WHAT DOES A FINANCE COORDINATOR DO?
Published: Mar 14, 2025 - The Financial Coordinator oversees projects and financial assessments, supports sales departments, and reviews monthly financial closures. Manages organizational cash flow by securing necessary documentation, analyzes trends to offer strategic recommendations. Assists in purchasing, invoicing, and accounts payable processes for BPDA, ensuring thorough coordination and documentation throughout the budgeting and reporting phases.
A Review of Professional Skills and Functions for Finance Coordinator
1. Finance Coordinator Duties
- Invoice Processing: Assuring invoices are received and processed in a timely manner
- Receipt Assistance: Assist departments in receipting for goods and services received
- Payment Monitoring: Monitor payments for recurring annual and monthly commitments
- Purchase Review: Review open-purchase orders and follow up
- Issue Resolution: Resolve pending issues with vendors and departments
- Invoice Creation: Work with the Accounting department to create invoices and vouchers for Non-Tax Levy and related entities
- Year-end Support: Assist with year-end closing and generate receipts for departments
- Expense Management: Acts as the Travel and Expense Administrator for CUNY SPS
- Audit Conducting: Conduct audits for travel and personal expense reimbursements for faculty and staff
- Travel Processing: Created travel authorizations and expense reports for employees
- Transaction Reconciliation: Reconcile procurement (P-card) and travel (T-card) credit card transactions
- Data Analysis: Create and analyze various queries in CUNYfirst pertinent to financial and operational activities
- Form Assistance: Assist employees with filling out CUNYfirst security access forms related to purchasing, accounts payable and travel and expense
- CRM Specialization: Designated Customer Relations Management (CRM) specialist for all business office operations
- Training Facilitation: Facilitate instructional training for faculty and staff on CUNYfirst processes
- Customer Service: Provide exceptional customer service
2. Finance Coordinator Details
- Inventory Audit: Audit other physical inventory items outside Finance custody on a regular basis.
- Asset Management: Maintain up-to-date record of assets and its depreciation in IRC accounting systems
- Program Coordination: Coordinate Matching Grant direct financial assistance and case file reviews to ensure clients’ benefit and program compliance and enforce Matching Grant donor requirements with employment and resettlement teams
- Funds Issuance: Issue funds to Prepaid (Bank of America) card for client’s cash assistance upon request.
- Donor Management: Assist with donor billing and sub-award financial management
- Document Filing: Responsible for filing and maintaining related financial documents
- Compliance Assistance: Assist with fiscal compliance by adhering to donor requirements as well as internal control by providing guidance to staff to ensure fiscal requirements are met and rules and regulations are observed.
- Audit Support: Support month-end close, audit preparation and fiscal year-end close.
- Backup Management: Serve as backup to Finance Manager and/or other designated Finance staff.
- Policy Adherence: Follow all IRC policies, procedures, and protocols, including adherence to the IRC Way and Child Safeguarding.
- Team Participation: Participate in all program meetings, staff development activities, and fully engage as a member of the IRC team.
3. Finance Coordinator Responsibilities
- Payment Verification: Review and verify IRC Phoenix payment requests and liquidation vouchers, including client direct assistance, program expenses, and all other office expenses.
- AP Processing: Process AP transactions using IRC accounting systems to issue physical checks and ACH payments.
- Disbursement Coordination: Coordinate with staff and vendors on physical check disbursement and issuance of ACH bank remittances as well as follow up on outstanding checks.
- Account Management: Responsible for IRC Phoenix bank accounts.
- Signer Maintenance: Maintain up-to-date authorized signers for IRC bank accounts.
- Banking Operations: Conduct weekly bank deposits, monthly bank reconciliation, and update cash accounts in IRC accounting systems.
- Banking Liaison: Being the point of contact for banking activities and related banking issues.
- Inventory Administration: Administer IRC Phoenix inventory and asset accounts.
- Custodianship: Serve as the custodian of inventory items under Finance custody and physical tracking of gift cards, bus passes, and QT gas cards.
- Inventory Reconciliation: Reconciled inventory accounts in IRC accounting systems against physical inventory items and monthly inventory liquidation reports.
4. Finance Coordinator Accountabilities
- Check Processing: Process weekly Accounts Payable check runs, verify accuracy of invoices/checks, submit to Fiscal Analyst for approval.
- General Ledger Posting: Post A/P transactions weekly to General Ledger and reconcile A/P detail to General Ledger every month.
- Record Maintenance: Maintain and update invoice files, vendor listings, purchase order reports and check registers.
- Vendor Management: Maintain complete Vendor/ Contract files for all BPDA entities.
- System Improvement: Support the improvement of the BPDA Electronic Requisition/Purchase Order System and communicate with staff and vendors regarding purchase order and invoice inquiries.
- Code Assignment: Assign project/funding source and general ledger account codes to approved BPDA purchase requisitions/contracts in the Financial Edge system.
- Data Input: Input high volume and time-sensitive requisitions and purchase order coding into Financial Edge to meet established management deadlines.
- Budget Management: Assist in the management and organization of budget data and use various financial data sets to establish forecasting and projection models.
- System Coordination: Support coordination of efforts to improve systems and promote innovative changes in the use of technology and communication tools for financial management systems across the Agency.
- Control Implementation: Assist and support the implementation of financial controls in areas including but not exclusively, invoice processing, capital budget reporting, coordinating budget activities and operating budget reporting.
- Journal Entry: Book journal entries, reconcile accounts and generate reports.
- Budget Reporting: Prepare and improve upon Budget reports and activities.
- Variance Monitoring: Monitor variances and collaborate with the Budget and Finance team to ensure the integrity of reports.
5. Finance Coordinator Functions
- Project Leadership: Leading projects and financial evaluations.
- Sales Support: Supporting the sales departments.
- Financial Review: Review the month-end closing and financial report.
- Cash Flow Management: Drive strong organizational cash flow by obtaining documentation.
- Trend Analysis: Analyze trends and provide recommendations.
- Data Analysis: Analyzing data and preparing a financial analysis of different operations of the company.
- Performance Reporting: Provide reports measuring key performance indicators to be used in monthly review meetings.
- Ad Hoc Reporting: Complete ad hoc reporting for various users within the company, including the sales team, production team, and management.
- Purchasing Assistance: Assist in all aspects of the purchasing and invoicing process for the entire BPDA.
- Accounts Payable Processing: Assist in the processing of Accounts Payable for all BPDA entities.
- Budget Coordination: Coordinating and documenting the budget development process.
- Budget Maintenance: Maintaining budget reports and supporting variance analysis projects.
- Data Entry Support: Support the Accounting team with data entry and reconciliations.
- Communication Support: Support communication, assist in document management, and support transactional work.
- Project Support: Responsible for supporting the Budget Director, the Fiscal Analyst, and Controller in ad hoc projects.