A Guide to the Importance of a Financial Manager in an Organization
The Back-bone of the accounting department.
A financial manager has a massive responsibility to keep the accounts in check and prevent the company from going under debt, or in worse cases, bankruptcy.
As an auditing and accounting firm in Abu Dhabi, we understand the importance of a financial manager for every business, small and large. Let’s dive deeper in this guide to the importance of a Financial Manager in an Organization.
What are the Roles and Responsibilities of a Financial Manager?
- Producing timely financial reports
- Providing advice in making financial decisions
- Developing cash flow statements
- Managing credit
- Projecting and documenting profits
- Budgeting
- Making decisions regarding dividend payout ratios
- Directing Investments
- Allocating funds
- Handling financial negotiations
- Utilizing funds when needed
- Monitoring financial performance of the organization
- Ensuring perfect profit planning and preventing financial liabilities
- Understanding Capital Markets
What are the various types of Financial Managers?
There are various types of financial managers that can look closely into your accounts and cater to all your financial needs. Listed below are some of the major financial manager types:
- Controllers
- Treasurers
- Credit Managers
- Cash Managers
- Insurance Managers
- Risk Managers
Does your business need a Financial Manager?
Financial Managers can be beneficial to your organization, when you’re confused about your finances and are unsure about how to handle the income, expenditure and profits at large.
The world has seen a rise in the employment of financial managers by 14% in the past 4 years and this percentage continues to grow as businesses become bigger.
If you are looking to raise funds, plan your finances better, invest in the right things, and have a better control and understanding of your finances, as an auditing and accounting firm in Abu Dhabi, we would highly recommend you to hire or outsource a Financial Manager.
And if outsourcing is your choice, to help save costs and get experienced advice, click here to get in touch with us.