A finance coordinator is basically an individual who maintains records and prepares payment schedules of an organization. A finance coordinator helps the business in calculating its interest and also ensures that it obtains the maximum profit from its assets. In most organizations the finance officer works with the top officials such as executive directors and the chief financial officers. Most studies reveal that the duties of a finance coordinator vary from one organization to another because they entirely depend on the type of the business. Some of the organizations may require the finance coordinator participate in activities that involve fundraising where he/ she acts as an events planner. In other organizations the finance coordinator keeps a keen view of the expenditures, payments and revenues that are obtained from the business (Beaudry& Schaeffer, 1986).
The finance coordinator must always report to the principals such as the executive director that are in charge of him or her daily. The finance coordinator is given directions that help him /her in the execution of the duties that are perfectly conducted when there are supervisions. The coordinator obtains directions from partners, heads of departments, project managers, principals and the corporate accountants. These groups that in one way supervise the coordinator come from either within or outside of the organization. They help the coordinator to benchmark the company with its competitors in terms of revenue generated among other areas. The finance coordinator manages or supervises the departmental staff which may include the finance officers. In order to help the firm in reaching its goals and objectives the coordinator must supervise these officers to ensure that activities are completed in timely manner. The supervision of the coordinator also ensures that clear records related to the organization are kept. It also ensures that there are no overstatements of figures in the payment schedules (Demkin, 2001).
The accounting manager guides the finance coordinator in the process of preparing and recording all the financial statements. The manager ensures that these statements prepared by the coordinators strictly obey the generally accepted accounting principles. The coordinator also must work hand in hand with other officials such as the internal auditors and the tax accountants. The following are the finance coordinator’s duties and responsibilities (Hales, 2011).
It is the responsibility of the finance coordinator to maintain the company’s budget records. Financial balance details are maintained in the spreadsheet after all the necessary details have been entered. This helps the company to spend its budget in respect where it cannot spend beyond it. These records also provide relevant information concerning the investments of the business through revealing the amount of available funds. They also show the incoming and outgoing variables that constitute the funds of the company (Hales, 2011).
He/she should be aware of the assets and liabilities of the firm so as to be in a position to balance the expenditures and the assets. A clear description of the liabilities and assets of the company is clearly provided in the balance sheet. For the finance coordinator to balance the books he/she is required to have a good command in the use of computer. Excel spreadsheets helps in performing the task of balancing with ease as it would be if manual ways where used. This helps in improving the accuracy of the reports of the organization. Construction of balance sheets is very crucial to a business as they help it to avoid bankruptcy and in determining its net worth (Hales, 2011).
The finance coordinator is responsible for providing help to the human resources in the organization. He/she assists the new employees in the organization that helps the employees to effectively execute their duties without any challenges. The coordinator also sets salaries for various jobs within the company hence he/she controls the limits of the salary of the workers. In addition the coordinator is also responsible for keeping reports on the work of the employees.
Studies reveal that the financial coordinator can act as a bookkeeper in the organization. It is required that the coordinator should track any transaction within the firm which entails both the outgoing and incoming transactions of the business. He/she is responsible for ensuring that the books balance and should solve any discrepancies within the financial statements (Hendrick, 2011).
It is the responsibility of the financial coordinator to deposit checks and cash to bank accounts of the organization. In most cases the coordinator makes frequent trips to make deposits during a day. The coordinator only makes the deposits to the bank when he/she enters the figures in software for the company record keeping.
The records help in reporting the financial status of the firm. This is because the coordinator is allocated the duty to prepare the sales and payroll reports. He/she also prepares the profit and loss statements that help to pass more information concerning the financial status of the firm. Therefore the coordinator is responsible for the bookkeeping of the firms.
It is the duty of the finance coordinator to perform all the payroll duties of the organization. The coordinator generally prepares the duties regarding to the payroll on monthly or weekly basis. He/she is therefore required to review and collect the employee’s time sheets and enter all the information into a software program. In most organizations, the finance coordinator is involved in approving the remunerations of the employees where paper paychecks are distributed.
The finance coordinator is responsible for managing events and meetings. He/she is responsible for attending any social functions that pertain to the organization as well as putting together minutes for any meeting that concerns the organization. This enables them to able to even edit and produce the appropriate minutes that the firm might need. The finance coordinator needs to confirm the attendances of the officials. He/she ensures that there are no issues of absenteeism which ensures that the firm strategies are effectively passed to the appropriate stakeholders in timely manner. The coordinator also constructs items concerning travels and the associated expenses wisely to prevent embezzlement of the business funds.
A finance coordinator should posses a Master’s degree in tax, audit or finance. In case one possesses other kinds of degrees for them to become a finance coordinator he/she must get practical financial training before they start working. Generally a degree in business and finance is very vital for a finance coordinator to be effective in his job. It is required that the coordinator should have experience in bookkeeping and have worked as a secretary elsewhere. He/she should be having training on using the office equipment.. The coordinator computes the payments related to any transaction within the organization which cannot be done manually but will require the use of the office tools. To avoid an array of errors that might bring adverse effects to the organization then the finance officer needs to have a prior training on how to perfectly carry out computations using the equipment (Demkin, 2001).
The finance coordinator should be able to maintain good working relationships with the other stakeholders and clients in the organization. He/she should also be able to quickly adjust to any emerging issues and also the priorities of the organization that keep on changing. In most cases the coordinator should be able to be excellent in problem solving and in demonstrating judgments. The finance coordinator should also be able to work as an individual as well as in a team where he can lead them to realize their targets. Lastly, the coordinator should be able to deliver operations of the business in complex environments (American Dental Association's, 2004).
The financial coordinator should possess excellent written and verbal communication skills. In order to negotiate to agreements and to fully convince others the finance officer should have interpersonal and consultation skills. The coordinator should have management, leadership, project planning and supervisory skills as well. For the finance coordinator to be able to analyze the budgets of the business he/she should have good analytical and conceptual skills. The coordinator needs to manage sensitive information and issues in the course of his/her duty through the use of decision making and professional judgment skills. Most studies show that the finance coordinator can only meet deadlines if he/she possesses solid time managementskills (American Dental Association's, 2004).
It is required that the finance officer should have a good knowledge in the financial information and the software systems of the organization. The coordinator should know how to use PowerPoint, Microsoft Excel and Microsoft Word. He/she should be familiar with the accounting and budgeting procedures and rules. The coordinator should also have knowledge of working environment, policies and practices of the organization (American Dental Association's, 2004).
A finance coordinator’s work is very vital in the life of a business. The coordinator teams up with other officials in the organization and helps to attain the maximum profit possible. The coordinator helps firm to attain their objectives of returns maximization through better planning of all payments that are due and also in accessing the rates of interest in bank accounts of the firm.