Functions of financial managers

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Managers are like Superman

Functions of financial manager

Objectives of financial manager

The Finance function is one of the major parts of business organization, which involves the permanent, and continuous process of the business concern.

Finance is one of the interrelated functions which deal with personal function, marketing function, production function, and research and development activities of the business concern. 

At present, every business concern concentrates more on the field of finance because it is a very emerging part which reflects the entire operational and profitability position of the concern. Deciding the proper financial function is the essential and ultimate goal of the business organization.

The finance manager is one of the important role players in the field of the finance function. He must have entire knowledge in the area of accounting, finance, economics, and management. 

His position is highly critical and analytical to solve various problems related to finance. A person who deals with finance-related activities may be called the finance manager.

The major functions of financial managers.

Finance manager performs the following major functions:

1. Forecasting Financial Requirements

It is the primary function of the Finance Manager. He is responsible to estimate the financial requirement of the business concern. He should estimate, how much finances required to acquire fixed assets and forecast the amount needed to meet the working capital requirements in the future.

2. Acquiring Necessary Capital

After deciding the financial requirement, the finance manager should concentrate on how finance is mobilized and where it will be available. It is also highly critical in nature.

3. Investment Decision

The finance manager must carefully select the best investment alternatives and consider the reasonable and stable return from the investment. He must be well versed in the field of capital budgeting techniques to determine the effective utilization of investment. The finance manager must concentrate on principles of safety, liquidity, and profitability while investing capital.

4. Cash Management

Present days cash management plays a major role in the area of finance because proper cash management is not only essential for effective utilization of cash but it also helps to meet the short-term liquidity position of the concern.

5. Interrelation with Other Departments

Finance manager deals with various functional departments such as marketing, production, personnel, system, research, development, etc. The finance manager should have sound knowledge not only in finance-related area but also well versed in other areas. He must maintain a good relationship with all the functional departments of the business organization. 

Importance of Financial Management:

Finance is the lifeblood of a business organization. It needs to meet the requirement of the business concern. Each and every business concern must maintain an adequate amount of finance for their smooth running of the business concern and also maintain the business carefully to achieve the goal of the business concern. The business goal can be achieved only with the help of effective management of finance. We can’t neglect the importance of finance at any time at and at any situation.

Some of the importance of financial management are as follows:

Financial Planning

Financial management helps to determine the financial requirement of the business concern and leads to take financial planning of the concern. Financial planning is an important part of the business concern, which helps to the promotion of an enterprise.

Acquisition of Funds

Financial management involves the acquisition of required finance to the business concern. Acquiring needed funds play a major part in the financial management, which involve possible source of finance at minimum cost. 

Proper Use of Funds

Proper use and allocation of funds lead to improve the operational efficiency of the business concern. When the finance manager uses the funds properly, they can reduce the cost of capital and increase the value of the firm.

Financial Decision

Financial management helps to make a sound financial decision in the business concern. The financial decision will affect the entire business operation of the concern. Because there is a direct relationship with various department functions such as marketing, production personnel, etc.

Improve Profitability

The profitability of the concern purely depends on the effectiveness and proper utilization of funds by the business concern. Financial management helps to improve the profitability position of the concern with the help of strong financial control devices such as budgetary control, ratio analysis, and cost volume profit analysis.

Increase the Value of the Firm

Financial management is very important in the field of increasing the wealth of the investors and the business concern. The ultimate aim of any business concern will achieve the maximum profit and higher profitability leads to maximize the wealth of the investors as well as the nation.

Promoting Savings

Savings are possible only when the business concern earns higher profitability and maximizing wealth. Effective financial management helps to promote and mobilizing individual and corporate savings.

Nowadays financial management is also popularly known as business finance or corporate finances. The business concern or corporate sectors cannot function without the importance of financial management.

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