How to study the prestigious profession of a financial manager and get help in finding a job
During the crisis, the competition between entrepreneurs reaches a new level. Now companies cannot do without a specialist who will analyze finances, figure out how to increase profits, and build management accounting so that regulators cannot find fault. This is exactly what the finance manager does.
We will tell you what is the essence of this profession, and why it is worth mastering for those who want to earn a lot in the financial sector.
What does a financial manager do
The financial manager is responsible for the management reporting of the company. He analyzes the financial situation in the business, identifies risks, evaluates the value of the company, monitors investments and cash flows.
Financial managers need to thoroughly understand the types of reporting, have strategic thinking and a critical mind. Analytical skills and mindfulness are their strengths. This is what a specialist most often does when he comes to a company:
Does an audit. The manager must first figure out how the accounting is now arranged in the company, who and how does it. It may turn out that there are errors or outright manipulations in financial reports, or some types of accounting are not kept at all.
Describes and configures future accounting. It is necessary to draw up a financial model of the company, understand where there are gaps with financial control and how to solve them. For example, change the procedure for calculating the cost price or adjust the job descriptions of an accountant.
Manages accounting. The financial manager is responsible for maintaining the correct reporting. His most important KPI is a set of management reporting and a policy brief on the desk of the boss.
Analyzes data. Collecting indicators for reporting is only a stage of work. This data needs to be analyzed: find growth points, understand how to improve processes, raise profits or stop their decline. Based on analytics, the manager helps the management make important management decisions.
Translates from the language of numbers into the language of the entrepreneur. The manager understands both financial performance and business objectives. It helps management understand what the reporting data means and what to do about it.
Evaluates projects from a financial point of view. Helps to determine the value of the company for transactions, analyzes investment projects, calculates payback and helps to implement IT solutions in management processes.