The Financial Manger is in charge of the day-to-day internal business’s financial functions for multiple highly complex programs.
- The Finance Manager must make sure that projects completed on time and within budget.
- The Finance Manager is responsible for analyzing and generating reports to determine the overall financial status of programs and projects.
- The Finance Manager coordinates the support of project requirements for Contracts, Subcontracts, Accounts Receivable, Finance, Human Resources and Accounts payable.
The Finance Manager has a very important position with the company or organization that he works for making sure that everything financially is running smoothly. The Finance Manager oversees and monitors the scheduling, pricing, accounting and technical performance of various contracts, projects and programs. The position he holds is vital to the company’s existence as well as keeping things running smoothly also it is necessary to help the company make a profit.
The Financial Manager fosters the development and review of cost and schedule forecast data for projects or contracts. The development of the company revenue is almost as important as making the revenue. The Financial Manager must make sure that the money is wisely invested not only back into the business but in outside sources that will create more revenue. The Financial Manager must make sure that any projects or contracts will have enough revenue to be completed. The data that the Financial Manager is in control of creating is the source of knowledge that lets the company progress. In order to keep things balanced the Financial Manager must foster the development and review of cost schedule baselines, develops and or reviews work completion, and possesses a complete understanding of related financial policies.
The Financial Manager is the one who direst the activities of Division-level business managers. The different Business Managers who are in charge of the different departments in the corporation make out their own financial schedules keeping up with their budget. It is very important that each department meet the budget without going over on costs for equipment and supply. When this happens it could throw off the whole of the company causing contracts etc. not to be completed as projected. It is the duty of the Financial Manager to make sure that all Division-level business managers keep within their budget making sure that no one goes over before the crisis happens. The Financial Manager tracks all project deliverables and has responsibility for their timely delivery to and acceptance by the customer. The Financial Manager must make sure that all contracts are met on behalf of the corporation.
In order to be a Financial Manager a person must have experience in contract negotiations, FAR, U.S. Government Request for Proposal (RFP) evaluation, proposal preparation (pricing, Terms and Conditions [Ts&CsJ]). The Financial Manager should have comprehensive knowledge and mastery of business, finance and contract management field and the ability to complete difficult and complex assignments. The Financial Manager must have served in a lead role and trained others as well.
The Financial Manager must possess formal education equivalent to a Bachelor’s Degree in Business Administration or a related discipline, along with 8-12 years experience working on contracts of various size and type. The Financial Manager has a strong background working with multiple contracts such as:
- Firm Fixed Price Contracts (FFP)
- Fixed Price Incentive Contracts (FPI)
- Fixed Price Level of Effort (FPLOE)
- Time and Materials Contract (T&M)
- Cost Plus Award Fee (CPAF)
- Cost Plus Fixed FEE (CPFF)
- Hybrid Contracts
The Financial Manager must have at least five years experience usually in the financial department. The Financial Manager usually works as an intern while in college or shortly after graduation secures a position in a major company that will promote upward to the position. Many times the person who is the Financial Manager in any given major corporation has worked in the accounting department for at least five years or more. The purpose is to learn all about the company’s procedures along with the contracts that are important. Every Financial Manager realizes that this is very important position and requires many different skills. These skills are not only gained by formal education but by working in the financial environment along side of experienced Financial Managers.