Cash management jobs are concerned with managing the cash, investments and financial reports for clients, businesses and other organizations. Treasurers, bookkeepers, tax accountants, payroll administrators and auditors are all examples of people with cash management jobs. To varying degrees, people in these jobs oversee the money going in and out of a business.
Some cash management jobs require people who are able to make accurate financial predictions and projections. This includes establishing and maintaining a budget and overseeing billing, collections and payments. Some cash managers also analyze expenses that can range from employee salaries to travel receipts. Cash managers can even be responsible for making recommendations or cuts in these areas.
Cash management jobs are important, because ensuring a business has enough cash on hand is vital to the operation of any business. This helps ensure there is enough money to pay employee salaries or cover the cost of providing goods or services, for example. It is imperative that a business also have enough cash reserves, because expenses sometimes occur before income or funding is received. Some money must always be held in reserve to cover unexpected expenses or downturns in business.
Corporate treasurer jobs require significant expertise and carry a lot of responsibility. Cash management jobs at this level often involve duties relating to overseeing risk management, insurance and pension plans. In contrast, a bookkeeper might be tasked with simply recording all financial transactions that take place. Regardless of their level, all types of cash management jobs are vital to the smooth operation of a business.
Tax accountants are another example of a cash manager. In addition to reporting information to tax agencies, tax accountants can also issue reports to lenders and keep track of any business licensing requirements. Mortgage statements and reports about cash on hand are also functions of this job.
Most cash management jobs require at least a bachelor’s degree in business, accounting or a related area. Certification might also be required for some positions. Top-level jobs will likely require a master’s degree in business administration (MBA) or a related master’s degree. Excellent math, communications and analytical skills are also important in cash management jobs. Additionally, some cash managers are also responsible for managing other employees.
The financial industry is constantly changing and many cash managers find they must work to continually keep abreast of new regulations and trends. Membership in various professional organizations may be encouraged or required. Some companies are willing to pay for these memberships or for continuing education.