The role of a finance manager in a construction company is to be in charge of accurately tracking income and expenses, monitoring budgets, reporting on the financial status of both projects and the company, and managing cash flow. It’s their responsibility to ensure that the company remains financially healthy and to work with management when making financial decisions.
The finance manager may also monitor and participate in accounts receivable collections to improve the financial health of the company and cash flow. This could include making decisions about sending customers to collections, or filing liens or bond claims.
Actual roles and responsibilities will vary depending on the size of the company and its departments. Finance managers may do more or less than listed above, depending on how the company defines its roles.
A construction finance manager reports to company management (CFO, CEO, or owner) and works with employees in the accounting department including credit managers, project managers, and other departments as needed. If a company doesn’t have a CFM, they may use an office manager, staff accountant, or accounting manager to fill this role. Companies may also hire a part-time or temporary CFO, called a fractional CFO, to help them with a temporary project, such as capital raising or an audit.
Construction finance managers perform similar duties to finance managers in other industries, but they have expertise in the construction industry and the nuances of accounting for project costs and percentage of completion.
Some more information about Head - Finance & Accounts
Important : These are some basic guidelines and tips.
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Supervise Accounts Receivable management and provide guidance relating to the collection process.
Remain updated on audit best practices as well as Govt. laws regarding company operations.
Explore new investment opportunities and provide recommendations on potential returns and risks.
Manage cash flow planning process and ensure funds availability.
Serve as a key point of contact for external auditors; Manage preparation and support of all external audits.
Enhance and implement financial and accounting systems, processes, tools and control systems.
Preparation and communication of weekly, monthly and annual financial statements.
Manage financial planning and analysis department. Supervise creation of reports, software implementation and tools for budgeting and forecasting.
Prepare and present monthly financial budgeting reports including monthly profit and loss by division, forecast vs. budget by division and weekly cash flow by division.
Create and establish yearly financial objectives that align with the company’s plan for growth and expansion.
Identify, acquire and implement systems and software to provide critical financial and operational information.
Assess and evaluate financial performance of organization with regard to long-term operational goals, budgets and forecasts.
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Degree or certificate in accounting, finance, business administration, or related experience.