Financial managers are in practically every firm whether in manufacturing, communication, finance, ed
ucation, or health care. Some of them are treasurers, controllers, credit managers, or cash managers. They
prepare the financial reports required by the firm to conduct its operations and to ensure that the firm sati
sfies tax and regulatory requirements. Financial managers also oversee the flow of cash, monitor credit exte
nsions, assess the risk of various transactions, raise capital, analyze investments, develop information to a
ssess the present and future financial status of the firm, and communicate with stock holders and investors.
In small firms, chief financial officers usually handle all financial management functions. However,
in large firms, these officers oversee financial management departments and help top managers develop financ
ial and economic policy and establish procedures, delegate authority, and oversee the implementation of these
policies.
Highly trained and experienced financial managers head each financial department. Controllers direct
the preparation of all financial reports, income statements, balance sheets, and special reports such as dep
reciation schedules.
Interview with Edward McCregor
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Guides financial decisions by establishing, monitoring, and enforcing monetary policies and procedures.
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Protects assets by establishing, monitoring, and enforcing internal controls.
Determines cost of operations.
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Monitors and confirms financial conditions by conducting audits; provides information to external auditors.
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Sets and guides the cost analysis process.
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Maximizes returns and limits risk on cash by minimizing bank balances; making investments.
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Consolidates financial data, recommends financial plans and prepares budgets.
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Schedules expenditures, analyzes variance and initiates corrective actions.
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Collects, interprets, and reports data to confirm overall costs.
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Provides status of financial condition through financial reports.
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Analyzes and interprets financial data, makes comparative analyses, and recommends actions.
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Prepares special reports.
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Ensures compliance with federal, state, and local legal requirements.
(Note: These are only a few typical duties that have been listed
to give you a general overview and understanding of the job
and responsibilities of a financial manager)
