- To generate and maximise income, to be compliant with the legal obligations for financial management, to evaluate financial performance and understand life cycle costing methodologies.
- To set, manage and monitor budgets and prepare financial cases.
- To use, analyse and manage data and information.
- To constantly review and analyse the applications, benefits and costs of IT systems to support an organisation.
FM functional area components:
Financial Management
- To recognise how income is generated within facilities management, the legal obligations and to evaluate financial performance.
- To understand the principles of management accounting, balance sheets, the use of capital and revenue budgets.
- To identify trends and variances and prepare financial cases
- To develop and manage budgets, understand the impact of depreciating asset values, whole-life costing and discounted cash flow.
Information Technology
- To develop a facilities management IT strategy to deliver and manage the delivery of the service.
- To be aware of fast-changing technological trends and to maximise opportunities for process improvements.
- To use systems, for example computer-aided FM software (CAFM), to plan maintenance, maximise the lifespan of assets, analyse financial data and forecast future requirements based on changing business needs.
| Career level | Financial Management | Information Technology |
| Strategic | Ensures financial probity and effective corporate governance, evaluates investment and income-generating opportunities | Uses knowledge of developments in technology to Influence the facilities management aspects of an IT strategy |
| Senior | Informs the strategic business planning process and evaluates performance against budgets | Manages the implementation of IT solutions and evaluates their impact on service delivery |
| Manager | Monitors the delivery of objectives against cashflow limits and budgets, reporting variances and preparing business cases | Manages the use of IT to ensure effective service delivery and encourages the adoption of new technologies |
| Supervisory | Manages operational budgets against targets, investigating and recommending action to address variances | Supports the use of IT to achieve efficiency in service delivery |
| Support | Carries out financial management activities as directed | Uses IT resources efficiently |
Contact
If you're an employer looking to develop your teams, please email our qualifications team.