For any company or organization to become successful, efficient use of its financial resources is a must. As the organization gallops through its growth phases, there arise many challenges in terms of accounting, bookkeeping, expense and revenue management etc. It is further pressed hard by ever-changing government policies and tax regulations. It is in this context that the finance officer job becomes sine-qua-non for the future of the organization.
What Is a Finance Officer?
Finance officers are officials who take care of any organisation’s financial and administrative health by administering proper accounting operations to meet statutory requirements.
What does a Finance Officer do?
In a finance officer job, the official oversees and manages the financial resources of any company or organization so that revenue and budget goals are aligned with its growth prospects. Multiple reports prepared by the finance officers help the organization in planning towards a growth trajectory. They create an enabling environment for the organization’s board and management to make financially sound decisions. These decisions are based on the inputs provided by Finance Officers. These inputs are also critical in identifying and resolving bottlenecks in the growth of the organization. In addition, reports prepared by finance officers help integrate financial risks with financial planning. Further finance officers are also responsible for the goodwill and brand value of the organization among shareholders and future investors. All these are intended to bring greater efficiency and transparency to the governance of the organization.
Finance Officer job duties include:
In addition, duties in a finance officer job include:
- To mentor the finance team and guide the company’s management about budgets, accounting and tax regulations, financial policies etc.
- To undertake regular financial analysis to identify, address and resolve issues, conflicts and variances.
- To oversee and process daily, monthly, quarterly and yearly business transactions, invoices, trade receivables and track investments.
- To manage cash flow statements.
- To ensure all expenditures are done within the assigned project budget.
- To ensure financial transactions are correctly updated and recorded in the statutory format.
- To bring in new technologies into the process of accounting and bookkeeping.
- To assist the CFO in establishing a collaborative environment within the organisation by incorporating financial suggestions from multiple departments of the organisation, including HR, sales, Research & Development, customer service etc.
- To guide the management toward higher standards of corporate governance.
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Job brief for Finance Officer
A finance officer should be thorough with advanced accounting practices followed in the country. You should be familiar with audits, invoices, bookkeeping and budget preparation. As a problem solver, you need to demonstrate an interest in managing accounting activities, including bank reconciliations, accounts payable and accounts receivable. In the finance officer job, you will be tasked to identify and resolve invoicing issues, accounting discrepancies and other financial related issues. Further, you need to review financial reports and procedures and make appropriate changes. You also need to have excellent organizational skills and be able to handle time-sensitive tasks. You also need to assist the Chief Finance Officer and Chief Operating Officer in business matters relating to cost-benefit analysis, forecasting analysis, and securing new funding. Finally, you will be responsible for the day-to-day management of the company’s financial transactions and procedures. All these need to be done while keeping in mind the value creation of all stakeholders and ethical responsibilities of the organization towards the public at large.
Responsibilities of Finance Officer
A Finance Officer is responsible for :
- Keeping accurate records for all financial and business transactions in the prescribed format
- Preparing Profit & Loss accounts along with Balance Sheets
- Processing invoices, debtors and creditors receivables
- Processing vouchers to meet tax requirements
- Updating internal systems with financial data
- Preparing monthly, quarterly and annual financial reports
- Reconciling bank statements
- Tracking revenue, expenses, drawings and debt
- Assisting in budget preparation
- Helping in policy formulation, planning, control and decision making with the aim to unlock greater value to all stakeholders
- Advising on the judicious management of Corporate Social Responsibility fund
Requirements for Finance Officer
A Finance Officer job needs to meet the following requirements:
- Proven work experience as finance officer or similar role
- Solid knowledge of financial and accounting procedures including IndAS
- Experience in using financial softwares like SAP, NetSuite etc
- MS Excel skills- advanced level
- Information and understanding of financial regulations
- Excellent numerical and analytical skills
- Good skills in time management
- Certifications in CFA/FRA would be an added advantage
Average Salary for Finance Officer
The average salary for a finance officer in the Philippines varies based on experience, location, and the type of organization.
General Salary Overview
- Entry-Level (0-2 years of experience): Approximately ₱300,000 - ₱500,000 per annum.
- Mid-Level (3-5 years of experience): Approximately ₱500,000 - ₱900,000 per annum.
- Senior-Level (5+ years of experience): Approximately ₱900,000 - ₱1,500,000 per annum.
Salary by City
| City | Average Annual Salary |
|---|---|
| Metro Manila | ₱1,200,000 |
| Cebu City | ₱1,100,000 |
| Davao | ₱1,000,000 |
| Iloilo | ₱900,000 |
| Bacolod | ₱850,000 |
Salary by Industry
| Industry | Average Annual Salary |
|---|---|
| IT & Software | ₱1,200,000 |
| E-commerce | ₱1,100,000 |
| Telecommunications | ₱1,000,000 |
| Banking & Financial Services | ₱1,500,000 |
Salary by Top Employers
| Company | Average Annual Salary |
|---|---|
| ABS-CBN | ₱1,500,000 |
| GMA Network | ₱1,400,000 |
| Concentrix | ₱1,200,000 |
| Teleperformance | ₱1,100,000 |
This overview indicates that finance officers in the Philippines can expect varying salaries based on their experience and the type of employer. Major urban areas generally offer higher salaries due to the concentration of corporate offices and financial institutions.
Key Skills
A Finance Officer job ought to have the following skills:
- Accounts payable
- Bookkeeping
- Accounting software- Xero, SAP, Oracle
- Accounts receivables
- MS Office
- Time Management
- Data entry
- Financial management
Why pursue a career as a Finance Officer?
Here’s why should pursue a Finance Officer career:
- Job security – Skill sets required for a finance officer are largely analytical, which are immune against automation.
- Job availability – There is a shortage of quality finance officers in the country, and organisations are always on the lookout for one
- Career progression opportunities – ample opportunities are available for dynamic finance officers to move across the ladder in a well-defined hierarchy.
- Job satisfaction – a finance officer creates value to all the stakeholders, including management, shareholders, customers and even Corporate Social Responsibility fund recipients.
- Diversity in the task – a finance officer, needs to engage in multiple thought-provoking analyses, which helps stimulate higher intellectual capabilities.
- Pay – most notably, pay here is good and better than most other job profiles.
How to become a Finance Officer
If you are interested in becoming a finance officer, you should consider the following:
- The most important thing is education. You need to undertake formal qualifications, such as a Diploma of Accounting, a Bachelor of Commerce or a Bachelor of Business. Post-graduate diploma or Masters in Business Administration will be an added advantage. Masters of Science in either Finance or Accounting are also preferred in some organisations. Courses like Chartered Financial Analyst(CFA) will also go a long way in bringing the dream job to you.
- A great add on to your profile would be field experience. Greater the experience in terms of the number of years practiced , the higher the chances of getting into a prestigious organisation as a finance officer.
- Furthermore, one also needs to acquire certain key skills in order to keep up with changing demands of the industry. This will include knowledge of specialist software programs such as QuickBooks, SAP, Tableau, Oracle, Xero etc.
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Conclusion
Thus we now have seen that the finance officer career is highly promising. Considering the rapidly changing job market, one should take this profile seriously. With growing economic activity across the globe and stricter tax and investor regulations, corporates and organizations are foraying into building strong in-house financial & accounting teams. Therefore, if you are looking for a job profile that has a certain amount of security in it, creates higher job satisfaction, and pays well, the finance officer job might suit you well.
