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Financial Manager Essay

986 words - 4 pages

A financial manager does not only take care of the day to day accounting assignment, but is expected to be involved in every financial decision within the company. A financial manager will normally be seen working with other managers on matters that will affect the financial state of the company. He or she is not only a financial projection expert, but is also in charge with overseeing the finances of a company and carries out all strategic financial planning and reports, delivers statements and summarizes the company’s financial activity to stakeholders and other interested out and inside party’s. The financial manger holds authority over decisions such as, costs, payroll, investment, ...view middle of the document...

Finance managers are the ones to communicate with contractors, vendors and suppliers, to create proposals, requests etc., so they can ensure that they get the best quality product and price. They are also the ones who need to determine if it is better to hire contractors or in-house staff to complete different projects. (Unknown, n.d.) A finance manager has to create a master budget that is linked to a company’s balance sheet, accounts receivable and payable reports and cash flow and profit – and – loss statements. Regular reviews called budget variance analyses are tasks of the financial manager. These analysis are conducted to determine if any changes are needed based on the difference of a company’s performance versus the financial projections. Most importantly they need to make sure that a company’s payments don’t exceed their profits. Cash flow is important to a company. A finance manager needs to manage this. Believing that they can avoid disasters by having enough cash to pay their liabilities is wrong. A company needs to make sure that they have terms and conditions in place when it comes to vendors, and supplier’s payment terms. This also includes customers. Cash flow management includes monitoring receivables turnover and keeping enough credit and cash reserves available to keep the company financially stable. (Edmunds, n.d.) The ultimate goal of an organization is to increase value for existing shareholders, and this becomes the financial manager’s objective as well. Seeking to increase value for existing shareholders, could potentially attract new investors.
There is a lot riding on a financial managers shoulders. He or she needs to forecast and predict short - and long term requirements of money by the business. They also need to predict the activity level in the different departments within the company. They need to plan for logistics, which includes manufacturing and delivery cost. He or she needs to determine if the...

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