The Importance of a Financial Accounting Manager
A financial accounting manager is one of the most important cogs in the entire financial machinery of an organization. He is the key person who is responsible for almost all the important financial functions are concerned.
Some of the Most Important Domains that he is Responsible for are:
- To maintain the financial reports of the organization and keep the concerned authorities informed about the flow of cash in short term as well as long term endeavors of the company.
- To direct the definitions as well as monitor the procedures, financial policies, as well as various financial controls within the organization and its subsidiaries
- Management of various investment plans of the company
- Insurance management
- To make sure that all the statutory requirements like tax are met and also planned out properly for the future.
- Management of the pensions of the employees
- Development as well as management of the various accounting systems
- Cooperation with the external bodies like external auditors, banks as well as various other financial institutions.
These are just a few of the responsibilities that a financial accounting manager has to take care of. Within an organization depending upon various factors there could be other responsibilities also that he might have to perform.
Some of the Key Attributes that are Expected from a Competent Financial Accounting Manager are:
- He should be a qualified accountant
- Have a very practical as well as a responsible approach
- Good communications and presentation skills
- A comprehensive experience of latest accounting softwares and accounting systems
- Should be able to handle external audits and be well versed with the preparation of all the statutory accounts
- He should be experienced enough to manage the daily transaction processes
- He should be knowledgeable about various budgetary control systems.
The position of a financial accounting manager is one of the most important ones in any organization. Apart from the skills as an accountant another important aspect that is very much desired from him are that he should be honest, have integrity as well as be somebody who can be trusted with the key matters of the organization. It is really important that the choice of the financial accounting manager is done very carefully as it can have a direct bearing on the performance of the company as well as its future plans.