As the financial industry continues to evolve, largely due to the emergence of new technology, the duties of a financial manager have also changed. 

Nowadays, being a finance manager entails much more than simply monitoring a company's cash flow. 

Finance professionals are expected to play a critical role in an organization's financial development, which necessitates skills beyond having the appropriate bachelor's or master's degree.

The most successful people in finance and accounting share certain qualities and characteristics. They perform specific things on a regular basis, which allows them to develop their careers and achieve their personal and professional goals. 

Top financial and accounting professionals are trained to view the big picture. As a result, they approach their professions and careers in a more holistic way.

7 Traits of a successful finance manager

The most successful people in finance recognize that in order to achieve greatness, they must help and support others to succeed. They are analytical thinkers and good communicators who believe in conveying their knowledge and experience when needed. 

The finest finance professionals are those who look for ways to enhance things on a regular basis and can prioritize and devise solutions that benefit both parties. 

Here are the top seven traits of a successful finance manager.

1. Understands travel expense management

Source

The process of controlling, managing, and reporting on a company's travel-related expenses is known as travel expense management. 

Micromanagement is being phased out in favor of trust, openness, and simplicity in travel management. For a long time, the terms "control" and "compliance" have dominated discussions about corporate travel management and it's understandable.

After employee compensation, business travel is the second most expensive expense for corporate houses. 

Business travelers nowadays expect easier self-booking and more travel possibilities. Companies aim to cut expenses and enhance the return on investment (ROI) of business travel at the same time. As a finance manager, you must have a thorough knowledge of how this process works.

Managing business travel can often be a nightmare. There are flights to book, accommodations to arrange, and an infinite list of additional charges and duties to keep track of with personnel going all over the world.

These days, the constant emergence of state-of-the-art technology has made things easier for finance managers. 

For instance, working with a travel management software like TravelPerk can help you simplify the process of travel expense management. TravelPerk is a smart booking tool that assures 24/7 travel support. You can now create travel policies and approval workflows in no time and also organize and utilize your travel spend data more effectively.  

2. Skilled in strategy and analysis

Source

The advent of accounting software programs has made it possible for finance managers to focus more effort, time, and attention on applying financial and data analysis. 

An appropriate analysis is necessary for finance managers these days to assist their firms or clients expand through strategic budgeting, decision-making, and making proper financial investments.

In an ever-changing world, financial professionals, particularly finance managers, must focus on creative problem-solving and find unique solutions. 

A financial manager's job description is not anymore limited to crunching data and preparing various financial reports. In today’s age, financial professionals must have the required analytical skills and knowledge to decipher key numbers and truly comprehend what that data is trying to tell them.

Financial reporting, market trend analysis, and forecasting are among the professions that necessitate cutting-edge decision-making and analytical abilities.

3. Ability to communicate well

A finance manager's ability to communicate effectively, whether in a corporate finance or client-facing position, is crucial. 

Finance managers in big corporations must establish strong and valuable inter-departmental ties. They are supposed to be in continual contact with the board members and senior executives, assisting them in making the best decisions possible in order to achieve the organization's financial objectives.

For finance managers in public practice, gaining customer trust and securing loyalty is essential to keeping their business afloat. 

Finance managers must be prepared to connect with clients through a variety of channels, including emails, phone calls, instant messages, and face-to-face meetings.

A skilled finance manager can translate complicated financial jargon into simple terms that normal people can understand. Finally, being a successful communicator needs equal proficiency in listening, comprehending, and empathizing.

4. Adept in latest technologies

Source

Technology has positively transformed the financial services industry. 

This notion is true not just for finance managers but also for clients who now also have simple access to their income statements, balance sheets, financial statements, and other information via accounting software.

The majority of work has been moved to cloud accounting apps, allowing data to be shared and accessed across numerous platforms. 

This means that accountants must have a thorough understanding of such software and, when necessary, assist clients in navigating it.

It's critical to learn as many industry tools as possible while also keeping track of any new or emerging technology or trends.

5. Investment diversification capability

One of the primary responsibilities of a financial manager is to choose the best portfolio among the available investment options for his/her organization or/and clients. 

Diversification is the only option to reduce unsystematic risk, which is why managers usually aim to diversify their investments in order to maximize the company's return. 

The finest finance professional is someone who can study the market and discover the optimal portfolio through diversification.

6. Being collaborative

A collaborative approach, when it comes to problem-solving, is what makes a truly successful finance manager. 

A successful finance manager should be able to solicit feedback and provide useful information at important points in order to assist their team in making great strategic decisions. Such a collaborative approach fosters team trust and often leads to more creative ideas.

Has your team reached a significant milestone? It's something to rejoice over. 

Have you successfully achieved project goals? Let's cut a cake together. 

The financial world can be extremely demanding at times, and by celebrating your accomplishments together with your team, you can foster camaraderie and flourish.

Even if you don't have enough time to accompany your staff out to lunch, as simple as writing a thoughtful email, thanking them for their hard work and accomplishments might show them that their efforts were not in vain.

7. Leadership

Source

A true leader not only leads from the front, but they are also right there in the trenches with their people. They are aware of the organization's objectives and are able to develop team talent in order to achieve those goals. 

The finest finance executives go easily from setting a positive example to directing actions and, finally, being available as a resource.

To be successful, you must be able to see the larger picture. You must be able to identify the procedures that need to be improved. 

Efficiency is one of the overarching goals that the best financial minds strive for. They are tireless in their search for methods to improve the company's efficiency and effectiveness.

The financial sector is full of strict deadlines. Not only do the greatest finance professionals achieve deadlines on a regular basis; they can also set goals and build action plans that benefit all parties involved. 

To be precise, financial managers are true multitaskers.

One of the attributes that all of the greatest financial minds share is a solution-focused attitude rather than a problem-focused mindset. 

A true leader sees opportunities rather than obstacles. They are adaptable and prepared to consider other people's ideas while focusing on a practical solution that serves the company's long-term objectives.

Bonus Tip: Personality

Personality is made up of both physical and mental characteristics. 

A finance manager with a good personality would be a valuable asset for his organization. They should be physically and mentally fit enough to handle the financial pressures of a company. They should also be able to draw on a large reservoir of creative energy.

As you know, a finance manager's work includes making decisions. As a result, they must be able to take a number of decisions that have financial ramifications as far as the organization's operations are concerned. They should be able to quickly assess any given situation and make an appropriate judgment.

Besides, the best finance managers generally have a research-oriented, creative mentality. They are able to provide new ideas to add to an organization's financial management process. They are self-assured to confront the obstacles that their position brings forward.

Conclusion

As you can see, there are a few characteristics that all successful finance managers have in common. They have faith in their staff and work together to solve problems. They are approachable and proud of their accomplishments. 

Above all, they appear to have an innate awareness of what are the strengths and weaknesses of all team members, and they use that knowledge to create milestones designed to bring the best out of each person. 

Self-discipline and honesty are also essential traits for a finance manager.

We believe that you can also develop the traits that we mentioned above. All you need is dedication and a little practice. 

As you probably know, the will to succeed is 50% of what success looks like.