Functions of Financial Manager: - The financial manager is a associate of top management. He is intimately associated with the formulation of financial policies as well as financial decision making. He is expected to carry out the following functions:
(1) Financial Planning: - The financial manager approximation the financial needs of the business and determines the capital structure and prepares financial plan.
(2) Procurement of Funds: - He arranges to obtain the funds from various sources such as shares and debentures etc.
(3) Coordination: - He sustains a proper coordination among the financial needs of different departments.
(4) Control: - He ascertains the standards of financial performance and examines whether the actual performance is according to predetermined standards. He is accountable for:
- Controlling the Costs
- Analysing the Profits
- Preparation of Reports
(5) Business Forecasting: - He keeps continues watch on the various events affecting the organization such as:
- Technological Changes
- Competition
- Change in Govt. Policy
- Change in social and business environment and studies their effect on the firm.
(6) Other Functions: Other functions we comprise:
- Cash Management
- Banking Relations
- Credit Management
- Assets Management
- Securities Management
- Accounting
- Internal Auditing