For your business to be successful, you need to have the right team in place. This includes not only a great accountant but a top-notch finance manager as well. While it may seem like this person’s responsibilities are limited, they can have a huge impact on your company just by following these actions:
Finance Manager Keeps Checks: Your finance manager will be responsible for making sure that all of your employees have been paid on time and collecting any payments from customers. In order to do this, they will need to make sure that checks are printed and distributed accordingly. You don’t want somebody running late or ducking out early for lunch because if you have a finance manager, they will ensure that all of the employees are where they need to be when they’re supposed to be.
Creates Financial Reports:
Your finance manager is going to have a large role in reporting as well. They will ensure that any reports from customers or vendors are received and stored in a safe place, usually in an electronic file. You need to have up-to-date reports on the status of your company’s financial health, so having somebody who will be proactive about it can save you a lot of headaches later on.
Controls Expenses:
Keeping track of where money is being spent is the job of your finance manager. They will keep an eye on anything being spent, whether it’s money for supplies or even office equipment. This way, if there are any missing discrepancies or items, they can take care of them immediately.
Act like a Human Resources Generalist:
The finance manager is often the only person who will be handling your HR department. They will make sure that everything from hiring new employees to offering raises and terminations happens within its guidelines. Even if you don’t have an extensive HR department, it doesn’t mean that you should not be offering benefits without planning it out with the finance manager.
Centralize All Payments:
One of the biggest tasks for your finance manager is to make sure that all of your bills are being paid on time and that any money you have coming in is deposited into the correct accounts. This way, you don’t have any late fees or penalties accrued, which can be costly.
In conclusion, having a finance manager is going to be an important part of your business. Even if you’re small, it’s still worth hiring somebody who can handle these responsibilities for you. Not only will they make sure that everything runs smoothly on a day-to-day basis, but this person will also be able to help with the long-term growth of your business as well.
