Financial Coordinator Responsibilities

Financial coordinator is a professional who helps in executing the general administrative and clerical duties. Financial coordinator responsibilities comprise maintaining the financial records, balancing the books, identifying the discrepancies, providing resolution, generating reports,etc., by following the instructions given by the senior personnel. Thus, his responsibilities are mostly of administrative and supportive type that would help in the achievement of the goals and objectives designed by the organization.

Key Responsibilities of a Financial Coordinator

Financial coordinators are primarily responsible for executing their daily financial activities that are in compliance with the company standards. They are responsible for working under the guidance of a manager. They study, analyze, and research the market trends, and help in developing strategies that assist in accomplishing the financial objectives of the company. To get a more clear idea on what exactly are the responsibilities that need to be handled by a financial coordinator, here is a detailed description of duties for your reference:

• To gather and collect all the financial data and information, to verify whether it has been accurately entered in the system, to monitor and retrieve the financial details whenever there is a need, etc.
• To review and post account payable ledger entries, manage and process invoices, to prepare and review account receivable, and other balance reconciliation
• To assist in tracking the journal entries by reviewing the source documentation and making relevant adjustments, assisting in the preparation of audit requirements, supporting in the preparation of statistical reports and to make sure that they are standardized
• To provide support in budget preparation and drafting of relevant documents, perform miscellaneous filing, ad hoc reconciliation, etc.
• To ensure timely completion of the assigned accounting tasks that are in accordance with the outlined policies and procedures
• To be present at various meetings, to address the issues, provide appropriate guidelines for improvising the process, and to identify opportunities for enhancement
• He is responsible for making accurate entries in the accounting system to maintain an accurate filing system by processing the checks, expense reports, and reconciliation of accounts.
• He keeps a track of the accounts that are needed to make subsequent payments, closely monitors the leaves, payroll, and coordination of benefits.
• He types and maintain various documents in file that need signatures and controls the office supplies and maintains the relevant inventory.
• He takes minutes of meeting, drafts it, and proof reads the material before the final copy is sent.
• He keeps the seniors informed if there are any issues, which cannot be solved at his level, and also communicates the financial status of the organization.
• He identifies the financial discrepancies and corrects them, collects the cash received, deposits it in the banks, and makes sure that all the payments are made in a timely fashion.
• He implements plans that would assist in fund raising and may also suggest to make wise investments.

Essential Skills and Abilities

If you are aiming to be the best financial coordinator, you should be excellent at executing the administrative and clerical functions independently and efficiently. A financial coordinator must demonstrate a strong initiative, should be self confident, and motivate others. He should possess excellent planning, time management, and organization skills. He should have an eye for details, ability to identify discrepancies, and should be able to provide appropriate solutions. He should be an excellent team player with multi tasking ability and should have good computer skills.

Educational Background

A bachelor's degree of four years from an accredited university in finance, accounting, audit, or tax would be sufficient to make an entry. A master's degree in business management or administration would help in advancing your career faster. A bachelor of liberal arts with a demonstrated work experience in the finance field can also find suitable job opportunities.

Salary Details

The minimum average salary for the entry level financial coordinators is $33,000 while the maximum can be $136,000. The average salary falls in the range of $53,000 to $73,000 depending on the skills, academic qualifications, and experience of that particular individual.

Work Hours

Finance coordinators work for five days a week, and their work schedule requires them to work for thirty five to forty hours per week. During the year end or tax season, they may need to work overtime and extend their duty hours in the evenings or at nights.

Career Prospects

There are bright career opportunities for those who have higher academic qualifications like a master of business administration or a professional qualification like CPA. It not only promises higher positions, but also offers a lucrative salary package.

Thus, to ensure a rewarding career, it is essential that you effectively shoulder the financial coordinator responsibilities.