Being a successful manager has always been challenging –even more so in finance management. Accounting and finance is already a demanding field where integrity, precision, and meticulous record-keeping are in themselves demanding. Add to those skills the traits of being a great manager, and the task may seem daunting. But, on the other hand, being a financial manager is a fulfilling and rewarding career. If that is your bent, these tips are designed for you.

The groundwork

Before you can move into a management position, your need to ensure you have a strong base in finance skills –the tools you will need to supervise the company’s financial transactions. In addition to strong mathematical and organizational skills, you must develop the ability to:

• Create a sound, viable budget
• Assess cash flow
• Analyze data and provide an accurate picture of future earnings and expenses
• Create/oversee strategic proposals to increase the bottom line
• Oversee contracts, apply contract provisions, and ensure compliance
• Understand, implement, and secure various financial software and technology

Stepping into a management position

Your ability to perform your tasks while overseeing and managing the team supporting you is crucial. Developing proficiency in these areas is the fuel that builds excellence.

Communication –We cannot say enough about consistent, clear-cut communication. Keeping communication lines open is a pillar to all other aspects.

• Define policies and procedures. Ensure that every employee is well informed.
• Establish standards and boundaries – then lead by example. Your integrity, or lack of it, will guide your team.
• Provide every individual with a consistent, clear understanding of their role, tasks, and deadlines.
• Invite their feedback. Encourage your team to express their concerns and ask questions. Listen. Tap into their various perspectives and ideas.
• Deal with conflict promptly. Encourage honest, respectful dialogue that reveals the root issues, clarifies misunderstandings, and promotes a united, congenial team.

Emotional Intelligence –An essential skill, emotional intelligence will help you relate to your team and lead them well. It includes the ability to:

• Identify and interpret your emotions
• Recognize how your emotions affect others and regulate those emotions accordingly
• Recognize and respond appropriately to the emotions of others

Emotional intelligence can be developed (you do not have to be ‘born with it). Not only does it help you adapt to change and grow with your company, but it also has a positive effect on your team and the company’s culture.

Interpersonal relationships –Take the time to know your employees. Tip: Listen and observe!

• Determine their personal and professional motivators
• Recognize their strengths, and their weaknesses
• Understand their ideal working environment and style
• Learn their background, their career goals, and their personal goals

Use this rich knowledge of the team to place them all in the best spot to encourage a motivated, productive office.

Personal responsibility –No one gets it right every time. The key is excellence rather than perfection, which means acknowledging when you screw up. Be honest about your mistakes. Apologize, make the changes you need to make, and learn from the experience. Modeling this attitude and behavior will encourage the same in your team.

Never stop growing –Set an example of continued growth for your team and encourage them to do likewise.

• Technology continues to change. There is always something new to learn. Staying abreast of these changes empowers you.
• Take classes, earn certifications, participate in webinars.
• Support team members motivated to do the same –this could be a lighter workload while taking classes, company assistance with the costs, or changes in tasks as they learn new skills.
• Finally, grow your professional network too. There is a wealth of knowledge and expertise to be gained and given. Maintaining an active network can establish you as an expert in your field and help you become a more accomplished leader.

The path to becoming a finance manager may be challenging, but it is doable and exciting. The Robert Joseph Group applauds your journey. We stand behind our talent pool and help each candidate find a placement where they can thrive and grow. Contact us today.