A global finance manager is a managerial expert who has impressive financial, leadership and administrative skills. Many global finance managers work abroad for international corporations or locally with global teams through the power of technology.
What is a Global Management?
Global management is a challenging task that requires that business professional to manage operations, organizations and personnel that are spread across different countries and time zones. Global managers tend to have different roles within international organizations, according to Glassdoor. They promote product or service development, perform in-depth strategic planning and analysis, bridge the commercial gap between local market operations and global business goals. They also drive change and innovation through key functional departments by promoting diversity and inclusion. However, a global finance manager has very specific duties and functions.
What is a Global Finance Manager?
A global finance manager is an important member of the international management team. They are expected to advise executives on general financial trends, issues and opportunities. They are also expected to provide timely analysis of financial performances in different divisions and departments. In order to accomplish this, they continually elicit feedback from subordinates and colleagues so they can create and communicate actionable recommendations. They also have accounting duties, such as collecting, analyzing and submitting cash flow metrics to division and department heads in order to improve working capital management. Global sales managers provide leadership and support for significant business initiatives, such as sales, operations and risk management. Still, a global finance manager also has regular monthly duties.
Accounting and Forecasting
Global finance managers have complex month end accounting responsibilities. For example, they must manage the month end accounting processes for both local and foreign regions. This includes managing direct, accrual, marketing and overhead costs. They are ultimately responsible to ensure that all accounting documentation and processes are performed in accordance with the generally accepted accounting principles (GAAP). They must submit monthly variance reports to executives that include budget projections and financial forecasts. Global finance managers have important financial planning and analysis duties. Therefore, they must collaborate with financial professionals in different settings to ensure that all cost, budget and revenue monthly forecasts are accurate and transparent. Global finance managers must continually develop a deeper understanding of local, national and international financial trends within target markets and industries. They must also monitor and track the performance of competitors. Finally, global finance managers use data analytics and big data techniques to analyze market information in order to help sales and marketing teams.
Global finance managers are typically responsible to oversee the continuous improvement program for their organizations. They promote process improvement through constantly reviewing and challenging current business processes and programs. Their goal is to increase quality, efficiency and standardization throughout the entire organization. They accomplish this through encouraging and empowering employees to solve problems at the lowest possible level and by promoting best management practices (BMPs). On the other hand, they increase system and program improvements through leading internal audits and representing the company in external audits. Therefore, they must have strong attention to detail, quality and accuracy. Global finance managers should have the ability to transition into ownership of more complex and demanding responsibilities over time. They are expected to be very proficient in the use of standard business technology, such as CRM and ERP systems.
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On the whole, a global finance manager is an administrative expert who is committed to their organizations’ financial success. They accomplish this through leading others, creative thinking and continually finding ways to grow.