What Does a Financial Accounting Manager Do?

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  • Written By: Whitney Leigh White
  • Edited By: C. Wilborn
  • Last Modified Date: 02 August 2017
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It is the job of the financial accounting manager to track and analyze a company's financial information, and to report on it to top-level management, as well as advising them on a number of different fiscal issues. This type of manager also usually supervises the recruitment of a corporation's investors. He or she will often be the administrator of all bookkeeping and budgeting accounts within an organization, while at the same time delegating certain accounting tasks to lower-level accountants. With so many job responsibilities, it only makes sense that a financial accounting manager usually works long hours, but unlike a certified public accountant (CPA), a financial accountant is usually only employed by one company; a CPA usually works for a number of different clients.

A financial accounting manager usually spends a large amount of time analyzing account statements and creating reports. These reports, which include charts, graphs, texts, and more, are regularly given to the manager's senior management team. In addition, this type of manager also typically advises senior management on different issues, including marketing, investment, human resource, and other company operational aspects. Most times, the manager's advisement will be in relation to cash flow sufficiency, asset quality, and the company's liability positions.

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Another major duty of a financial accounting manager is supervising the recruitment of his or her employer's investors. In order to do so, the manager may spend a significant amount of time developing forecast reports that show how much money should be spent on recruitment processes. The reports help top-level employees determine which external financing relationships should be gained or sustained, and which ones should be avoided.

Many times, a financial accounting manager is also responsible for delegating a number of accounting functions. He or she tends to hand over fund management activities to a lower-level employee, who then approves certain account transactions and prepares reports in addition to other duties. Depending on how large the manager's employer is, he or she may assign a different manager to each fund account that the company has.

Administering bookkeeping and budgeting accounts also consumes a large amount of time for a financial accounting manager. In addition to checking budgets for errors, the manager identifies areas in which his or her employer can cut expenses, which helps fuel profit levels. His or her bookkeeping responsibilities may be performed in both on paper and through computer software. Most companies will ask their financial accounting manager to keep both an electronic and hard copy back-up of all their financial records.

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ZipLine
Post 5

I'm studying business management and I think most people get confused about the difference between financial accounting and management accounting because they sound similar.

Financial accounting is about keeping external parties such as shareholders informed about how the business is doing. Management accounting is about keeping internal parties like management informed about how the business is doing. So a financial accounting manager keeps track of a business' finances and makes sure that the shareholders and investors are updated on it. He or she may advise shareholders about what decisions they ought to make.

literally45
Post 4

@SarahGen-- I think that a financial accounting manager has such variety of duties if it's a small company that can only afford to hire one or two people to take care of their financial accounts.

Large companies have more employees. So they may have analysts, advisors and managers, all of whom will take up part of the responsibility of managing accounts and advising their employees on financial matters.

And in smaller companies, even though the duty range may be greater, it's not extremely overwhelming because of the number of clients and investments occurring at any given time.

SarahGen
Post 3

That is an awful lot to do. How do financial account managers keep up with so many duties? It's good to know that some duties are allocated because I can't imagine anyone handling all of these simultaneously, not unless they work eighty hours a week or something.

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