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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.
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.