10 Attributes of a highly successful Finance Manager
All businesses have to manage their finances properly to ensure their longevity as a company, and this is where financial management plays a crucial role.
Running and managing finances are key to any company’s future growth, and the Finance Manager is the backbone of its finances. Finance jobs include the responsibility of overseeing the finances of major businesses, agencies and everything in between. Along with their teams, Finance Managers coordinate with their accounts staff and produce financial reports, cash-flow statements and profit predictions. To comply with various laws and regulations, they have to pay careful attention to detail.
Aside from working with numbers, Finance Managers must also help other members of their organization understand their complex reports, which require significant communication and financial skills. Finance Managers also handle international finance and the increasingly complicated world of financial instruments and securities. There are very specific abilities that a great Finance Manager needs. We have highlighted these below.
The 10 attributes of a highly successful Finance Manager:
1. Be honest, trustworthy and high in integrity
This is probably the most sought-after attribute in all financial sectors. Dishonesty can be detrimental to any company’s financial health and the Finance Manager’s reputation. The only way to change a company’s bad financial status is to be honest about it. There really is no reward in sugar-coating financial figures.
2. Be strategy-minded with the ability to understand all aspects of the business
Financial management encompasses all facets of a business. From payroll to cleaning, it all impacts the financial status of a company. So, it goes without saying that a great Finance Manager needs to have an understanding of everything happening inside of the company. It all costs money…
3. Be proactive
A good Finance Manager needs to be able to assess risks and take precautions before there is a negative impact on the company. You need to be proactive when making financial decisions, as leaving it too late or not responding will have no benefit to a business.
4. Be analytical
This attribute is more of a requirement than a desired attribute. Your job as a Finance Manager is to analyze figures. You have to be analytically-minded in order to be a success in the industry.
5. Be team oriented
As a Finance Manager, you will have to work with a group of other accountants in the finance department. Finance jobs of this nature require you to collate and analyze all of their work. It is therefore essential that you are able to work as part of a team and have great interpersonal skills.
6. Communicate well
A good Finance Manager should be able to communicate well on all levels. You need to be able to communicate relevant and timely financial and management information effectively. A Finance Manager’s job is to analyse KPI’s, charts and graphs. The findings should be communicated clearly and efficiently to other members of the organization.
7. Effectively coach and mentor
Financial management requires you to be able to coach others to streamline business processes. Proper coaching techniques will increase effectiveness, broaden the employees’ thinking, identify strengths and development needs, and achieve challenging goals.
8. Be a decision-maker
Finance Managers need to be able to make important financial decisions in order for the company to respond well to competitive challenges, new projects, financial setbacks, and shareholder demands. Shareholder value is of utmost importance as this where companies generate most of its capital from.
9. Thoroughly understand GAAP and corporate taxes
GAAP stands for “Generally Accepted Accounting Principles” and encompasses all accounting principles, standards and practices that need to be adhered to in order to produce relevant financial documents. A Finance Manager’s understanding of these practices will ultimately affect the compiling of financial reports.
10. Be a strong, multi-disciplined financial generalist
A great Finance Manager needs to be technical enough in all aspects of finance to work well with outside specialists and spot problems or opportunities. They need to have knowledge of everything concerning finances, from mergers and acquisitions to employee benefits and risk management.
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If you are looking at getting into Financial Management, then you should consider specialising. Finance Managers with specialised backgrounds (especially in accounting and finance) will have the easiest time landing a good job.