WHAT DOES A FINANCIAL MANAGER DO?

Published: Mar 18, 2025 - The Financial Manager assists with robust monthly forecasting and strategic business planning over three to five years, ensuring precise and forward-looking financial guidance. Provides oversight for all finance operations, enhancing efficiency within the department, and managing stakeholder relations through effective joint-venture reporting. Actively engages in financial management, ensures compliance with regulatory standards, and delivers insightful financial reports to facilitate strategic decision-making.

A Review of Professional Skills and Functions for Financial Manager

1. Financial Manager Duties

  • Forecasting: Assist with accurate and robust monthly forecasting and preparation of the three/five-year business plans.
  • Oversight: Provide oversight for the finance function and ensure the efficient running of the department.
  • Reporting: Perform joint-venture reporting and manage stakeholders.
  • Surveying: Participate in surveying/valuation meetings and provide the appropriate level of challenge.
  • Financial Management: Assist as required with financial management and reporting.
  • Payroll: Support payment and payroll processing to ensure an accurate and timely service.
  • Cash Management: Ensure adherence to the Group Accounts Manual regarding cash management, operating and controlling all activities within the cash budgets.
  • Reporting: Assist with appropriate reporting to the MD and Board in line with the standard format and schedule, including assisting with the preparation of the Finance Board reports and presentations.
  • Project Management: Complete ad hoc divisional and out-of-department projects.
  • Team Management: Manage the team of finance professionals who are valued business partners and contribute meaningfully to the team and bank strategy.
  • Insights: Deliver accurate and timely financial insights from monthly management & board reporting, ad-hoc reporting, budgeting, forecasting, and stress testing to enable a clear vision of Hume Bank's position and financial outlook.
  • Relationship Management: Build and maintain strong working relationships with all internal and external stakeholders and serve as a trusted business advisor who proactively engages around financial and strategic activities.
  • Compliance: Protect Hume Bank and its customers by ensuring that regulatory, taxation compliance, and statutory reporting obligations are met within required timeframes and with accuracy.
  • Risk Management: Ensure Hume Bank's financial risk management policies, controls, limits, and strategies comply with applicable regulations, standards, rating agency standards (S&P), and strategic imperatives.
  • Efficiency Management: Oversee and drive efficiency and effectiveness in reporting and processes to meet the needs of the business.

2. Financial Manager Details

  • Control Framework: Strengthen the Internal Control Framework.
  • Accounting Modifications: Review, make recommendations, and implement modifications to the accounting structure, procedures, and policies.
  • Budget Preparation: Prepare the annual budgets and forecasts.
  • Financial Analysis: Analyze and interpret financial information to support various departments in decision-making.
  • Process Improvement: Develop and implement business process improvements.
  • Audit Leadership: Lead the audit process with an external auditor.
  • Team Leadership: Lead, develop, and coach the Finance team.
  • Relationship Management: Manage strong working relationships with external parties like insurance companies, auditors, banks, tax consultants, customers, and suppliers.
  • Strategic Partnership: Partner with the heads of departments as well as regional and functional teams to increase sales and gross margin and reduce costs.
  • Financial Transparency: Ensure that they receive transparent, compliant, and accurate financial information to help them drive respective business.
  • Financial Coaching: Coach and manage one Financial Analyst.
  • Ad-hoc Support: Provide support for ad-hoc analysis including the creation of financial models where needed to drive success.
  • Budget Support: Support and guide the process relating to the preparation of the annual budget and periodic forecast.
  • Improvement Identification: Identify and drive process improvements, including the creation of standard and ad-hoc reports, tools, and dashboards.
  • Reporting: Provide weekly reports and forecasts to the company’s private equity backers.

3. Financial Manager Responsibilities

  • Account Analysis: Analyze and review monthly management accounts.
  • Cash Management: Manage monthly cash flow forecast and annual audit.
  • Tax Management: Manage annual Income Tax submission by auditors.
  • Coordination: Coordinate secretarial requirements with auditors.
  • Reporting Oversight: Oversee quarterly reporting to Jobs Fund.
  • Credit Oversight: Oversee credit control function.
  • Process Oversight: Oversee and continuously assess all finance processes.
  • Controls Oversight: Oversee internal controls at all locations.
  • Costing Oversight: Oversee ABC principles and project costing allocations.
  • Loan Oversight: Oversee loan recoverability Jobs Fund.
  • VAT Approval: Approve VAT submissions and sign off on all H/O costs.
  • Procurement Management: Manage procurement function.
  • Budget Management: Manage budget process and reporting versus actuals.
  • Cash Optimization: Optimize cash flow and interest income.
  • Cash Reconciliation: Reconcile cash flow per business unit.
  • Relationship Management: Manage relationships with financial institutions.

4. Financial Manager Accountabilities

  • Financial Analysis: Drive financial analysis to support business partners in budgeting, forecasting, and reporting.
  • Strategy Development: Demonstrate experience in developing growth strategies, working with various departments on budgeting and forecasting.
  • Model Preparation: Prepare financial models and scenario analyses to support decision-making on customers, merchants, and pricing.
  • Market Analysis: Identify key market trends, changing customer requirements, and competitor activity, and make recommendations.
  • Business Case Development: Work with business leaders to develop robust business cases and profitability assessments and to manage expenses to annual budget and quarterly forecast commitments.
  • Report Automation: Develop, automate, and produce management reports, and support the FP&A team with insights into weekly and monthly reporting.
  • Best Practices: Partner with the broader finance team to ensure best-practice reporting and analysis processes are in place.
  • Financial Management: Manage the company's financial accounting, monitoring, and reporting systems.
  • Report Production: Produce financial reports related to budgets, accounts payable, accounts receivable, expenses, etc., and develop long-term business plans based on these reports.
  • Activity Monitoring: Monitor and track business activity against milestones, including managing dependencies across related projects.
  • Project Support: Support project analysis, validation of plans, and ad-hoc requests.
  • Data Analysis: Participate in strategic data analysis, research, and modeling for senior company leadership.
  • Operations Monitoring: Monitor the day-to-day financial operations within the company (payroll, invoicing, and other transactions).
  • Stakeholder Reporting: Report to management and stakeholders, and provide advice on how the company and future business decisions might be impacted.
  • External Interaction: Interact where applicable with the company’s external contacts – Accountant, Tax Advisors, Auditors, and Banks, etc.

5. Financial Manager Functions

  • Analytical Recruitment: Deadline-driven, detail-oriented individual with strong analytical ability required to join a leading manufacturer.
  • Management Support: Prepare and interpret management information to support management in achieving business objectives.
  • Financial Security: Perform a series of tasks to ensure the company's financial security.
  • Financial Management: Handle all financial matters, thus helping to drive the business's overall management and strategy.
  • Deadline Management: Ensure that all monthly deadlines are met.
  • Planning and Reporting: Engage in monthly planning and daily reporting.
  • Financial Reporting: Prepare monthly management packs and head office reporting, including balance sheets and cash flow statements.
  • Variance Analysis: Analyze and investigate anomalies and variances to budget and prior year figures.
  • Process Review: Review business processes, develop solutions, and make recommendations to management.
  • Capital Justification: Prepare capital expenditure justifications for projects.
  • Budget Coordination: Coordinate and prepare divisional and group budgets and forecasts.