The three main duties of a financial manager in a retail setting arefinancial planning, monitoring, and controlling performances. Financial planning is the most important because it directly refers to the financial status of the retail business. According to Horst Albach (1962) by financial planning we get “an understanding of future eventsand a capacity to make reasonable adaptation to those events in the light of the goals of the firm” (Albach, 1962, p. 78) It is within this concept the financial manager also makes out the budget. This is regarded as the most vital part of a financial manager’s financial planning. It is through the budget he is able to give a projection into the short as well as long term financial aspect of the business.
Some of those expectations are; staying aware of the big picture, always creating a productive environment for your employees, make decisions on your own, implement new programs and methods and teach effectively. The role of a manager is to set goals, show effective behavior, have the ability of decision-making, time and money management, have communication and meeting skills, motivate and give correct training to others. You should always plan every course of action of the company, learn from previous mistakes, and gain respect from your own team. You should never be afraid of taking a
Corporate Finance: Corporate finance is concerned with the financing and investment decisions made by the management of companies in pursuit of corporate goals. As a subject, corporate finance has a theoretical base which has evolved over many years and which continues to evolve. It has a practical side too, concerned with the study of how companies actually make financing and investment decisions, and it is often the case that theory and practice disagree. The fundamental problem that faces financial managers is how to secure the greatest possible return in exchange for accepting the smallest amount of risk. This necessarily requires that financial managers have available to them (and are able to use) a range of appropriate tools and techniques.
The management accounting information are used for further decision making like the report of sales forecasting, budget analysis and comparative analysis, feasibility studies and reports for merger and consolidation. Information in managerial accounting reports are future-oriented and the information is provided to the top management whereas information in the financial reports are historical informations which does not help the internal organizations which does not help the internal organization much. Managerial accounting information may effect the behavior of employees but still it helps a company to give
By ensuring wise distribution of funds, finance contributes to balanced regional development in the country. 14. By contributing to the renovation and modernisation of industries, finance contributes to industrial development in backward areas. 15. Availability of adequate finance with an enterprise will not force the enterprise to resort to pressure tactics to collect the mounts due from customers.
Areas of Management. Different types of managers are fall under this category: a. Finance Managers: A person who manages the financial activities of an organization. b. General Managers: These are the overall controllers of an organization and works at administrative level.
It has two main functions i.e. Finance and Accounts. These functions are carried out by various sections of finance and accounts department. The objective of finance and accounts department is always to meet the requirement of line department while doing its own line functions such as accounts maintaining, meeting statutory requirements, budgetary control and advising on financial matters etc. Finance involves procurement, allocation, managing and monitoring the financial resources to give the optimum result and providing necessary inputs and guidance to the Management for decision-making.
The responsibility of project manager is how to deal with resource, people and systems to deliver the end products within the budget and deadline allowed. The project manager is required to have skills such as planning, negotiating, communication, leadership, problem solving. Especially, the project manager must be adaptive to new circumstances by gaining form experience that is measured form the number of projects previously managed and a responsible index. “The responsibility index indicates whether the value of actual project is lower, higher, or equal with the value of previous project. “ (Couillard, 1995).
The author will discuss the importance of managing teams and how these attributes are used to overcome challenges faced by the team. Other characteristics of a good team manager such as communication skills, leadership and motivation skills will also be examined. It is important that you understand the role the manager plays in managing teams to fully execute what is expected of you, so that team members remain confident and motivated and that they feel supported and included. Teamwork involves working together, communicating with each other, trusting one another but there are also certain advantages and disadvantages to working within a team, which will be discussed. Its important that managers know when teams are required, the types of teams and the stages of team development to foster a committed, empowered, hardworking team environment for
Financial Management consists of all the activities concerned with obtaining money and using it effectively. Effective financial management involves careful planning and efficient use of resources. Proper financial management can ensure that financial priorities are established in line with project goals and objectives; spending is planned and controlled in accordance with established priorities and sufficient financing is available when it is needed (Pride, 2002). Good financial management reduces project expenditure by ensuring that the services needed by the citizens especially the poor are actually delivered, maintained and worked properly. The key objectives of financial management of world bank project projects are to follow the use of funds for intended purpose as based on approved plan and budget, and submission of an adequate report to the donor.