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Financial Management - Finance – An Introduction

Finance Function – A Fresh look

   Posted On :  19.06.2018 09:39 am

The designation Finance Manager or Director (Finance) is very popular in Indian Corporate sector.

Finance Function – A Fresh look
 
The designation Finance Manager or Director (Finance) is very popular in Indian Corporate sector. The key function of any financial manager in India is management of funds. It means given the constraints, he must ensure optimum utilization of funds. The financial managers have significant involvement in injecting financial discipline in corporate management processes. They are responsible for emphasizing the need for rational use of funds and the necessity for monitoring the operations of the firm to achieve expected results. The finance functions of augmenting resources and utilisation of funds, no doubt, have a significant impact on other functions also. In fact, between finance on one side and production, marketing and other functions on the other side, an inseparable relationship exists. The Board of Directors have been bestowed with the onerous responsibility of reviewing financial procedures, formulation of financial policies, selection of right finance personnel with professional capabilities like Chartered Accountant, Cost Accountant and Company Secretaries. The Board of Directors with counsel and direction given by the financial manager finalise decisions pertaining to formulation of new projects, diversification of projects, expansion of undertaking, introduction of new products, widening the branch areas, diversification of new product lines. It should be remembered that the financial controller, in fact, does not control finance. For management control and planning, the financial controller develops uses and interprets information. 
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