What Does a Financial Manager Do?
A Financial Manager is responsible for the financial health of an organization. They evaluate the financial situation and develop plans and strategies to ensure the long-term success of the company. A financial manager must be able to understand and analyze financial information and make recommendations to management as to the course of action the company should take. Strong leadership skills are needed, as financial managers often oversee the operations of the whole finance department.
Financial managers need a strong understanding of accounting principles, financial statistics, and all statutory legislation and regulations. They must follow financial trends and patterns and adjust company strategies accordingly. Excellent interpersonal, communication, and presentation skills are requirements for this role. For someone moving into a financial manager role experience in banking, compliance, financial services, and/or accounting is extremely helpful.
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National Average Salary
Financial manager salaries vary by experience, industry, organization size, and geography. To explore salary ranges by local market, please visit our sister site zengig.com.
The average U.S. salary for a Financial Manager is:
$112,040
Financial Manager Job Descriptions
Example 1
The Finance Manager is an essential member of the reservations dedicated to providing exceptional quality and service to our guests.
We are looking for individuals who possess a high level of attention to detail and a strong work ethic. The ability to multitask and prioritize is also essential for this position.
- The Accounting Manager is responsible for assisting the Staff Accountant and Assistant Director of Finance in maintaining the general ledger and balance sheet reconciliations
- Additionally, the Accounting Manager is responsible for supervising other areas within the Finance Department under the direction of the Staff Accountant, including payroll, accounts payable, and general cashiering in accordance with all related local and corporate policies and procedures
- The Accounting office structure may vary and responsibilities will be adapted as required
- Maintain harmonious and professional relationship with all departments and Home Office
- Comply with and enforce Four Seasons’ Category One and Category Two Work Rules and Standards of Conduct as set forth in EmPact
- Support Assistant Director of Finance with maintaining the effectiveness of internal controls to safeguard the assets and resources of the hotel
- Actively support other department managers with matters dealing with labor standards, payroll, and other issues that may arise
- Assist and supervise the efforts, quality, and timeliness of all aspects of payroll, accounts payable, and general cashiering, or other areas as directed by the Assistant Director of Finance and Director of Finance. Support departments in this area
- Assist with the development of the Finance Department staff to aid the future growth of the company
- Understand and possess a working knowledge of the Accounting & Finance Manual
- Intermediate understanding of Month-End Process, including but not limited to preparation of financial statements, accruals and journal entries, maintain reconciliations for all balance sheet accounts in established corporate formats and in accordance with generally accepted accounting principals
- Ensure that income is properly recorded and an accurate and timely Daily Business Report is generated
- Have the ability to direct the efforts, quality, and timeliness of all aspects of the payroll, general ledger, accounts payable, and general cashiering.
Successful candidates will be a willing team player, comfortable with electronic systems, and willing to accept assignments on as need basis, in order to promote team work.
Preferred qualifications and skills
- Exceptional communication skills and command of English language
- Additional language preferred but not required
- Completion of Post-Secondary Education in Hospitality or related field
- Previous experience in Reservations and/or Front Office managing a high call volume
- Strong Customer Service, Multi-tasking, and Communication Skills
- Knowledge of Sun, iScala, and Opera Property Management System and ability to operate other various electronic systems.
- Service Passion for Luxury Hospitality
- Requires attention to detail and problem solving skills
Example 2
Lead annual, quarterly, and periodic cost planning and performance management processes. Provide strong business analytics and leadership to the Region/Market teams in delivering the full annual operating plan.
- Support regional cost objectives through strong business partnering and analytical insight
- Drive labor productivity agenda and holistic cost management
- Lead planning and forecasting responsibility for Go To Market (GTM) cost functions
- Function as strategic partner to the Sr. Director – Sales Support, and other key members of the division team
Key accountabilities
- Provide period/QBP forecasts for functional cost centers
- Collaborate with Sector Supply Chain Finance on planning/forecasting processes
- Track labor productivity and provide insights on performance, and partner with functional managers to address opportunities
- Support delivery of division’s productivity initiatives
- Provide leadership and support to achieve overall operating plan
- Lead waste reduction initiatives
- Develop and roll out forecasting, planning, and analytical tools
- Conduct variance analysis and location level support during the period close process
- Build financial and process literacy to the South Division functional teams
- Provide insightful analysis of business results to Senior Management and perform ad hoc analyses that lead to problem solving and business improving recommendations.
Qualifications and requirements
- BS Degree in Finance or Accounting. Advanced
- Minimum of 5-7 years of relevant experience
- 5+ years of combined Accounting/Finance/Financial Systems experience
- Ability to manage multiple priorities in a fast paced work environment
- Customer service oriented attitude and demonstrated leadership capability
- Advanced use of MS Office Suite, ability to quickly learn various in-house software applications
- Strong analytical and communication skills
- Ability to storyline and present to Senior Leadership
- Covid-19 vaccination may be a condition of employment dependent on role and location. For specific information, please discuss role requirements with the recruiter.
Example 3
Responsibilities
- Provide analysis of business trends and variance of financial results and key performance indicators across the assigned business unit
- Partner with business leader to ensure business unit meets/exceeds its targets and act as an integral member of the business unit team
- Become single point of contact within finance for the assigned business unit
- Develop metrics and reporting to be used to support the business and drive decisions
- Lead annual planning process and periodic projection updates for the Business unit
- Support the Accounting department during month and quarter end close to ensure financial data accuracy
- Maintain continuous process improvement and standardization within the functional area
- Conduct ad hoc analysis and special projects as needed
Requirements
- Bachelor’s degree in Finance, Accounting, Quantitative Analysis, or similar
- 5-10 years related experience in analysis, forecasting and/or accounting
- Ability to perform basic financial analyses, including variance and trend analysis
- Strong communication skills, including the ability to understand and explain business trends to Senior Management.
- Solid understanding of financial principles and their application in a business environment
- Self-starter, well organized, detail-oriented, and a highly collaborative team member
- Ability to balance multiple priorities simultaneously with the ability to adapt to the changing needs of the business while meeting deadlines
- Strong general proficiency in Microsoft Office suite of products, including excel modeling, pivot tables, variance analysis, and excel charts/graphs
- Strong database proficiency highly preferred (including both relational and multi-dimensional databases such as Essbase)
Sample Interview Questions
- Can you tell me about your financial management experience?
- What is the most complex financial project you have managed?
- If you were running a business, what would you prioritize in terms of financial goals and objectives?
- What steps do you take to stay on top of changes in financial regulations and standards?
- What are the methods you use to communicate financial results to stakeholders such as board members or investors?
- What is your approach to financial forecasting and budgeting?
- How do you manage cash flow and liquidity for your organization?
- Have you ever had to make a difficult financial decision?
- What methods do you use to assess and manage your organization’s financial risks?
- What is the best way to lead and develop a team of financial professionals?