Cash managers are given a very important role within a company to supervise cash assets and protect the company from losses. Considering their level of trust, cash managers earn a salary as high as $76,000, which is not surprising.
The job field is expected to grow, with reputable sources such as the U.S. Bureau of Labor Statistics reporting a job growth of 9% over the next six years. The career outlook is a positive one overall since this is a job title that can move up quickly, perhaps even to a CFO position.
What Does a Cash Manager Do?
The job of the cash manager is not to preside over the cash on hand as a regular manager does, but to oversee an organization’s cash flow. He or she must oversee income on a daily, weekly and monthly basis, ensuring that the accounts match the income reported. The cash manager also reduces the amount of cash in collectable status, all the while maximizing time for disbursing payment.
Cash managers are expected to have advanced knowledge in data collection and invoicing, since human calculations do not have the speed and accuracy of modern software. Using the latest software, managers can ensure that all proceeds and expenses are correct and that they are in compliance with state law. The cash manager does maintain a managerial role and have staff members working under him. They may be responsible for some of the invoicing, but for the most part, managers are responsible for disbursement.
The cash manager also implements new procedures and programs so that the company can take a proactive role in strategizing proper cash flow. If you take on this job position, you are in charge of study trends, understanding variables and planning accordingly. You collaborate with other executives and department managers so that communication is clear and orders are carried out quickly.
Skills That Matter in This Field
The cash manager has responsibility over cash flow and must understand accounting principles, as well as tax benefits and other complex issues related to cash flow on a corporate level. For a solid foundation, a bachelor’s degree will suffice. Aim for a degree in an appropriate course, such as finance, business administration, or accounting. Another possibility is a B.S. or Bachelor of Science degree in a related topic. People skills and work experience are also highly valued.
This is a promising job field with openings in banks, corporations, institutions and large private companies. There is great potential in this field if you can show employers the skills you have, as well as the knowledge you possess in financial subjects. A college education, such as that offered by UMCP, can start you off in the right direction. Put your mathematic skills and ambition to good use by focusing on building a career path now!