Financial manager (Financieel manager)
Information on this skill...
A financial manager is responsible for various activities related to managing and analyzing financial data including payroll, depending on the specific job description of the financial manager. A financial manager usually receives support from one or more payroll administrators and other types of financial employees who are responsible for the complete financial administration of the organization in question. A financial administration can best be seen as the accounting of an organization. The most important activities of a financial manager in short come down to drawing up reports, determining budgets, taking care of the monthly and annual closings, taking care of tax returns, carrying out risk management, carrying out forecasting and managing all financial employees. In most cases, cash management is also one of the tasks of the financial manager. The position of financial manager generally only occurs within medium to large organizations and companies, which have to deal with a lot of financial administration. The substantive activities of a financial manager can differ per organization, but in all cases have to do with finances. A financial manager is responsible for the overall business administration of the organization. It is the responsibility of the financial manager to know exactly where the money comes from, where the money is going and why this is the case. Reliability is an important word as a financial manager, because reports and data must be correct. Without accurate reports and data, the financial position of the organization will not be displayed correctly, which can cause serious problems.
As a financial manager, you generally belong to the upper management level of the organization and you will have to deal with various internal employees. Think of accountants, controllers, auditors, payroll administrators and the investment manager. In addition, you will regularly consult with the management. You will also regularly have to deal with external account managers and accountants. Financial managers are indispensable within larger organizations, because it is the financial managers who have knowledge of business performance. In other words, the financial manager can indicate exactly what the turnover has been and where possible points for improvement should be implemented. In most cases, the financial manager is not solely responsible for keeping the financial records. Other activities that may belong to the financial manager can be, for example, making investment proposals together with the possible investment manager. The substantive work of a financial manager therefore goes beyond just keeping track of the financial results of the company. The core task of a financial manager is the financial administration.
CASH MANAGEMENT
Cash management is a broad description of all activities related to the optimization of financial flows between the organization, the bank and other parties that enter into the organization. In short, cash management comes down to optimizing the organization's cash flows. Just as it is important within logistics companies that goods are transported at the right time, it is important for companies that the cash flows are moved at the right time. Think, for example, of minimizing the costs of moving cash flows, optimally minimizing interest costs or, on the contrary, maximizing interest income.
VARIOUS TASKS OF A FINANCIAL MANAGER:
- Managing and supervising employees;
- Informing and consulting with the management;
- Drawing up monthly and annual accounts;
- Consultation with other parties such as banks and suppliers;
- Setting budgets;
- Taking care of the financial administration;
- Taking care of tax returns;
- Monitoring set objectives.
WHAT DOES A FINANCIAL MANAGER DO:
TRAINING TO BECOME A FINANCIAL MANAGER
There are various suitable training opportunities to become a financial manager, such as the Hbo programme in Business Economics or the HBO programme SPD Business Administration, which will take about four years depending on the previous education. Depending on the organization, as a financial manager, a university study can also be expected in the financial direction. For more information, see the spd interest group website. Accounting is also important as a financial manager. In addition, there are also plenty of external training institutes where you can follow a course. Accounting is also important as an entrepreneur.
COMPANIES WHERE A FINANCIAL MANAGER CAN BE EMPLOYED
As a financial manager, you can work for different companies and organizations in different industries. In general, this concerns medium to large companies and organizations, which can operate internationally. Think, for example, of large small businesses, manufacturers, hotel chains, financial institutions and large car dealers. The position of financial manager actually only occurs within the larger organizations. Within smaller organizations, there is more of a term headed for financial administration.
COMPETENCES FINANCIAL MANAGER
As a financial manager, you will have to have many different competencies. The most important competencies are perhaps a good analytical ability and general management skills. Because in most cases you will work together with different colleagues, the management and external organizations, you must have good communication skills. In addition, a financial manager must be able to be regarded as a mathematician, econometrician and statistician. Other important competencies are decisiveness, motivation, leadership qualities, precision, reliability, performance orientation, flexibility, cooperation, sense of responsibility, knowledge and stress resistance. Obviously, a financial manager also has to deal with fixed professional competencies, because the organization can also be supervised by various supervisory authorities.
LABOUR MARKET PERSPECTIVE AND CAREER OPPORTUNITIES AS A FINANCIAL MANAGER
Getting a job as a financial manager will not be a problem in most cases if you have the right training. When we speak of the profession of financial manager, work experience can be important for employers. There is also a difference between an HBO financial manager and a W.o. financial manager. For the profession of financial manager, one expects a university degree relatively often. A career opportunity as a financial manager can be the position of Chief financial officer (CFO). If you have a university degree, obtaining a PhD can also be regarded as growing within your career.
TERMS OF EMPLOYMENT AND SALARY FINANCIAL MANAGER
There are no examples of the terms of employment, because as a financial manager you can work for various types of companies, organizations and institutions with different collective agreements. A financial manager will typically earn a salary between 4,000 and 5500 gross per month depending on age, education and further responsibilities.
The content on this page has been automatically translated from the Dutch language. For this reason, texts and videos on this page may contain small errors.
Lesen Sie diese Informationen auf Finanzmanager auf Deutsch.
Lea esta información sobre Gerente financiero en español.
Lees deze informatie over Financieel manager in het Nederlands.
Mijnzzp.nl