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Different Functions of Financial Managers

Whenever looking for a position within the financial field, jobseekers must be aware that competition will be found everywhere. Therefore, each individual interested in must make sure he/she counts on a sufficient academic and labor background. Often, when electing personnel to fill out financial management positions, experience is more worthy than formal education though. Still, the most important requisite will be always to be attracted to your job and to the functions it demands.

In most organizations, government agencies and firms, the presence of more than one financial manager is required. Financial Managers are in charge of directing the arrangement of investment actions and financial reports. They must also continuously provide new strategies to implement cash management. Nevertheless, the specific duties of the financial managers will vary according to their precise positions within the company. Some of the job titles financial managers hold are controller, credit manager, cash manager, risk and insurance manager, treasurer or finance officer.

Controllers manage the preparation of financial reports. These financial reports outline the financial position of the organization. In here, they must detail everything what is related to balance sheets, income statements and analyses of fore coming earnings and expenses. Controllers prepare every special report that regulatory authorities need. They also oversee audit, accounting and budget departments.

Credit managers are the ones that establish credit-rating criteria, determine credit ceilings, monitor collections of past-due accounts; that is, they oversee every issue concerning credits. Cash managers control the flow of cash. That includes the receipts and disbursements required to meet every need of the organization. Risk and Insurance managers take care of the programs in charge of minimizing risks and losses that may come up from financial processes and/or business operations. Moreover, they manage the organization’s insurance budget.

Treasurers or finance officers are the ones who direct the organization’s financial goals, objectives and budgets. In plain terms, treasurers manage associated risks, supervise cash management activities, oversee the investment of funds, execute capital-raising strategies to support expansion and deal with acquisitions and mergers.

Some companies and institutions employ additional financial managers, so that they can take a look at various functions at once. If you feel attracted by the finances field, make further investigations about the specific branch you will like to specialize at and become an active part of the business world.

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