JOB DESCRIPTION AND RESPONSIBILITY
KEY RESULT AREA(KRA) & KEY PERFORMANCE INDICATOR(KPI)

finance

Administration And Finance Manager: Complete Guide

Introduction

The Finance Managers are specialists and advisors in Business Management. Their role is very important in any business organisation. They are professional Money managers who manage important financial functions of an organization. Their Work revolves around, producing financial reports, managing investment activities, and creating strategies and plans for the long-term financial goals of an organization.

They are professional who is responsible for the financial health of an organization, and have a primary goal to enable the company’s leaders to make sound business decisions and meet the company’s objectives. It is a quite Lucrative Job and the competition in this sector is also high, With many reforms in banking and finance systems, there is a lot of career potential in this industry.

Do You Want to be an Administration And Finance Manager?

To build a career as an Administration And Finance Manager you need to first understand the Job profile and responsibility of the job

This blog gives you a detailed idea of what it is to become an Administration And Finance Manager in the Banking and Finance Industry of India.

Skills Abilities

1. Interpersonal and Communication Skills:

The Financial Advisor or manager has to work in a corporate environment where communication and coordination with the team members and the staff are very important. They have to notify the superiors of the different plans and goals that have been made and set, and accordingly, also notify the people working under them to properly execute the plans.

2. Analytical Skills:

The Financial manager has to invest the company’s funds into assets that provide maximum ROI. To do so the financial manager has to properly study the market and analyse all the risks and opportunities that the investment is subject to.

3. Ability to work under pressure:

The financial manager has to allocate resources to the company in time, manage the budget, meet deadlines, advise the administration about different policies and investments, analyse the market and maintain rules and regulations. This is a lot of work and as a result, they have to work under a lot of pressure.

4. Teamwork skills:

The Financial Manager is subject to working in a Business organisation where they have to work with many other staff of the organisation, communicating with them, brainstorming ideas, etc. team work is necessary to maintain a good working environment and morale.

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Job Description

The Administration And Finance managers are required to have excellent organizational and analytical skills. Finance managers are expected by their employers as well as by their clients to be detail oriented, knowledgeable on statistics, have strong problem solving skills, and have an investigative nature.

To ensure success in their venture and plans, finance managers should have a deep commercial awareness, strong numeracy skills, and a keen interest in the growth, efficiency, and profitability of an organization and its investments.

The Finance Managers are required to provide, financial reports and interpret financial information to managerial staff while recommending the best future courses of action. The Financial advisor must provide strategies to the company they are working for to help the organisation get the best possible ROI and advise on Investing strategies and activities. This helps the organisation maintain its financial health which is one of the responsibilities of the Administration and Finance Manager.

Job Roles & Responsibilities

The Administration And Finance Manager has to Provide financial reports and interpret financial information to the people in charge of decision making and also recommend further courses of action
Giving out valuable Advise on investment activities and financial strategies that the company should take
Keep the Financial health of the organisation healthy and growing
Analyze costs, pricing, variable contributions, sales results and the company’s actual performance and compare them to the actual plans of the company
Create trends and projections for the firm’s finances
Conduct reviews and evaluations to find out the areas where costs can be reduced
Oversee operations of the finance department, set goals and objectives, and design a framework that the employees will follow and met the requirements
Manage and prepare the company’s budget
Liaise with auditors to ensure appropriate monitoring of the finances of the organization is done on a regular basis
Work with various other departments, discussing company plans and agreeing on future paths to be taken.

Eligibility

The Administration And Finance Manager must be educated and have a high school pass out, in addition, the Admin and Finance Manager should have completed a Three year college degree with majoring in business, banking or finance preferred, such as a Bachelor of Commerce (B Com), Bachelor of Business Administration in finance (BBA Finance), Bachelor of Business Management (BBM) etc.

If you want to have a good chance of working in a reputed organisation, A master’s degree is recommendable, such as a Master of Commerce (M. Com) or MBA in Banking and Finance, or anything of that sort. It will also help to have at least 2 to 3 years of working experience in the field to get a job opportunity in a reputed Company or banking organisation.

Key Result Areas

Assess Financial market conditions:

The Financial Manager has to analyse the local economy in order to identify current and prospective growth opportunities

Maximise Return on Investments:

As a financial manager, you would be required to create plans and execute them to get the best possible ROI on the company’s Investments.

Keep the Financial Heath of the Organisation healthy:

The Financial manager has to work towards making sure that all the assets of the company are protected

Key Performance Indicators

High Returns:

The Financial Manager must allocate the funds of their clients and company in such a way that they get the best possible ROI

Operating Expense:

The Finance manager has to analyse all the departments and their needs to keep the Operating Expense at minimum

Future Value:

The assets that the Finance manager has invested in will be of a certain value in the future, the higher the Future value of those assets the better

Work Environment

Financial Managers work with different departments and heads of departments throughout an organization. They mostly work in comfortable offices, often close to top managers. They are required to assess data and analyse it hence, They typically have direct access to state-of-the-art computer systems and information services.

Generally, Financial managers have to work around 35 to 40 hours a week, throughout the weekdays which is fairly usual, they might also have holidays on public holidays and weekends. Somewhat travel is necessary for attending meetings and conferences.

Salary Package

The Average Salary for a Financial Manager in India can range somewhere between 10 Lakh to 30 lakh INR per annum.

The Amount may vary through different banks, and cities depending on workflow and workload.

Conclusion

A Financial Manager is a key decision-maker in a business organization. Their role is of utmost importance to any company that seeks profits. However, the job can be very stressful, and to compensate the finance manager jobs are one of the highest paying jobs. For anyone who has a talent and passion for managing assets, taking money decisions and everything of that sort, The Finance manager job could prove to be a highly successful career option for you.

FAQs

Q1. What skills and abilities are required to become an Administration & Finance Manager?

A1. To become an Administration & Finance Manager, you'll need strong leadership, financial analysis, strategic planning, and communication skills, along with a solid understanding of accounting principles.

Q2. Can you describe the job description of an Administration & Finance Manager?

A2. The job description of an Administration & Finance Manager involves overseeing financial operations, budget management, financial reporting, strategic planning, and supervising administrative staff.

Q3. What are the eligibility criteria to become an Administration & Finance Manager?

A3. Eligibility criteria typically include a bachelor's degree in finance, accounting, business administration, or a related field, along with several years of relevant work experience.

Q4. What are the key result areas and key performance indicators for an Administration & Finance Manager?

A4. Key result areas may include financial performance, budget adherence, process improvement, and team management, with key performance indicators such as profitability ratios, budget variance, and staff productivity.

Q5. What is the average salary package for Administration & Finance Managers in India?

A5. The salary package for Administration & Finance Managers in India varies based on factors such as experience, location, and company size, but it typically ranges from INR 8-15 lakhs per annum.