Financial management

The staff employed in the Finance Department under the guidance of Finance Director are concerned with three principal tasks: monitoring when the money is coming in and going out; monitoring where it is coming from and going to; monitoring how much is following backwards and forwards.

These various tasks are carried out by Financial Accountants, Management Accountants, Financial Analysts, who are responsible for preparing the financial accounts of the business, budgeting and giving advice on the advisability of new investment proposals.

In order to undertake these functions effectively, accurate and up to-date financial information is needed. Therefore the collection, presentation and evaluation of financial data are central to the work of the department. Entry level positions in this department for those with associate degrees and limited experience in finance include data processing clerks, investor relations specialists, and accounts payable staff positions. Promotion opportunities generally lead to managerial positions such as credit manager, or financial accounting manager. Senior financial management positions include CFO, corporate comptroller, and treasurer. Financial management is the broadest of the three areas, and the one with the most job opportunities. Financial management is important in all types of businesses, including banks and other financial institutions, as well as industrial and retail firms. Financial management is also important in governmental operations, from schools to hospitals to highway departments. The job opportunities in financial management range from making decisions regarding plant expansions to choosing what types of securities to issue when financing expansion. Financial managers are responsible for the financial health of an organization. They produce financial reports and develop strategies and plans for the long-term financial goals of their organization. Regardless of which area a finance major enters, he or she will need a knowledge of all three areas. For example, a bank lending officer cannot do his or her job well without a good understanding of financial management, because he or she must be able to judge how well a business is being operated. In the financial services industry, one of the most coveted careers is that of the financial analyst. Financial analysts can work in both junior and senior capacities within a firm and it is a niche that often leads to other career opportunities. If you're interested in a career as a financial analyst, read on to find out what you can do to groom yourself for the job. Financial analysts gather information, assemble spreadsheets, write reports, and review all information about prospective deals. They examine the feasibility of a deal and prepare a plan of action based on financial analysis. Being an analyst requires an awareness of financial trends. Similarly, corporate financial managers need to know what their bankers are thinking about, and they also need to know how investors judge a firm's performance and thus determine its stock price. If you have an ambition to become a tax advisor then it’s important that you clearly understand all the duties of a tax consultant. The list of duties can be listed as follows:

-Act fairly and with a higher degree responsibility with Internal revenue service;

-Knowledge of all prevailing tax laws and advising the clients regarding the accuracy of their documents advice on the best practice when preparing and submission of documents to Internal Revenue Service;

-Evaluation of reasonableness of assumptions made in tax calculations.

So, if you decide to make finance your career, you will need to know something about all three areas. Since virtually all important business decisions have financial implications, important decisions are generally made by teams from the accounting, finance, legal, marketing, personnel, and production departments.

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