How Financial Managers stay on track

Time tracking for your processes
Financial Managers hourly rate: $64,51

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Annual savings

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What is the job of the Financial Managers

Plan, direct, or coordinate accounting, investing, banking, insurance, securities, and other financial activities of a branch, office, or department of an establishment.

Key tasks of the Financial Managers

  • Establish and maintain relationships with individual or business customers or provide assistance with problems these customers may encounter.

  • Plan, direct, or coordinate the activities of workers in branches, offices, or departments of establishments, such as branch banks, brokerage firms, risk and insurance departments, or credit departments.
  • Recruit staff members.
  • Prepare operational or risk reports for management analysis.
  • Evaluate data pertaining to costs to plan budgets.
  • Oversee training programs.
  • Evaluate needs for procurement of funds and investment of surpluses and make appropriate recommendations.
  • Delegate authority for the receipt, disbursement, banking, protection, and custody of funds, securities, and financial instruments.
  • Develop and maintain relationships with banking, insurance, and external accounting personnel to facilitate financial activities.
  • Monitor financial activities and details, such as cash flow and reserve levels, to ensure that all legal and regulatory requirements are met.
  • Receive, record, and authorize requests for disbursements in accordance with company policies and procedures.
  • Develop internal control policies, guidelines, and procedures for activities, such as budget administration, cash and credit management, and accounting.
  • Coordinate and direct the financial planning, budgeting, procurement, or investment activities of all or part of an organization.
  • Receive cash and checks and make deposits.
  • Prepare or direct preparation of financial statements, business activity reports, financial position forecasts, annual budgets, or reports required by regulatory agencies.
  • Monitor and evaluate the performance of accounting and other financial staff, recommending and implementing personnel actions, such as promotions and dismissals.
  • Analyze the financial details of past, present, and expected operations to identify development opportunities and areas where improvement is needed.
  • Conduct or coordinate audits of company accounts and financial transactions to ensure compliance with state and federal requirements and statutes.
  • Advise management on short-term and long-term financial objectives, policies, and actions.
  • Maintain current knowledge of organizational policies and procedures, federal and state policies and directives, and current accounting standards.
  • Provide direction and assistance to other organizational units regarding accounting and budgeting policies and procedures and efficient control and utilization of financial resources.
  • Lead staff training and development in budgeting and financial management areas.
  • Manage investment funds to maximize return on client investments.
  • Select specific investments or investment mixes for purchase by an investment fund.
  • Monitor financial or operational performance of individual investments to ensure portfolios meet risk goals.
  • Select or direct the execution of trades.
  • Develop or implement fund investment policies or strategies.
  • Perform or evaluate research, such as detailed company or industry analyses, to inform financial forecasting, decision making, or valuation.
  • Present investment information, such as product risks, fees, or fund performance statistics.
  • Develop, implement, or monitor security valuation policies.
  • Meet with investors to determine investment goals or to discuss investment strategies.
  • Attend investment briefings or consult financial media to stay abreast of relevant investment markets.
  • Prepare for and respond to regulatory inquiries.
  • Evaluate the potential of new product developments or market opportunities, according to factors such as business plans, technologies, or market potential.
  • Hire or evaluate staff.
  • Monitor regulatory or tax law changes to ensure fund compliance or to capitalize on development opportunities.
  • Develop or direct development of offering documents or marketing materials.

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What other tasks a Financial Managers may have

  • Examine, evaluate, or process loan applications.

  • Approve, reject, or coordinate the approval or rejection of lines of credit or commercial, real estate, or personal loans.
  • Oversee the flow of cash or financial instruments.
  • Prepare financial or regulatory reports required by laws, regulations, or boards of directors.
  • Develop or analyze information to assess the current or future financial status of firms.
  • Communicate with stockholders or other investors to provide information or to raise capital.
  • Evaluate financial reporting systems, accounting or collection procedures, or investment activities and make recommendations for changes to procedures, operating systems, budgets, or other financial control functions.
  • Analyze and classify risks and investments to determine their potential impacts on companies.
  • Network within communities to find and attract new business.
  • Review collection reports to determine the status of collections and the amounts of outstanding balances.
  • Establish procedures for custody or control of assets, records, loan collateral, or securities to ensure safekeeping.
  • Plan, direct, and coordinate risk and insurance programs of establishments to control risks and losses.
  • Review reports of securities transactions or price lists to analyze market conditions.
  • Direct insurance negotiations, select insurance brokers or carriers, and place insurance.
  • Submit delinquent accounts to attorneys or outside agencies for collection.
  • Prepare and file annual tax returns or prepare financial information so that outside accountants can complete tax returns.
  • Supervise employees performing financial reporting, accounting, billing, collections, payroll, and budgeting duties.
  • Perform tax planning work.
  • Compute, withhold, and account for all payroll deductions.
  • Handle all aspects of employee insurance, benefits, and casualty programs, including monitoring changes in health insurance regulations and creating budgets for benefits and worker’s compensation.
  • Determine depreciation rates to apply to capitalized items and advise management on actions regarding the purchase, lease, or disposal of such items.
  • Analyze acquisitions to ensure conformance with strategic goals or regulatory requirements.
  • Verify regulatory compliance of transaction reporting.
  • Review offering documents or marketing materials to ensure regulatory compliance.
  • Identify group or individual target investors for a specific fund.
  • Direct activities of accounting or operations departments.

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Top reasons to use time tracking for Financial Managers

Organize your paperwork and comply with legal requirements

Use Monitask for complete control over your employees' working hours and get information about the hours worked in the form of convenient reports.
Demonstrating the total number of hours spent each year helps support your business and increases transparency with your customers.

Receive more grants and investments

Proper time calculations will ensure that you have supporting documents and data to show when you apply for investments or search for new strategic partners.

Save on payroll and identify bottlenecks

Review daily timesheets and productivity scores to identify bottlenecks and ways to improve your operations quickly.
Implementing the correct time-tracking solution always results in reduced payroll costs for part-time and full-time employees, and companies can get more things done for each dollar they invest in their recruitment efforts.

Improve staffing and scheduling

Scheduling takes the guesswork out of the project's management.
By reviewing scheduling reports, managers can quickly identify efforts and estimated the workforce needed to complete the projects on time.

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