Role of the Financial Manager

Topics: Finance, Internal Revenue Service, Chief financial officer Pages: 3 (935 words) Published: April 21, 2007
Role of the Financial Manager

Financial managers wear many hats. They oversee the preparation of financial reports, direct investment activities, and implement cash management strategies. Each day there are new organizational paths and computer programs being perfected to record and organize data. Many financial managers are spending more time developing strategies and implementing the long-term goals of their organization. According to Brealey, Myers, and Marcus "Financial Managers are faced with two basic problems. First, how much money should the firm invest, and what specific assets should the firm invest in?" The duties of financial managers change with their roles. Chief Financial Officers, are the top financial executives of an organization. They oversee all financial and accounting functions and formulate and administer the organization's overall financial plans and policies. In small firms, CFOs usually handle all financial management functions. In large firms, they direct these activities through other financial managers who head each financial department. A chief financial officer is primarily responsible for financial planning and record-keeping. This role has expanded to encompass communicating financial performance and forecasts to the analyst community. The Controller is responsible for all aspects of the agency accounting and reporting process. This includes, but is not limited to, the following: Prepare financial statements in compliance with GAAP, as well as various reports for all key aspects of the agency's financial affairs, including variance reports which accurately account for differences in budgets and forecasts. Ensure Sarbanes-Oxley compliance and process documentation. The controller reconciles and analyze all accounts each month, ensuring that all corporate reporting packages and internal reports are accurate, timely, and in compliance with GAAP and internal policies. They also oversee and assist in all accounting systems...
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