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What does a Financial Manager do?

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Talent.com talent.com
Answered November 26 2021
Career Expert at Talent.com
Financial Managers spend a great deal of their day-to-day analyzing financial data and presenting results in detailed reports. The work requires extreme attention to detail and focus, which comes easy to most people headed down this career path. They may also oversee colleagues in charge of documenting reports.    
Financial Managers are primarily responsible for minimizing losses and maximizing profit. Their goal is to keep a company in the black by regularly examining company finances and keeping an eye on the bottom line to ensure that operating costs never outweigh profit margin. While their day is typically spent combing through complex data, they also spend it mentoring and teaching those who don't have a handle on that part of their business. 
Financial Managers can find themselves educating their colleagues on best practices industry-wide. They spend a lot of time researching to provide unbiased advice about the state of everything financially in a company. It's not uncommon for Financial Managers to create easily digestible footnotes of a week's or month's worth of data for their higher-ups.  
Professionals in this field are goal-oriented, believe in setting future achievements, and create plans with easily measurable metrics. They are committed to seizing opportunities for financial expansion, knowing it can directly benefit both themselves and their company. 
Roles and responsibilities of a Financial Manager
Here's a non-exhaustive list of everyday tasks Executive Chefs are required to complete:    
  • Perform regular management duties, including handling financial data, documenting and submitting reports, analyzing trends, and evaluating the company's financial performance.  
  • Supervise the overall operations and development of all financial departments in a company.  
  • Review and create policies to regulate the financial operations within the company.  
  • Oversee the collection and analysis of financial data.  
  • Estimate costs and profits to foresee the achievement of established goals.  
  • Use mathematical and statistical models to foresee economic and financial trends.  
  • Conduct regular evaluations on all financial procedures to suggest and give advice on possible improvements.                     
  • Develop viable ways to maximize profits for the company.  
  • Liaise with Human Resources to recruit and train new staff members.  
  • Work alongside Lawyers during corporate acquisitions and mergers. 
  • Support both treasury management and cash flow forecasting.  
  • Prepare consolidated accounting closes throughout the year.  
  • Assist in tax compliance, transfer pricing analysis, cross-border tax items, and tax filings.  
  • Monitor trends that may affect the company's financial status and plan new strategies accordingly.  
  • Mediate between the company and its shareholders and other investors, always looking to benefit all parties involved.  
  • Oversee the documentation of financial forecasts and the status of the company.  
  • Draft and submit documents and legal reports to the Internal Revenue Service (IRS) and any other state-sanctioned regulatory body overseeing a company's financial operations. 
  • Analyze and articulate business trends for stakeholders.