Financial success or financial security in any organization is rated one of the most aspired situations a firm can be in. To achieve this, specific people are given the role of taking control of the various factors which lead to attainment of financial success. Those obligated with such an objective are generally referred to as financial managers. They have a host of roles or duties that are guided by the titles and the nature of work they undertake since finance is a large field.
The basic duty is to oversee as a either actively or passively the preparation of financial reports. The reports may be monthly, yearly or even dependent on the nature of a project thus a firm’s tradition and financial policy would dictate when. However, comprehensive reports are prepared with his guidance. In the fast paced investment industry, firms have to analyze the types of investments they engage in. The role of directing the nature, time and scope of an investment lies with the financial manager. To this end, coming up with a policy if one is not existent on how to invest and the guidelines towards investment management are set initially by the finance manager who for instance may gauge when an investment would break even or start earning profit for the organization.
In the daily operations of any firm, cash would flow; either liquid cash or cash in other forms such as cheques, money orders or postal orders. Managing the cash directly or in most cases, coming up with cash management strategies lies in the docket of the finance manager. Monitoring and controlling the flow of cash receipts and disbursements to match the organizations objectives are daily operations in this docket. It is worthy to note that financial management is a rather broad economic field hence they are categorized in various ways. For instance, those managers who cater for the flow of cash are cash managers, credit facilities like loans and mortgages are under the credit manager who establish lending criterion, credit rating, monitor collection of due accounts as well as determine the lending ceilings.
In today’s market, the direct involvement of managers in daily running has been reduced due to computerization of operations leaving most financial managers with the responsibility of observing risks, offering mitigation guidelines, steering organizations towards long-term objectives and coming up with policies to govern the financial growth of an organization. With such broad and mandatory job descriptions, financial managers in whichever area of specialty remain indispensable in the long-term financial stability of an organization.
The basic duty is to oversee as a either actively or passively the preparation of financial reports. The reports may be monthly, yearly or even dependent on the nature of a project thus a firm’s tradition and financial policy would dictate when. However, comprehensive reports are prepared with his guidance. In the fast paced investment industry, firms have to analyze the types of investments they engage in. The role of directing the nature, time and scope of an investment lies with the financial manager. To this end, coming up with a policy if one is not existent on how to invest and the guidelines towards investment management are set initially by the finance manager who for instance may gauge when an investment would break even or start earning profit for the organization.
In the daily operations of any firm, cash would flow; either liquid cash or cash in other forms such as cheques, money orders or postal orders. Managing the cash directly or in most cases, coming up with cash management strategies lies in the docket of the finance manager. Monitoring and controlling the flow of cash receipts and disbursements to match the organizations objectives are daily operations in this docket. It is worthy to note that financial management is a rather broad economic field hence they are categorized in various ways. For instance, those managers who cater for the flow of cash are cash managers, credit facilities like loans and mortgages are under the credit manager who establish lending criterion, credit rating, monitor collection of due accounts as well as determine the lending ceilings.
In today’s market, the direct involvement of managers in daily running has been reduced due to computerization of operations leaving most financial managers with the responsibility of observing risks, offering mitigation guidelines, steering organizations towards long-term objectives and coming up with policies to govern the financial growth of an organization. With such broad and mandatory job descriptions, financial managers in whichever area of specialty remain indispensable in the long-term financial stability of an organization.
