Finance is considered to be the life source of any commercial organization. Financial administrators are basically professionals who are responsible for overseeing the diverse financial activities of a business, including their accounts. As mentioned by Scott Tominaga these professionals also have a major role to play in developing the financial plans and reports of an organization, and tend to be involved in their investment activities as well. They usually plan the long-term financial goals of a firm, and monitor the maintenance of accurate financial records for tax-related purposes.
A host of financial operations take place in every commercial organization. Financial administrators are tasked with the duty to manage these operations, and they work towards organizing processes and resources in a manner that helps the enterprise to effectively achieve its financial objectives. Scott Tominaga says that these administrators largely focus on the discerning fiscal activities of a company, including financial reporting, budget management, and accounting.
A financial administrator would basically manage and monitor the daily financial operations, as well as long-term financial planning of a business. Here are some of their major responsibilities as underlined by Scott Tominaga:
- Develop and maintain the financial reporting and analysis activities of an organization.
- Prepare the account reconciliation reports as per the company policies, in a periodic manner.
- Make sure that the general and subsidiary ledgers of a company have been properly maintained.
- Prepare the needed tax documents to make sure that the company tax is being filed in a timely manner.
- Prepare and adjust the entries of the finance journal of a company as per the requirements.
- Help in the management of activities related to account payable and receivables.
- Provide adequate support in the annual financial audit processes of a company, by preparing the needed standard and custom reports.
- Maintain coordination between the HR and finance teams when it comes to the preparation of financial reports and statements.
- Oversee all the payroll activities and vendor payments.
- Ensure the reconciliation of the monthly general ledger balance, credit card statements, and invoices.
- Properly maintain the financial files and records according to the company policies.
- Help in the development and management of the company budget.
- Proactively identify and resolve any kind of invoicing issues and other accounting discrepancies.
- Make sure that all the bill payments and customer invoicing are made as per the deadlines.
- Streamline the processes involved in improving the overall operational efficiency of financial reporting, as well as the budgeting systems.
According to Scott Tominaga most of the duties of the financial administrators involve developing reports, processes, and guidelines that play a major role in maintaining the good financial health of a work place. In many cases, these professionals also have to make sure that the financial reports of a company adequately meet the relevant regulatory requirements to reduce any type of legal risks involved.