Manager IT Budget and Financial Planning

Job Description: Manager (IT Budget and Financial Planning)

Position Title: Manager, IT Budget and Financial Planning
Department: Information Technology
Location: [Bangalore ]
Reports to: [Sr.VP-IT and Compliance]

Role Overview: The Manager of IT Budget and Financial Planning is responsible for overseeing the financial management, budget planning, and forecasting activities of the IT department. This role ensures that IT financial operations align with the strategic objectives of the organization and supports cost-effective technology investments.

Key Responsibilities:

Budget Development and Management:

• Lead the preparation, development, and management of the IT department’s annual budget, ensuring alignment with strategic plans.
• Collaborate with IT leaders to identify financial needs for technology projects and operational expenses.
• Monitor and track IT budget performance, conducting variance analysis and recommending corrective actions as needed.

Financial Planning and Analysis:

• Conduct financial modeling, long-term planning, and scenario analysis to support decision-making for IT investments.
• Analyze historical financial data and key performance indicators to provide insights into IT financial trends.
• Prepare detailed financial reports, dashboards, and presentations for senior management to communicate financial status and budget forecasts.

Cost Management and Optimization:

• Identify opportunities for cost savings and process improvements within the IT budget.
• Collaborate with procurement and vendor management teams to negotiate contracts and optimize IT spend.
• Implement financial best practices to ensure cost-efficiency in technology sourcing and usage.

Compliance and Financial Controls:

• Ensure adherence to financial policies, accounting principles, and regulatory requirements.
• Establish and maintain robust financial controls to mitigate risk and enhance audit readiness.
• Partner with finance and accounting teams to manage financial audits related to IT budget activities.

Cross-functional Collaboration:

• Work closely with cross-functional teams, including finance, procurement, and project management, to coordinate budgeting and financial planning efforts.
• Support IT project managers with budget tracking and financial analysis for ongoing and upcoming projects.
• Act as a liaison between IT and finance departments to streamline processes and ensure cohesive financial practices.

Strategic Contributions:

• Contribute to the development of IT financial strategies that support the growth and scalability of the organization.
• Provide insights and recommendations on cost-benefit analysis for IT investments and strategic initiatives.
• Assist in evaluating the financial impact of IT strategies, mergers, and acquisitions.

Qualifications:

• Bachelor’s degree in Finance, Accounting, Business Administration, or a related field (MBA preferred).
• Minimum of 5-7 years of experience in financial management, budgeting, and planning within an IT environment.
• Strong proficiency in financial modeling, forecasting tools, and budget management software.
• Excellent analytical skills and the ability to interpret complex financial data.
• Strong understanding of IT operations, infrastructure, and project lifecycle.
• Exceptional communication and presentation skills with the ability to engage with senior management.
• Experience in cost optimization and IT procurement is a plus.
• Advanced knowledge of Excel and familiarity with financial reporting systems (e.g., SAP, Oracle).
• Professional certifications such as CPA, CMA, or CFM are advantageous.

Key Competencies:

• Attention to detail and accuracy in financial reporting.
• Strategic thinking and problem-solving capabilities.
• Leadership skills and the ability to manage and mentor teams.
• Strong organizational and multitasking abilities.
• Collaborative and proactive approach to work.