Financial managers are used by a vast range of businesses from banks to financial institutions, from construction companies to food organisations.
They're increasingly regarded as an essential part of the management team for any successful business no matter what sector. They can offer a tremendous amount of knowledge, insight and financial skills, which are essential for business growth.
Keeping accurate accounts and dealing with the financial aspects of a business requires a lot of skill. It’s easy to make mistakes and these can be costly or even lead to prosecution. A professionally qualified financial advisor, therefore, can be a sound investment for your company.
More than an accountant
A financial manager is more than just an accountant. They play a major role in the development and running of a business. Financial managers can take on many different tasks, for example hiring employees, analyzing statistics and developing action plans for growth and development.
Obviously, a financial manager will also be responsible for the day-to-day accounts and financial commitments of a business, but it’s also the financial manager who’s involved in negotiating loans and investment.
Support for growing business
Hiring a financial manager makes good sense if you’re planning to expand your business. They can take on a lot of the hard work relating to financial operations off your shoulders, thus allowing you to concentrate on strategy and development.
The right time to hire
Make sure that the financial manager has a professional qualification such as accountancy. Degrees in finance, business and economics can also be very useful. Unless your manager is also the hands-on accountant for the business, it’s probably not worth hiring a specialist before your financial responsibilities and needs are sufficiently varied that a bookkeeper or accountant is not sufficient.