What are the roles of financial managers ?

What are the roles of financial managers ?

Financial managers have various responsibilities related to the overall health of the financial arm of an organization. On a broader scale, the main responsibility of a financial manager is to monitor the finances of company, as well as conduct data analysis and offer guidance and ideas on how to maximize profits for the benefit of the organization. More specifically, some of the primary responsibilities of a financial manager include: oversight of the overall corporate budget preparation, management, and monitoring process, performance of financial analysis, reporting and management activities, ensuring that financial reports are prepared and distributed in a timely manner, review of financial data for accuracy, hiring and training new employees on financial operations, and monitoring and managing all expenses within the budget. (Courses.lumenlearning.com, 2020) Additionally, according to the text, “Financial Executives International has categorized financial management functions as either controllership or treasureship” (Cleverley, W.O., Song, P.H., & Cleverley, J. O., 2011, pg. 7). The writers explain that this separation of duties is crucial in order to be able to understand financial management. The controllership duties cover operations such as establishing budgetary systems, preparing financial statements, and conducting cost analyses, while treasureship duties include arranging for bond issuance, establishing billing, credit, and collection policies, and providing banking and custody. Also, financial managers perform specific duties related to their respective industries. For instance, a government financial manager would knowledgeable about government processes as it would relate to finance, and a healthcare manager would handle issues in healthcare finance. In all instances, financial managers must always be aware of tax laws and regulations.

Cleverley, W.O., Song, P.H., & Cleverley, J.O. (2011). Essentials of healthcare finance (7th ed.). Sudbury, MA: Jones and Bartlett Learning.

Courses.lumenlearning.com. (2020). Introduction to Financial Management | Boundless Business. Available at: https://courses.lumenlearning.com/boundless-busine…

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