What does a cash manager do?
A cash manager is responsible for monitoring cash flow, analyzing financial transactions, and allocating adequate budget and resources for every department's operations. Cash managers conduct data and statistical analysis to determine the company's expenses and financial loss and strategize techniques in minimizing those risks. They also help senior management in identifying business opportunities that would generate more revenue resources and increase profits for the business. A cash manager handles billing disputes, resolves account discrepancies, and submits accurate financial reports.
Cash manager responsibilities
Here are examples of responsibilities from real cash manager resumes:
- Lead and implement design of finance functions of new ERP system.
- Manage day-to-day operational processing of securities lending program along with performing frequent analysis and audits for management reporting.
- Process weekly ACH sweeps from depository accounts to corporate, wire transfers and other banking functions using PC.
- Convert the in house manual system to an ADP ERP system.
- Report bi-weekly on Sarbanes-Oxley relate to credits, debits and manual price adjustments.
- Research and application of all GAAP policies and procedures as they pertain to the business.
- Coordinate with the CPA to generate financial statements and general ledger reports in relation to corporate tax returns.
- Initiate ACH, internal transfers, stop payments, opening/closing of accounts, and positive pay daily for all hotels.
- Serve as key liaison with CPA firm, including reviewing financial posture, updating compliance and benefits, and general direction/advising.
- Coordinate Sarbanes-Oxley documentation for new project initiatives.
- Document departmental procedures to comply with SOX requirements.
- Ensure compliance with internal and external SOX documentation requirements.
- Prepare and process payroll reimbursements along with other company reimbursements.
- Exercise oversight in the acquisition of new electronic information systems.
- Supervise derivative reporting and accounting for held-for-investment and pipeline mortgage servicing rights.
Cash manager skills and personality traits
We calculated that 32% of Cash Managers are proficient in Customer Service, Cash Management, and Treasury. They’re also known for soft skills such as Organizational skills, Analytical skills, and Communication skills.
We break down the percentage of Cash Managers that have these skills listed on their resume here:
- Customer Service, 32%
Managed customer service department in addition to existing responsibilities, maintaining a high level of customer fulfillment.
- Cash Management, 10%
Cash Management: Subject matter expert and consultant on significant topics and practices surrounding cash management systems and treasury product utilization.
- Treasury, 6%
Managed departmental review and development, including initiation, monitoring and implementation of all treasury financial management coordinated through Information Technology.
- Financial Statements, 4%
Examined and analyzed accounting records and financial statements to assess accuracy and completeness to reporting and procedural standards.
- Reconciliations, 4%
Led team of 4 receipt administrators in researching unidentified payments with depository banks and bank reconciliations.
- ACH, 3%
Initiated ACH, internal transfers, stop payments, opening/closing of accounts, and positive pay daily for all hotels.
"customer service," "cash management," and "treasury" are among the most common skills that cash managers use at work. You can find even more cash manager responsibilities below, including:
Organizational skills. To carry out their duties, the most important skill for a cash manager to have is organizational skills. Their role and responsibilities require that "because financial managers deal with a range of information and documents, they must have structures in place to be effective in their work." Cash managers often use organizational skills in their day-to-day job, as shown by this real resume: "lead role in defining core competencies required to meet organizational critical value functions for the investment and cash management unit. "
Analytical skills. Another soft skill that's essential for fulfilling cash manager duties is analytical skills. The role rewards competence in this skill because "to assist executives in making decisions, financial managers need to evaluate data and information that affects their organization." According to a cash manager resume, here's how cash managers can utilize analytical skills in their job responsibilities: "developed customized, accurate working aging reports through our erp system for cleaner and more concise analysis of our total ar. "
Communication skills. cash managers are also known for communication skills, which are critical to their duties. You can see how this skill relates to cash manager responsibilities, because "financial managers must be able to explain and justify complex financial transactions." A cash manager resume example shows how communication skills is used in the workplace: "deliver excellent customer service and communications skills. "
Detail oriented. For certain cash manager responsibilities to be completed, the job requires competence in "detail oriented." The day-to-day duties of a cash manager rely on this skill, as "in preparing and analyzing reports, such as balance sheets and income statements, financial managers must be precise and attentive to their work in order to avoid errors." For example, this snippet was taken directly from a resume about how this skill applies to what cash managers do: "forged mutually beneficial relationships with financial institutions as part of objective to detail service mandates. "
Math skills. A commonly-found skill in cash manager job descriptions, "math skills" is essential to what cash managers do. Cash manager responsibilities rely on this skill because "financial managers need strong skills in certain branches of mathematics, including algebra." You can also see how cash manager duties rely on math skills in this resume example: "conducted daily due diligence on a quantitative and qualitative level in order to maximize efficiency. "
The three companies that hire the most cash managers are:
- Molina Healthcare266 cash managers jobs
- Jetro Cash & Carry Enterprises Inc.141 cash managers jobs
- KPMG LLP17 cash managers jobs
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Compare different cash managers
Cash manager vs. Manager finance planning and analysis
A manager finance planning and analysis oversees the daily operations of a company's financial planning department. They typically have administrative duties such as setting goals and guidelines, establishing timelines and budgets, delegating tasks among teams and staff, and reviewing financial reports regularly. They also perform research and assessments, gather and analyze financial data from different departments, coordinate staff, and solve issues and concerns when any arise. Additionally, as a manager, they must lead and empower staff to reach goals while implementing company policies and regulations.
These skill sets are where the common ground ends though. The responsibilities of a cash manager are more likely to require skills like "cash management," "financial statements," "ach," and "petty cash." On the other hand, a job as a manager finance planning and analysis requires skills like "financial performance," "financial planning analysis," "financial models," and "hyperion." As you can see, what employees do in each career varies considerably.
Managers finance planning and analysis earn the highest salaries when working in the manufacturing industry, with an average yearly salary of $109,735. On the other hand, cash managers are paid more in the manufacturing industry with an average salary of $101,436.On average, managers finance planning and analysis reach higher levels of education than cash managers. Managers finance planning and analysis are 12.5% more likely to earn a Master's Degree and 0.2% more likely to graduate with a Doctoral Degree.Cash manager vs. Manager/finance accounting
A manager of finance accounting's role is to oversee the financial activities in a company or organization. Their responsibilities revolve around coordinating with other departments to gather financial data, analyze the revenues and expenditures, and develop written reports and presentations. A manager of finance accounting must also maintain accurate financial records, identify any errors or inconsistencies, and perform support tasks for staff when necessary. Furthermore, as a manager, it is essential to lead and encourage the team, all while implementing the company's policies and regulations.
In addition to the difference in salary, there are some other key differences worth noting. For example, cash manager responsibilities are more likely to require skills like "petty cash," "bank deposits," "payroll," and "wire transfers." Meanwhile, a manager/finance accounting has duties that require skills in areas such as "cpa," "due diligence," "shared services," and "hyperion." These differences highlight just how different the day-to-day in each role looks.
Managers/finance accounting may earn a lower salary than cash managers, but managers/finance accounting earn the most pay in the government industry with an average salary of $92,198. On the other hand, cash managers receive higher pay in the manufacturing industry, where they earn an average salary of $101,436.In general, managers/finance accounting achieve higher levels of education than cash managers. They're 7.4% more likely to obtain a Master's Degree while being 0.2% more likely to earn a Doctoral Degree.Cash manager vs. Business manager-finance manager
A business manager/finance manager is responsible for handling the financial transactions of an organization, analyzing financial reports, and monitor investment activities. Business managers/finance managers strategize effective techniques to boost the organization's financial performance and identify business opportunities to increase revenues. They also prepare financial statements and assist senior management in making corporate decisions by conducting data and statistical analysis by studying market trends. A business manager/finance manager must have excellent critical thinking and analytical skills, especially in calculating costs and expenses to minimize the company's loss and stabilize profits.
The required skills of the two careers differ considerably. For example, cash managers are more likely to have skills like "customer service," "treasury," "ach," and "petty cash." But a business manager-finance manager is more likely to have skills like "project management," "financial management," "oversight," and "shared services."
Business manager-finance managers make a very good living in the finance industry with an average annual salary of $115,910. On the other hand, cash managers are paid the highest salary in the manufacturing industry, with average annual pay of $101,436.When it comes to education, business manager-finance managers tend to earn higher degree levels compared to cash managers. In fact, they're 8.4% more likely to earn a Master's Degree, and 0.4% more likely to graduate with a Doctoral Degree.Cash manager vs. Credit and collection manager
A credit and collection manager is responsible for evaluating credit services and supervising the credit and collection team in reaching out to clients with outstanding debts and credit applications. Credit and collection managers oversee the cash flow systems and identify opportunities to minimize excessive loss and resolve credit disputes. They also determine a customer's eligibility for credit options by analyzing documents and financial status. A credit collection manager must have excellent communication and analytical skills to process receivables and perform credit reconciliations accurately and efficiently.
Types of cash manager
Updated January 8, 2025
