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Tips to become a successful finance manager

Tips to become a successful finance manager

sid rawat932 10-Oct-2019

A business is sustainable only when it has a robust financial management system and a qualified team to lead it. This team ensures that the financial health of the company is good and it can make future investments. If you work in that space, one of the best ways for you to contribute is by becoming a successful finance manager for your organization. Knowledge on the same can be acquired through online certification or courses in financial management.

Meanwhile here are 5 tips to help you become an effective and successful finance manager.

1. Sound knowledge of the concepts – Learning about the core financial concepts that form the basis of this functional area is absolutely essential. These concepts will include the theories as well as models that can give one a broader insight into what might work for their company. The principles of accounting are also important to know about since those impact the way the financial strength of the company is assessed.

2. Regulatory information – A lot of companies suffer losses and penalties because they do not manage the regulations related to their financial processes in the right manner. This compliance-related information is important for a good finance manager.

3. Business Acumen – Knowing your own function is not sufficient. Without insights about how your company’s business operates and what finance can do to support or grow it, the role does not become impactful. The details of the products or services, locations, processes, vendors, stakeholders, clients and technology should all be elements that finance managers should know.

4. Cross-functional collaboration – Working in silos or isolation is not the right approach. One of the best ways to become successful is to be able to network and forge great working relationships with other functions. That ensures that you can achieve overall business goals together and more consistently. It also helps you receive the support you may need in order to perform your own role as well as functional area effectively.

5. Mentoring capabilities – As a manager, technical know-how is one aspect of your role. You need to have the requisite qualities that define you as a mentor or coach to the less experienced team members. Your role as a finance manager gets elevated to the next level when you can demonstrate that quality.

These are 5 tips that can help you shape up your role in a better way and become more effective, as well as successful at it.


Updated 16-Nov-2019
Content Marketer, Blogger, Traveller

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