 1099’s for individual contractors and file appropriate IRS forms.
  • Audit Compliance: Perform annual worker’s compensation audit.
  • Donation Tracking: Track donations to pledges for building capital campaign.

2. Finance and Administration Manager Details

  • Financial Management: Maintain responsibility for all financial management, including monthly financial compiled statements, accounts receivable, accounts payable, billable time, payroll, general ledger, bank reconciliation, and tax payments.
  • Closing Functions: Responsible for completing all monthly closing functions.
  • Budget Preparation: Perform fiscally responsible budget preparations and pro-forma financial statements, monitoring expenditures.
  • Vendor Oversight: Oversee and evaluate third-party vendors related to the financial functions of the business.
  • Tax Compliance: Remain abreast of tax law, and correspond with Federal, state, and local tax agencies on behalf of the company.
  • Reporting Accuracy: Ensure all financial reporting is accurate and comply with established accounting procedures and policies.
  • Asset Management: Manage fixed assets, maintaining the fixed asset system and depreciation calculations.
  • Cash Management: Responsible for cash management activities, including monitoring cash flow on a continual basis, preparing bank reconciliations, auditing cash receipts, and auditing accounts receivable.
  • Operational Reporting: Prepare operational financial and management reports on a monthly, quarterly, and annual basis.
  • Statistical Reporting: Prepare statistical reports and management indicator reports on a daily, weekly, monthly, quarterly, and annual basis.
  • Financial Analysis: Prepare current and comparative analysis reports and statements reflecting variations in costs and revenues.
  • Project Support: Assist with other special Accounting/Financial projects from time to time.
  • Problem Resolution: Research and resolve financial-related questions, concerns, and problems for clients in a friendly and timely manner.

3. Finance and Administration Manager Responsibilities

  • Invoicing: Issue invoices to clients and track incoming invoices, manage receivables and payables.
  • Bookkeeping: Bookkeep in Fast accounting online system (AR/AP, cash/bank payment, expenses/revenue).
  • Closing Coordination: Coordinate with Finance Manager to do the monthly closing booking.
  • Reporting Support: Provide support to Finance Manager in monthly reports (CIT, VAT, PIT, WHT).
  • Financial Collaboration: Work closely with CFO on financial reports and commercial or financial presentations.
  • Vendor Support: Support vendor registration process.
  • Stakeholder Interaction: Work closely with account managers and business heads, and attend relevant client meetings or calls.
  • Report Composition: Compose the external and internal reporting such as the financial statements and planning, budgeting, and forecasting.
  • Tax Filing: Compose tax and VAT declarations.
  • Financial Analysis: Analyse the financial reports of Oskarshamnsvarvet and give (unsolicited) advice.
  • Departmental Support: Provide relevant support and data to other departments such as project management, procurement, operations, etc.
  • Knowledge Update: Keep up to date with new developments in the financial field.

4. Finance and Administration Manager Accountabilities

  • Budget Management: Manages CCI budget by planning, implementing, and preparing budget submissions, forecasts, and summaries, including annual budget and financial statements.
  • Budget Planning: Develops recommendations for overall budgeting and planning in conjunction with CCI Director, Director of Research Operations, and principal investigators, assesses alternatives and consequences, assesses impact of surpluses/deficits and reviews variances, ensures cost effectiveness of expenditures.
  • Advisory Role: Advises the CCI director and Director of Research Operations concerning major budget and administrative matters.
  • Financial Liaison: Works closely with the UBC Research Finance, Dean's office, research institutions, and foundations to ensure budget increases, transactions, and fiscal adjustments are accurately transacted.
  • Financial Authority: Authorizes expenses and financial transactions.
  • Financial Oversight: Oversees all financial transactions, ensuring compliance with university, research institutes, clinical trials sponsors, granting agencies, and foundation policies, budget and accounting constraints.
  • Fiscal Management: Works with investigators to determine over-expenditures and plan for reconciliation within acceptable timeframes.
  • Year-End Management: Manages the closing of year-end books for the program, reconciles, resolves discrepancies, and manages and prepares accruals.
  • Policy Guidance: Maintains ongoing awareness of University policies and practices and provides interpretation, advice, and guidance to CCI faculty and staff.
  • Contract Oversight: Oversees all contracts, ensures accurate and timely invoicing, and monitors successful completion of contracted deliverables.
  • Policy Development: Develops, implements, and maintains policies and procedures for acquisition, utilization, maintenance, and replacement of furniture and office equipment, and research support equipment.
  • Procurement Liaison: Liaises with the Buyer and the Procurement Partner on purchases of goods and services.
  • External Liaison: Liaises with internal and external units and organizations on behalf of CCI, including participation in various administrative committees and groups as appropriate.
  • Recruitment Management: Manages the recruitment process for M&P, technical, and admin support staff and oversees subsequent appointment, orientation, and training.
  • Personnel Oversight: Oversees processing of all personnel records including monitoring vacation and sick leave records.

5. Finance and Administration Manager Functions

  • Monthly Processing: Process accounts every month and contribute to monthly, quarterly, and annual closings.
  • Invoice Management: Record provider invoices and emit client invoices.
  • Financial Monitoring: Monitor accounting and banking operations (transactions, transfer orders, etc.).
  • Account Analysis: Analyze the accounts and fulfill group reporting.
  • Forecasting Support: Support the Business Unit in forecasting.
  • Cash Management: Follow up on cash management and vouchers processing.
  • Tool Implementation: Implement financial and reporting tools (Sage, Hyperion, BI tools...).
  • Administrative Follow-Up: Follow up on the administration folder of employees.
  • Forecast Development: Develop and maintain financial forecasting (cash flow, taxation) and reporting procedures.
  • Resource Management: Ensure adequate commercial and administrative support resources.
  • Project Delivery: Effectively deliver the project, e.g., site administration, payroll, and procurement.
  • Report Preparation: Prepare monthly financial reports.
  • Financial Administration: Manage the administration of internal/external financial transactions undertaken by the team, including payroll where applicable.
  • Record Maintenance: Control the maintenance of financial records for the project.
  • Performance Monitoring: Measure and monitor financial performance against the Project Objectives.
Relevant Information
What Does A Director of Finance And Administration Do?