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Duties of the financial manager

What are the duties and responsibilities of a financial manager?

The CFO is defined as the chief executive responsible for managing the company's financial procedures. He is responsible for tracking cash flow, financial planning, identifying strengths and weaknesses, and proposing necessary improvements. The CFO reviews to the CEO of the company.
Duties of the financial manager
Duties of the financial manager

The average salary that the financial manager receives according to many factors such as: geographical location, experience, personal qualifications, rewards and benefits, privileges, and the average annual salary of the financial manager for the year 2019 ranges between 291-462 thousand dollars annually.

CFOs are financial experts who oversee a company's operations; As the functions of the financial manager are manifested in managing the company’s operations, starting from the financial statements to the reports and strategies concerned with planning for the future, and the following are the duties of the financial manager: Monitoring the financial statements: the financial manager supervises the company’s data and reports, and a specialized team of accountants usually collects the data and preparing reports.
  • Report analysis: The CFO oversees the process of analyzing financial reports in order to use this information in setting and evaluating objectives.
  • Verify that laws are followed: Financial managers work to ensure that laws and standards are followed.
  • Policy development: CFOs broaden enterprise guidelines in cooperation with specialists to make certain that the enterprise achieves its goals.
  • Cash flow management: The financial manager manages the cash flow to verify the company's ability to pay its financial obligations.
  • Achieving returns: The financial manager works with his team in financial analysis and planning, which helps in financial forecasting of future cash flow, such as: calculating the return on capital.
  • Oversight: One of the functions of the financial manager is to provide accurate historical financial information in a timely manner to shareholders, analysts and creditors in order to help them Make critical economic choices associated with the future.
  • Treasury duties: One of the duties of the financial manager is to supervise the capital structure, as they are aware of the financial effects when investing the company’s funds, such as: risks, liquidity.
  • Planning for the company's financial future: The CFO is responsible for economic forecasting and strategizing by identifying strengths and weaknesses.
  • Budgeting: The Finance Director oversees the preparation of the annual budget by monitoring developments, identifying organizational business needs, monitoring investments, and managing cash and debt.
  • Providing advisory services: The financial manager works to provide advice to other officials and stakeholders in order to provide them with effective solutions.
Accordingly, the economic supervisor is the individual liable for reviewing economic reviews and verifying accounts, and is likewise liable for the economic expectancies associated with the company’s business. The financial manager is responsible for increasing the company’s profits through data analysis and presentation of its results to managers.

What skills are needed to be a successful financial manager?

The tasks of the financial manager are among the most difficult tasks in professional jobs, as this requires the financial manager to obtain a bachelor’s and master’s degrees in one of the related disciplines, such as: business administration, economics, finance, but this does not stop when obtaining scientific certificates only, but there are many skills Necessary to be a successful financial manager, as there are many jobs that can be obtained, and here are some of the skills that a financial manager must have:
  • Effective communication skill: One of the skills of the financial manager that he must possess is the skill of effective communication, so that the financial manager can express and clarify his ideas in a simple way, whether verbal or written.
  • Comprehensive knowledge: Comprehensive knowledge of various aspects of business such as accounts, finance, auditing, taxes, planning, procurement, logistics, information technology, and insurance, is a comprehensive skill that enables the financial manager to provide solutions to all problems that can occur.
  • Accounting Proficiency: One of the basic skills every financial manager must possess is preparing, reading, and interpreting basic financial statements.
  • Dealing with others: It is one of the skills that enables its holder to realize the feelings of others and adapt to them, as the financial manager must be an outstanding leader.
  • Personal skills: In the business world, the financial manager must appear in a professional manner without exaggeration.
Accordingly, there are many skills that a financial manager must possess because the role he plays requires a high level of experience and skills.

What are the main challenges facing the financial manager?

There are many challenges facing the financial manager, where there are two main problems: determining the amount of income and allocating income, and accordingly there are many challenges facing the financial manager, which serve as challenges for him, and the following are the most important challenges facing the financial manager:
  • Laws and Regulations: Regulations are one of the challenges facing the CFO, especially in complex economic environments that require compliance with all regulations.
  • Globalization: One of the challenges faced by CFOs is globalization, which led to the opening of regions and cultures to each other, which led to the necessity of CFOs having global experience in order to expand business in new markets.
  • Risks: Due to the fluctuations that occur in business environments, the financial manager is exposed to risks, and therefore he must be able to deal with risks quickly to protect business assets.
  • Shareholder management: The role of the financial manager is not limited to controlling the financial situation, but rather it requires him to deal with shareholders and form good relations with investors, banks and financial experts.
  • Strategy: One of the challenges that a manager faces is formulating the strategies on which the business will be based, as he must identify and forecast financial activities.
  • Reporting: As reporting is no longer limited to financial goals only, but also includes social, environmental and economic goals.
Accordingly, the challenges faced by the financial manager are numerous, and he must possess the talent and ability in a world characterized by speed and the use of technology, and work to develop these skills according to the need for them, especially to deal with different cultures.
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