There are various positions assigned in the finance department of an organization. An important position in this department is of the associate finance manager. Associate finance manager responsibilities are directed to control and administer the finance department with the senior manager.
Finance may seem to be just the arrangement and disbursement of funds in an organization. However, in the modern day organizations, this activity is just the tip of an iceberg for the finance department. The position of associate finance manager in the finance department is critical in this regard as he plans the financial requirements of the organization and also for the various sources from where the finance can be arranged. He also controls the flow of funds and directs it to the departments as and when required.
The associate finance manager is expected to disburse the right amount at the right time after getting it approved from the finance manager. He researches into the capital markets and searches for the most profitable investment options for the organization. He checks the financial statements prepared by the accountants and received from the banks and verify if all the transactions are recorded with accurate figures.
Refer to the following description of associate finance manager responsibilities in order to get familiar with all the characteristic duties of this job.
Planning, Arranging and Directing Funds
An associate finance manager plans for the arrangement and disbursement of funds according to individual requirements of every organization. He assists the finance manager to work out a plan to arrange funds, either through the cash reserves or from external sources such as banks or shareholders, as the case may be.
Once the funds are arranged, the associate finance manager disburses the funds to all the departments. He also tracks down the expenditures of all the departments to ensure the funds are utilized properly.
Studying Capital Markets for Investment Options
An associate finance manager studies the capital markets and the various investment options offered for corporations. This helps to utilize the excessive funds and also earn substantial profits and save taxes by investing the funds in investment options that are exempted from tax.
Taxation
An associate finance manager studies the financial statements to calculate total payable taxes for the financial year.
Supervising Work of Accounting Staff
An associate finance manager is asked to supervise the accounting staff and ensure that their tasks are completed within time and in compliance with Generally Accepted Accounting Principles (GAAP) and other industrial standards.
Assisting Internal/External Audit Staff
An associate finance manager helps the internal and external auditors by providing the requisite financial records and other materials such as receipts to the audit staff.
Financial Risk Management
Financial risk management refers to the study of possible financial risks and providing measures to overcome any contingencies that may leave the organization financially unstable. The associate finance manager works in this regard and helps organization to opt for a plan that can reduce financial risks and cover any contingencies.
Skills of an Associate Finance Manager
Individuals who would like to work in this position are expected to possess in-depth knowledge of financial instruments and various applications used for maintaining computerized accounts. They must be able to lead the accounting staff and guide them to get work done on time.
Becoming an Associate Finance Manager
Minimum educational requirements to become an associate finance manager is a bachelor's or master's degree in finance, accounts, taxation or a related course. Individuals with a proven track record of working as an accountant, finance associate or a similar position are preferred by the employers.
Career Scope for Associate Finance Manager
Salary for an associate finance manager can range anywhere between $45,000-$65,000 depending on the organization he works for and his experience/qualifications.
Associate finance manager responsibilities are inseparable from the finance department. They are very essential to run the finance department efficiently and manage all the funds wisely.