What is a Finance Coordinator?
Finance coordinators are individuals who are responsible for maintaining the records of a business or other type of organization. As part of that maintenance, a finance coordinator is often involved in creating payment schedules for outstanding debts, arranging that schedule to allow the organization obtain interest and derive the most benefit possible from all assets. Depending on the structure of the organization, the finance coordinator may work directly with a chief financial officer, an executive director, or the director of the accounting department.
Many of the ancillary duties of the finance coordinator will depend on the type of organization where he or she works. For example, a finance coordinator who is employed with a non-profit association will often be involved in the planning and execution of fund-raising events. Working with others, such as an events planner, the coordinator will keep track of which expenditures are incurred throughout the project, track the payment of those expenses, and monitor the revenue that is generated from the project.
The work of the finance coordinator is very important to the fiscal well-being of any type of organization. With a business, the coordinator works with other financial staff to make sure the company realizes the highest possible return from any financial transaction. This includes assessing interest rates on company bank accounts, and planning the issue of payments so that the maximum amount of interest is generated from those accounts. At the same time, the coordinator will make sure payments to vendors are scheduled to go out in a timely manner so that no late fees are assessed. This process of balancing the return on bank accounts while also reducing back end fees and charges, when coordinated properly, can save a company a significant sum during the course of the operating year.
Non-profit organizations, such as associations and religious organizations, often rely on the efforts of the finance coordinator to manage limited resources to best advantage. Coordinators working with these types of organizations will likely be involved in the selection of suppliers or vendors, actively seeking to find the most cost-effective means of obtaining the products needed to operate the organization. In addition to fund-raising efforts, the coordinator may also be charged with the responsibility of making sure all members and associates are kept up to date on the financial status of the organization, including the current pace of income versus expenses.
Preparation for work as a finance coordinator usually includes formal studies in accounting. It is not unusual for successful coordinators to also have some educational background in business administration and financial planning. However, many organizations place a high premium on experience in successfully handling money, a fact that allows certain people with a talent for balancing budgets and managing money well to obtain positions of this type even if they do not hold educational degrees related to finance.
Non-profit organizations do rely on finance coordinators, but it is often the responsibility of the Executive Director to manage funds, including fundraising. If budget dictates, then a CFO or similar position is afforded. I think it is essential for a non profit to hire someone with that skill set if they hope to survive.
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