Infor Tutorial: Day in the Life of a Finance Manager

Summary

In this finance management overview, the finance manager navigates their daily tasks, including monitoring alerts for invoices, managing purchase order approvals, and analyzing key financial metrics. By reviewing profit and loss charts and KPIs, they assess the company's performance and prepare for discussions with branch managers. The manager addresses specific financial inquiries, delving into transaction details to ensure accuracy. This demonstration showcases the essential tools and processes that finance managers utilize to maintain financial oversight and support decision-making, emphasizing the importance of effective navigation through financial systems.

Takeaways

• 😀 Finance managers start their day by reviewing alerts, tasks, and posts on their homepage for efficient financial oversight.
• 📊 They monitor key financial metrics using dashboards, charts, and graphs to assess performance and identify trends.
• 🔍 Profit and loss charts are critical tools, revealing significant declines in revenue compared to previous months and years.
• 📈 Key Performance Indicators (KPIs) help finance managers evaluate net income and return on investment, guiding decision-making.
• 🗂️ A focus on accounts receivable indicates potential cash flow issues, as higher receivables with lower net sales may signify slower customer payments.
• 👥 Collaboration with branch managers is essential for addressing financial queries and understanding departmental performance.
• 📅 Daily due diligence includes updating financial reports and comparing current performance against prior periods.
• 🛠️ The finance manager utilizes subledgers and control accounts to trace transactions and validate entries, ensuring accuracy in financial reporting.
• 🔗 Hyperlinks within financial software streamline navigation and enhance the accessibility of detailed financial information.
• 🤝 Effective communication and thorough analysis are crucial for finance managers to make informed recommendations and decisions.

Q & A

What is the main focus of the finance manager in this demonstration?

The finance manager focuses on accessing daily financial information, including alerts, tasks, and financial metrics from subledgers to assist in decision-making.

What specific alert did the finance manager encounter at the beginning of the day?

The finance manager encountered an alert about an invoice that exceeded a prescribed dollar amount.

How does the finance manager handle tasks that require approval?

The finance manager reviews tasks that require approval, such as a purchase order that has gone over a certain dollar amount, and assigns the task to themselves for review.

What financial metric does the manager examine to assess the company's performance?

The finance manager examines the profit and loss chart to assess the company's financial performance over time.

Why does the finance manager prefer to view quarterly data instead of monthly data?

The finance manager prefers to view quarterly data to get a clearer picture of the company's financial trends and performance over a longer period.

What key performance indicators (KPIs) does the finance manager review?

The finance manager reviews several KPIs, including net income percentage and return on investment, to evaluate the company's financial health.

What issue does the finance manager want to address during the meeting with the owner's son?

The finance manager wants to address concerns regarding an inventory account that the owner's son believes may have an incorrect entry.

How does the finance manager determine the reason for a specific transaction in the inventory control account?

The finance manager drills down into the transaction details, reviews associated journal entries, and checks for notes related to the transaction to understand its context.

What discrepancy was found in the inventory control account's transaction?

A $50 difference per item in the invoice cost was discovered, leading to an adjustment in the inventory control account due to a price increase approved by purchasing.

What does the finance manager conclude about the relationship between subledgers and control accounts?

The finance manager concludes that there is a tight relationship between subledgers and control accounts, allowing for easy navigation and understanding of financial data.