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.
Tags : Financial Management - Finance – An Introduction
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