- Avis-Marie Barnes
Funding Specialist vs. Finance Employee: What is the Difference?
Various experts have a hand in managing your company’s financials. From bookkeepers to accountants, CPAs, controllers, or even CFOs, each has a different specialty and scope of tasks. A bookkeeper records past transactions. A controller oversees the accounting operations of a business, including staff management. CFOs may have a hand in accounting, but they focus on financial strategy and planning. Very often, given the size of a company, one person will take on the financial responsibilities of these different job titles, but each of these job functions independently play an integral role in your company’s success.
Funding specialists within a company are unique because they help manage the flow of money into your organization. They lead that part of your financial team with the creation and management of funding procedures for the company. The funding specialist works to identify how much capital is needed for a specific project. They are generally tasked with conducting research as to how best to secure the right amount funding and then presenting a plan or company strategy to reach that goal. This could be for a specific outreach, program, expansion, or acquisition. Funding specialists also help gather information for loan applications, extensions and may even engage in business development with lenders.
Funding specialists hold connections with many partners and those in the lending arena, which might be beneficial for your funding needs. They can also establish budget guidelines, as well as prepare and process documents. This position ideally is your go-to for resolving any unforeseen issues when it comes to funding.
While it’s best to keep a financial specialist on staff for day-to-day operations, it’s advisable to bring in a funding specialist for larger projects. It’s ideal to bring them in early so they can understand your goals, advise in your strategy, and provide the resources to help you make informed choices.