Usually employed by larger financial corporations that handle commercial loans, automobile loans and corporate investments, an operations officer is responsible for a corporation's annual strategic plan when it comes to reaching higher financial goals. The operations officer also develops specific operating policies for the company that will help keep a corporation's annual budget low and reduce labor costs as well.
Helps to create the annual budget
In order to make sure that a large financial company makes a reasonable profit every year, it is a major job duty of the operations officer to help with the development of the company's annual budget. The operations officer will analyze various financial reports by various department heads that contain each department's annual budget costs. The officer enters this pertinent information into a computer database. After figuring out ways to cut costs from each department, the operations officer will confer with the company's owners and production officers while drawing up a new annual budget.
Manages operations team
During the typical work day, the operations officer will supervise the group leaders involved with various financial departments, include accounts payable, payroll, accounts receivable, the cash management and bank reconciliation departments. While discussing the daily work schedule with these department heads, the operations officer will add input so that all employees working underneath the department heads can streamline their work productivity and keep management costs down.
Installs new pricing guidelines
Financial corporations that create new billing procedures in order to compete with its competitors on an international scale need to develop new pricing guidelines to insure that the company stays profitable. An operations officer is responsible for analyzing these new pricing guidelines by comparing them with other companies' same type of overall pricing for similar products and loan interest rates. By compiling a series of in-depth reports, the operations officer will present these pricing reports to the company's owner and will revise the guidelines as needed.
Develops new operating procedures
In order to maintain a company's financial stability as well as its ability to implement new management processes that will keep the company competitive within its own industry, the operations officer must develop new operating procedures on an annual basis. This entails conferring with other department supervisors to discuss specific ways to cut down on employee ineffectiveness and how to streamline the billing process so that payments due can be received in a more timely manner.