Financial Applications Specialist Responsibilities

Financial applications specialist is a professional who is responsible for ensuring that the software is designed to process the financial applications of the organization as effectively as possible. Financial applications specialist responsibilities comprise installing, upgrading, maintaining, testing the software application used for financial purpose designed on the basis of the requirements of the organization. It, thus, helps in the smooth operation and tracking of various financial records and documents.

Key Responsibilities of a Financial Applications Specialist

Financial applications specialist help the clients or the organization in designing an application software that will assist them in achieving their financial goals and objectives. For this they first try to understand the client's needs and develop a software application that will help in effective implementation of their financial work plans. Thus, they need to perform a wide range of complex duties and may need to perform some other related duties as well. To better understand this role, one must first get an insight on what exactly are the key responsibilities that are being handled by a financial applications specialist. Here are some points to give you a more clear idea:

  1. To get detailed information on what exactly are the requirements of the clients or the organization and design an application software catering to those needs
  2. To configure and install the financial application software and test it whether it is operating smoothly
  3. To identify areas where the problems may arise and troubleshoot the bugs associated with the software
  4. To train and assist the staff members in the use of software application
  5. To perform a storage and backup procedures for the available financial database
  6. To maintain current knowledge on the emerging and developing software applications and make subsequent recommendations to improve the process

Thus, he is actively involved in planning, scheduling, overseeing, and coordinating major software upgrades and installing the related software applications. He studies and reports on the functionality of the financial management software and fixes the system issues. He is responsible for developing all the documentation that will train the end users on how to operate the application and how to resolve or troubleshoot the technical issues. He is responsible for applying the accounting and auditing knowledge and principles to specially assigned the projects involving system analysis, programming, and financial management. In short, he assesses, evaluates, and identifies areas for improving the processes that will add value to the organization.

Essential Skills

To be a successful financial applications specialist, one needs to have an in depth knowledge of various computer applications and programs with an exposure to the accounting and finance sector. An eye for details and the ability to resolve technical issues with excellent interpersonal communication skills are a pre-requisite. Ability to handle pressure situations and deliver the targets without compromising on quality are also essential. Should be able to work independently as well as interact with the team members as he may need to supervise or train them at times.

Educational Background

A bachelor's degree in computer science with a background in accounting, finance etc., would be preferred. A master's degree or some advanced training, certification, or some previous experience in a similar profile would also prove to be an advantage.

Salary Details

The entry level financial applications specialist earns a minimum salary in the range of $37,000. Experienced candidates can get a salary package in the range of $100,000 to $119,000. It varies depending on the type, location, and size of the organization. Skills and educational qualifications are equally important factors in determining the salary of the financial applications specialist.

Work Hours

The work hours of a financial applications specialist normally do not go beyond forty to forty five hours per week, Monday through Friday. At times, whenever there is workload, he may need to work overtime on the weekends or sometimes even on public holidays.

Career Prospects

The opportunities for financial applications specialist are definitely more, and there is a huge demand to employ these professionals who assist in streamlining the operational procedures for the organization. Those with additional qualifications and experience will surely advance to higher positions and get a lucrative salary package.

Thus, to become a complete professional, it is essential that you carry out financial applications specialist responsibilities effectively and efficiently to take your career to new heights.

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