5 Tips to Be a Better Finance Manager
Sometimes the company finance manager oversees the financial health of the organization. They work with numbers; they also work with people. Therefore, finance managers must find a healthy balance between analyzing figures and reporting them.
In this role, you might earn six figures. The salary is commensurate with the duties.
It takes attention to detail, confidence in math skills, and an analytical mind to keep an organization financially afloat. Moreover, to help it turn a profit every quarter.
The following are five tips to be a better finance manager.
1. Stay On Top of Trends
Every new trend doesn’t fit the culture of every company. However, professionals benefit from staying on top of them. Great financial managers borrow from others and their peers.
Although it’s a managerial position, you answer to the company executives. They might want to explore a new way of reporting figures or new investment vehicles.
If the strategies fit the company or not, you must have the ability to give an overview of them with pros and cons.
Plus, successful professionals continually search for strategies to improve their output. It’s no secret that finance uses several technology-focused tools.
You must also help other department managers meet financial expectations. For example, the corporate travel sector for enterprises and corporations enjoys healthy budgets. Nonetheless, corporate travel managers must manage costs.
Financial managers can point corporate travel department heads to find helpful services for booking various housing options. You might come across Hotel Engine and ask them to take a look.
2. Improve Communication Skills
Successful finance managers continually improve their communication skills. Communicating with others doesn’t only involve verbal cues – it also involves visual ones.
When you must present budget details to department heads, executives, and stakeholders, combine visual elements with verbals. You don’t need to perform a song and dance to keep your audience’s attention.
However, you should use interesting colors, fonts, and visual aids. Then, explain your findings in their language.
The financial management sector has its language – you need it to reach conclusions. When presenting your analysis to others, translate into words that they’ll understand.
You don’t want them to come away from your presentation confused or to cause panic accidentally. If everyone must tighten their belts, you want them to do so efficiently. Essentially, you want to create buy-in from the start.
3. Understand the Big Picture
In business, it’s easy to become caught up in the rigamarole of things. After all, you live within your analysis of the company’s financial health. Remember also to understand the big picture.
Executives and stakeholders hire department managers to complete the groundwork. Then, each manager delivers summaries of their findings.
As you dig through the data, understand what executives want to achieve. If the company can only achieve it by cutting costs by 5% for the next quarter, suggest it. In addition, present viable strategies.
Technology has created mountains of data that no one imagined possible a decade ago, and it’s easy to become lost. Work your way through it but remember that the organization’s higher-ups also expect conclusions.
4. Improve Diplomacy Skills
Companies are living and breathing entities. Department heads and executives must find ways to keep everyone productive and on the same page. That’s why several organizations schedule annual company retreats.
When you will ask department heads to alter their spending, use diplomacy.
By improving your delivery, you make yourself more valuable to the company. Coupled with your analytical skills, you’ll show that you are worth your salary and annual bonus.
5. Incorporate Technology
It’s not a shock that successful finance managers use technology in 2022. If you haven’t found the best software for your position, continue searching for it.
Software doesn’t replace the human brain. Instead, it makes it more efficient. Plus, it sifts through mountains of data and compiles valuable reports. Those reports allow you to analyze data and find viable solutions more quickly.
Technology also helps finance managers plan their schedules, create presentations and answer questions from executives. It’s a great way to organize yourself.
Speak with your peers at other companies to find out what software and technology they have incorporated into their position.
Finance managers oversee the financial health of their companies, and they can always become better at it. You’ll justify your handsome salary and keep your peers on your side by improving your communication and diplomacy skills.