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The top five responsibilities of a financial manager. Are you delegating the right tasks?

by , 22 April 2015
Your financial manager, like it or not, is one of the key employees in your company and you have a thousand extra reasons why you shouldn't give this person more tasks and resposibilities he or she can handle.

So keep in mind that your financial manager is responsible for your company's financial affairs. This includes everything that affects the financial function i.e. legislation, compliance etc. So he brings the finance function together.

Let's look at the top five activities or responsibilities of your financial manager:

He has to deal with the financial systems management (1), the financial planning and reporting (2), financial advice and direction (3), sound financial management (4) and leadership (5).

1. Financial systems management

• Establish and maintain mechanisms for budgeting, financial controls, accounting, costing, reporting, treasury and funding; and
• Establish and maintain a management information system.

2. Financial planning and reporting

• Prepare and revise departmental budgets against the business plans;
• Compile monthly, quarterly and annual accounts and annual financial statements;
• Provide accurate financial (including budget and variance) reports and schedules as required; and
• Prepare and assist for annual financial audit and ensure all queries are resolved and dealt with.

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3. Financial advice and direction

• Provide financial inputs into the preparation of business plans;
• Provide advice on tax-related issues; and
• Provide key financial inputs into project  decisions.

4. Sound financial management

• Verify receipts and payments;
• Verify supplier's claims and reconcile supplier statements to effect payment;
• Ensure all taxation matters are in order;
• Ensure compliance of all policies, procedures and systems with legislative, shareholder and statutory requirements (including PFMA, treasury regulations and corporate governance) and advise accordingly;
• Monitor adherence to financial systems and processes; and
• Plan, direct and manage the activities of the department to ensure efficient discharge of
accounting obligations in line with IFRS and legislation.

5. Leadership

• Manage the section within time and budget;
• Plan, select, develop and maintain suitable manpower capabilities for the function;
• Develop, lead and maintain a motivated and high performance team;
• Identify and timeously address functional related problems and opportunities;
• Build and maintain relationships with stakeholders;
• Provide technical direction; and
• Ensure compliance with relevant legal and statutory requirements and internationally accepted environmental, health, safety and quality standards.

So don't give your financial manager more than he can handle. Your business WILL suffer if you do.

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