A Financial Manager takes care of many of the most important financial functions of a business. The in-depth experience, timely advice and guidance provided by a Financial Manager from The Finance Team will help add ongoing value to your business.
A Part-time or Interim Financial Manager from The Finance Team will:
- Have the experience required to enable them to make clear and decisive decisions
- Assume a hands-on approach to risk management
- Understand operational performance and what contributes to better results
- Review performance measures and ensure that they are appropriate and timely
- Provide a good understanding of compliance requirements
- Understand organisation structure and human resources issues
- Manage the operational financial planning and produce reliable forecasts
- Provide an awareness of the benefits of appropriate tax planning
A Financial Manager’s four main functions are:
- Planning
- Define financial requirements against mandated goals and objectives; how annual and longer-term goals and objectives can be met through the use of financial resources, and translate these into specific financial commitments
- Assess these requirements in financial terms, determining what is achievable using available financial resources through costing all aspects of these requirements
- Provide a roadmap to support the budgeting process
- Budgeting
- Forecast estimates for the predicted use of financial resources against the budgeted financial resources during a given fiscal year or period
- Allocate funds to specific accounts in the chart of accounts
- Monitor the actual use of financial resources against the approved budget and identifying variances
- Adjust the approved budget under directives from appropriate management and/or in response to variances between planned and actual expenditures
- Report findings and action taken to the appropriate authorities
- Management & Control
- Comply with the legal and statutory framework of policies, business processes, procedures and standards pertaining to recording, classifying, monitoring, and reporting on use and disposition of financial resources
- Establish, maintain, and apply an institution-specific framework of policies, business processes, procedures and standards pertaining to recording, classifying, monitoring, and reporting on the use and disposition of financial resources
- Performance Measurement
- Produce financial reporting which is the recording and presentation of financial statements that show the organisation’s financial position, operating performance and cash flow over a period of time through the use of financial statements
- Create management reports on a regular basis that are relevant to decision-making processes, measuring performance against measures and targets (output and outcomes) established during finance management planning, against budget objectives, and/or against financial management performance standards used within industry
- Evaluating and analysing findings, and exploring options for corrective action.
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