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What is a Financial Process Manager?
A financial process manager can be compared to a conductor: His task is to direct every employee and his “instrument” in harmonious interaction with the others. While correct transitions, a common beat and the right volume count in the orchestra, process management is about a clear sequence, binding timings and functioning interfaces.
Financial process managers work in companies with more than 1000 employees. In very large corporations there are several financial process managers who each oversee a sub-area of the processes. In addition, financial process managers work in many startups because they ensure that all processes run efficiently from the start.
According to their job title, Financial Process Managers only deal with processes within the financial areas (accounting, controlling, reporting) and their interfaces to other business areas. Here she considers the processes both analogue and digital.
The day-to-day work of the Financial Process Manager includes tasks from two areas.
day-to-day tasks
Day-to-day business includes all recurring processes in the day-to-day work of companies, for example the creation of annual or interim reports. Here it is the task of the financial process manager to define how various processes must be designed in order to ensure efficient process organization. To put it very simply, he deals with questions such as: Who does what? By when does a task have to be completed? Which technical aids or software do the employees use for this? And how do the interfaces look like?
Tasks in project business
In projects, the Financial Process Manager works creatively and conceptually and acts as an advisor in the project team. He has an overview of which areas are affected by processes, where there are interfaces to other processes and what effects technologies have on process design.
The basis for such projects can be new laws or regulations, the merger of companies or the introduction of new software. Internally, the identification of potential for optimization, which the Financial Process Manager has identified in the context of day-to-day business, also triggers project activities.
However, day-to-day business and projects cannot be seen one hundred percent clearly, as they are often closely linked. This can be explained using the example of an SAP implementation: Within the framework of such a project, the financial process manager advises the project team on fundamental issues or effects relating to the operational processes. However, his core task is to manage the impact on day-to-day business as the activities and processes for employees change. It could be the case, for example, that an employee no longer sends an Excel spreadsheet by e-mail as a result of the system implementation, but instead has to enter data into the system by a certain deadline. For this purpose, the Financial Process Manager must write work instructions in which he explains exactly which position takes on which tasks and by when. He also conducts training courses on the innovations that will change the day-to-day work of employees as a result of system implementation.
Financial Process Manager and digitization
Financial process managers used to be called organizers. Your job was (and is) to organize the structure and processes of the operational finance departments of a company. However, one thing in particular has changed compared to before and as a result of digitization: More and more processes are running with the help of IT, software and systems, and the importance of technical aids for the (efficient) design of business processes is constantly increasing.
This also means that the Financial Process Manager needs a certain understanding of IT and technology to be able to do his job successfully. In connection with business processes, digitization is a driving force, also for diversity: On the one hand, new technologies such as robotics process automation or artificial intelligence offer new possibilities for organizing processes; on the other hand, the increasing digitization of processes in most companies has awakened or at least significantly increased the desire to organize and optimize processes.
The most important things in 5 seconds
Education: Successfully completed studies in economics, industrial engineering or business informatics
Starting salary: €40,000
Top salary: €100,000
Opportunities for advancement: Treasury Manager, Head of Treasury
Tasks
What does a Financial Process Manager do?
Optimizing and increasing the efficiency of business processes
Identification of performance requirements for processes
Definition of standards for measuring process costs, process quality, process efficiency and process effectiveness
Implementation of training and coaching in the process environment for the internal organization
Education
How to become a Financial Process Manager
As a rule, applicants must have several years of professional experience in one or more of the relevant business areas ( accounting, controlling, reporting). However, large corporations that have their own departments for financial process management also offer entry-level opportunities for graduates.
Apart from professional experience, Financial Process Managers should meet the following requirements:
Successfully completed studies in economics, industrial engineering or business informatics
Knowledge of methods in process management
Experience and understanding of business intelligence, software architecture, reporting and IT technologies
Possibly experience with modeling languages (e.g. BPMN 2.0)
Good knowledge of MS Office applications
very good knowledge of English
Traveling
Salary
What does a Financial Process Manager earn?
von 40.000€
bis 100.000€
Financial Process Managers earn a gross annual salary of between € 40,000 and €100,000 — largely determined by their professional experience and the industry in which they work.
Anyone who would like to switch to the area or improve their salary prospects can complete further training in the area of project management/project control and process management (e.g. Scrum, agile processes, lean or six sigma).
Requirements
What do you expect from the Financial Process Manager?
Financial process managers are generalists. Although they do not have to understand the individual areas in which they manage processes to the very end, they must be able to understand and explain what makes the work of their colleagues so special. As a consequence, of course, financial process managers acquire a certain amount of specialist knowledge in various work areas over the course of their professional life.
Most important is a high level of technical understanding. This means: The more IT-savvy financial process managers are, the easier it is for them to exchange ideas with colleagues from IT. A good process manager, who can assess what is technically feasible and what is not, no longer needs business analysts and thus increases its value for the company.
Financial process managers are very communicative and able to work in a team, as they work closely with a wide range of specialist departments and have to conduct workshops. To do this, they increasingly need intercultural skills, because interdisciplinary cooperation, especially in large corporations, usually involves employees and departments from different countries.
Career
Opportunities for advancement as a Financial Process Manager
The career path for Financial Process Managers is relatively narrow: you can develop into a team leader or project manager and then become Head of Project and Processes or Head of Processes. However, there are relatively few managerial positions in this area, since a good financial process manager can do very well without leadership.
Although promotion is therefore rather difficult, financial process managers are also in demand as managers in other financial areas because they have broad specialist knowledge. Due to their generalist role, a move to change management is also realistic.
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