What Does an Assistant Finance Manager Do?
An assistant finance manager plays an important role in maintaining the financial stability of a business. Essentially, these individuals analyze a company's financial situation and work on improvement strategies. Being successful at this job usually requires a person with excellent mathematical skills, an analytical mind and sound communication skills. To be employed, it typically requires a bachelor's degree in finance or a related field. Some common job duties of an assistant finance manager include checking financial reports, sharing findings with upper management, working with auditors, assisting with price changes and developing money saving plans.
Regularly checking financial reports is one of the most important parts of being an assistant finance manager. It's his responsibility to ensure that every report is accurate and all transactions are accounted for. For example, if he is working for a retail company, he might need to check the monthly sales numbers and all store expenses. This practice is necessary to prevent monetary losses and avoid legal complications. Consequently, an assistant finance manager should be detail-oriented and be able to pinpoint even minute mistakes.
As he discovers information from financial reports, the assistant finance manager will usually share those findings with upper management. This often involves holding meetings with a finance director or executives to discuss a company's financial situation. In the case of a retail company, he may talk about weekly and monthly revenue, financial discrepancies and possible ideas for maximizing revenue. To be effective, he should be able to work well with others and clearly demonstrate findings.
Another responsibility is working with auditors. To ensure that a company pays the correct amount of taxes and that its financial records are accurate, an assistant finance manager will usually need to collaborate with auditors. In addition, he may work with accountants during tax time to ensure that reports match up.
Along with this, he will sometimes provide assistance with price changes. This duty primarily happens at retail stores when a company alters the pricing on certain products. For example, a company might offer a store wide sale during the holiday season, putting numerous products on discount. Typically, this manager will lead employees throughout the process and make sure that each product has an appropriate price tag.
In addition, an assistant finance manager might also develop money saving plans. As he analyzes financial reports and company taxes, he will often devise strategies to increase revenue and minimize taxes. Being effective at this usually requires a person with a creative mindset and the ability to find possible tax credits.
Discuss this Article
Post your comments