(Part one of a two-part article) 

After reading a number of articles recently about the latest technology being deployed in the finance world and what the future holds for FP&A and the finance function I wanted to focus on the here and now and it led me to get back to basics....what are the fundamental attributes of somebody in a finance manager role and what makes a good finance manager, and for that matter a good finance team? 

A finance manager should be competent in the role and be able to complete all required tasks, be that monthly analysis and reporting or budgeting and forecasting, as well as being able to hit deadlines, as I take this as a given for someone working within a finance manager role. I’m thinking about this from the point of view of what makes a finance manager stand out in their role, this may be some of the softer skills, but as in life the people who are able to communicate and form constructive relationships with their colleagues are the ones who will be perceived as ‘good’. 

So, what makes a good finance manager? There are a lot of elements that can be caught up within this most general of finance roles and for ease, I have summarised my views under 5 broad headings: 

Good role model 

In a position which is part of the senior management team in a lot of organisations the role of finance manager needs to be able to inspire confidence and respect, and exemplify high standards of conduct. 

A good finance manager should be able to demonstrate enthusiastic, positive, robust, determined and resilient leadership.  

Clear and concise communication needs to be maintained with a wide range of audiences both internal and external. 

A customer focussed culture should be developed within the finance function with the customers, be they internal or external, having their requirements met in a timely manner. 

Accessible 

A good finance manager needs to operate an open-door policy. 

Take the time needed to connect with the finance team and ensure that they are comfortable and successful in their roles.  If financial planning or modelling is part of their role then ensuring that the finance team have the headroom and resources available. 

If approached with a concern be able to gain insight into the colleagues thought processes and potentially nip problems in the bud. 

The finance manager should make themselves available through weekly team meetings and other opportunities where the situation allows, as well as through performance review processes that are rife in large organisations. 

Celebrate Success 

When the team hit a milestone or complete a project it is important to celebrate these moments as a team. 

Celebrating success helps build a sense of camaraderie and enables the finance department to grow as a team. 

Success should be celebrated in any way possible. If there is no time for lunch or anything bigger at least put together a thoughtful and carefully worded thank you email to all team members to recognise and acknowledge what has been accomplished and that their hard work has not gone unnoticed. 

Collaborative Approach 

A good finance manager should use a collaborative approach to problem-solving.  A team is made up of people with different skills and areas of expertise such as financial modelling, analysis or creating insights and it is the finance manager’s job to utilise the different skill sets in the team to ensure that they are an efficient and value-adding function. 

Seek feedback and offer good information at critical junctures to help the team make sound strategic decisions. 

An inclusive approach engenders trust within the team and often results in more innovative solutions. 

Honest with high integrity 

Key to this is open communication and being honest. 

Integrity means doing the right thing because it’s the right thing to do. 

Leaders with integrity aren’t afraid of the truth – it means telling the truth even if it is an ugly truth. It is better to be open and honest than deluding others. 

The above 5 points highlight what in my view moves an individual from a bog-standard finance manager, assuming all basic tasks and accountabilities are achieved, to someone who would be perceived as much more than just competent at the role. 

What should a finance manager be doing to fit into your view of what good looks like? 

This part of the article looks at the finance manager role but of course, a finance manager is nothing without the team that they work with.  Part two of this article reviews the elements of a good finance team.