What are the different responsibilities of the financial manager?
The exact responsibility of the financial manager depends on its appointment within the organization. Financial managers can be credit managers, risk managers, treasurers, cash managers, risk managers or controllers. Organizations hire financial managers to help manage the tides of funds within the organization, increase profitability and mitigate risks. They help their organizations to prepare financial reports and also help in planning and implementing strategies focused on cash management.
Some of the obligations of the financial manager include the organization and keeping of the record of how money is paid and accepted within the organization. Whenever the organization has a financial obligation, it is a financial nursery that pays the necessary funds to fulfill such an obligation. Financial mangys also prepare projections of cash flows that allow them to decide whether the company has enough liquid cash to fulfill its obligations or whether it may be a loan from FINAnative institutions to meet the needs. If a financial manager discovers a surplus of projections based on projections, it will determine the best way to use excess resources. This can be through investment or further expansion.
Other duties of the financial manager include the use of financial techniques such as ensuring to significantly reduce the level of risk that the company could expose during business operations. It can also study the types of transaction risks to decide whether to obtain insurance for the protection of the company from such an expected loss. Financial managers also make the provisions of the protection of the company's assets and risks, such as damage to the buildings on the environment, damage to the equipment and any act of sabotage by any employment.
Further responsibility of the financial manager involves maintenance of a heartfelt relationship with other external sUbjects associated with the organization's finance. These people include lawyers, bankers, tax authorities and auditors. Financial managers also manage the budget of their companies and keep up with the market trends, including any changes in the legal regulations that can affect the finances of the company. They conduct competition to develop strategies on how to keep their own organizations before the competition. Financial managers implement techniques to ensure that their customers are collected in the past or delinquent accounts. This will help maintain a solid solvent and also increase the influx of cash.