The roles and responsibilities of a finance manager require a sincere commitment to detail and an inexhaustible need for new challenges. Each industry has its own laws and spending regulations, such as health care or local government, that finance managers must adhere to and, more importantly, hold each department of the business accountable for in order to maintain a fully functioning and federally compliant organization.
Finance managers are in charge of overseeing an employing company's operating expenses, which includes analyzing how spending is taking place through each of the company's departments to determine whether the company is on pace to meet its financial goals. Finance managers may allocate resources to each department and draw up plans for future departmental budgeting in an effort to maximize company finances for optimal performance. Budget managers also have final approval for all financial transactions for purchases occurring from outside the business.
Reporting of Financial Transactions
Finance managers compile spending reports for supervisors and the chief operating officer for budget review meetings. These meetings may include monthly budget updates, quarterly meetings and yearly reviews. They must also compile reports for review by government oversight agencies to determine the business' compliance with government spending regulations. These reports are particularly important as the finance manager must carefully compile them and avoid any error which could lead to sanctions or fines against her business, which could ultimately cost her her job.
Managing the Financial Team
Finance managers are generally in charge of overseeing a team of financial consultants who monitor spending reports, wages and expense accounts for different departments. These consultants report back to the finance manager so he may use the information to ensure no one is using departmental funds inappropriately and that all applicable laws are upheld. This information will be integral when the finance manager submits his annual report to government monitoring agencies.
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