Our status as the financial ad visor, particularly in business, is changing in response to technological advances that have significantly reduced the amount of time it takes to produce financial reports.
Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advice senior managers on ideas to maximize profits.
They often work on teams, acting as business advisor.
Financial managers typically do the following:
· Prepare financial statements, business activity reports, and forecasts
· Monitor financial details to ensure that legal requirements are met
· Supervise employees who do financial reporting and budgeting
· Review company financial reports and seek ways to reduce costs
· Analyze market trends to find opportunities for expansion or for acquiring other companies
· Help management make financial decisions
Financial managers also do tasks that are specific to their organization or industry. For example, government financial managers must be experts on government appropriations and budgeting processes, and healthcare financial managers must know about issues in healthcare finance .
Moreover, financial managers must be aware of special tax laws and regulations that affect their industry.
Financial managers increasingly assist exclusivity in making decisions that affect the organisation, a task for which they need analytical ability and excellent communication skills.