A financial administrator oversees the financial activities of a business and is responsible for the accounts of the organisation. Duties and Responsibilities of a Financial Administrator. The financial administrator is one who is responsible for any financially related task of the organisation. They are also responsible for developing the organisation’s financial plan, prepares financial reports and is involved in directing its investment activities. The administrator is also in charge of planning the organisation’s long-term financial goals and protecting assets. They perform budget and payroll dealings, maintain distinct account such as discretionary and grant funding, and maintain accurate financial records for tax-related purposes.
It is the duty of a financial administrator to prepare the organisation’s monthly and annual financial reports. The financial administrator regularly retains the spreadsheets of all the financial activities of the organisation and brings them together into the report at the end of the month or year. The report contains facts about the inflows and outflows of cash in the organisation, which helps in creating accountability in the business. The financial administrator also keeps all the documentation that supports the figures contained in the report, such as invoices and receipts, for auditing purposes. Financial administrators play a substantial role in the success of an organisation. They must distribute resources in a manner that keeps the organisation functioning efficiently without going over and above the financial limits.
Financial Administrator Duties:
- Understand accounting processes and procedures, federal, state, and local regulations
- Maintain financial records, using manual or automated systems, and accurately record all financial transactions
- Monitor cash flows, prepare financial reports, and process taxes
- Develop budgets, forecast cash flow, and reconcile accounts
- Correct discrepancies in financial records
- Pay bills, including bills for suppliers, workers, and creditors
- Report and analyze financial information and trends
- Identify and resolve financial discrepancies
- Maintain records and files of the organization, including contracts and agreements
- Maintain business relationships with suppliers, creditors, and others
- Maintain knowledge of best practices, laws, and regulations
Financial Administrator Responsibilities:
- Coordinate with outside accountants to review monthly financial reports, budgets, and forecasts and reconcile cash accounts
- Provide technical support to field operations as needed
- Create invoices, maintain financial records, and reconcile bank statements
- Coordinate payroll and tax reporting, including federal, state, and local taxes
- Monitor and ensure compliance with the Sarbanes Oxley Act and Securities and Exchange Commission regulations
What are the skills a financial manager should possess?
To be a successful financial administrator, one must possess a certain number of skills, some of which are going to be outlined below;
Communication skills: a lot of organisations prefer individuals who can thoroughly without leaving out any detail make business language understandable to potential clients who have limited knowledge in the area. For an ambitious financial administrator, extraordinary written and oral skills are important.
- Social skills: a financial administrator needs to possess the ability to build positive interactions with customers as this attribute is vital if one aims to excel in the business world. A career in finance does not just simply involve numbers and balance sheets, it also requires one to interact with different clients daily.
- Innovative skills: financial administrators who are innovative and have the ability to this outside the proverbial box are always most likely to stand out among their peers. Finance may be associated with numbers and structures, but that does not mean that innovation does not have its place in the business world.
- Analytical skills: these days, organisations prefer to employ individuals who can analyze different scenarios, who can apply critical thinking to any given situation and have the ability to make appropriate decisions for each situation.
- Ability to solve problems: it’s not just enough to have a vast knowledge of systems and procedures, it is also very essential for a financial administrator to be able to confront compound difficulties head-on as they may come. Whether it’s challenging the financial repercussions of a problematical business structure or coming up with a modified solution for a customer’s difficulty, a history of solving problems will see a financial administrator’s career grow at an unbelievable speed.
- Commercial intelligence: it is very important for financial administrators to recognise the connection between a firm’s fiscal behaviour and open market demands. Companies these days look for individuals that can exercise business intelligence when it comes to carrying out business transactions as well as have an interest in the trends shaping up the business.
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