Hello, What is the responsibility of the job of Finance Manager? What is the responsibility of the finance manager? Today we want to clear the question of your mind. The first thing is that this finance function is one of the major parts of a business organization. Because it is a permanent and continuous process of business concern.
Which is one of the finance interrelated functions which are related to the research and development activities of personal function, marketing function, production function, and business concern? Currently, each business concern focuses more on the field of finance. Because it is a very emerging part. Which reflects the entire operational and profitability situation of concern. Deciding the proper financial function is the essential and ultimate goal of a business organization.
The Finance Manager is one of the important players in the field of the finance function. He should have complete knowledge in the fields of accounting, finance, economics, and management. His position is highly critical and analytical for solving various problems related to finance. A person who deals with finance-related activities can be called Finance Manager. The key 5 given below are for the finance manager. Let us shed light on those 5 responsibilities below.
Table of Contents
What are the five responsibilities of a finance manager?
1. Interrelation with Other Departments
The finance manager deals with various functional departments such as marketing, production, personnel, system, research, development, etc. The finance manager should have sound knowledge not only in the finance-related areas but also well versed in other areas. He must maintain a good relationship with all the functional departments of the business organization.
2. Cash Management
Present-day cash management plays a major role in the area of finance because proper cash management is not only essential for effective utilization of cash but it also helps to meet the short-term liquidity position of the concern.
3. Investment Decision
The finance manager must carefully select the best investment alternatives and consider the reasonable and stable return from the investment. He must be well versed in the field of capital budgeting techniques to determine the effective utilization of investment. The finance manager must concentrate on principles of safety, liquidity, and profitability while investing capital.
4. . Acquiring Necessary Capital
After deciding the financial requirement, the finance manager should concentrate on how finance is mobilized and where it will be available. It is also highly critical in nature.
5. Forecasting Financial Requirements
It is the primary function of the Finance Manager. He is responsible to estimate the financial requirement of the business concern. He should estimate, how much finances required to acquire fixed assets and forecast the amount needed to meet the working capital requirements in the future.
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Business management expert and Leadership Consultant and Business Coach, who writes her blog, Jay’s Trends, focused on helping small business owners understand trends in Business management. Other posts by Jayprakash Prajapati»