The role of financial management in achieving profits

[Braga13]

The task of the financial department is to carry out financial planning to know what will be the situation in the future, before taking any decision. As for the second task, it is to develop some control standards to find out the reality of the financial position of the institution and to know the extent of rationality of the decision.
How does it contribute to increasing the income of the institution?

 

[Sincerem]

If you manage your money well, plan what to use it for, strategize your business module, then invest back those fund you got back to your business to yield more profit. As long as you have clear understanding of the business initiative you're running.

 

[Peterlight]

Their role is to ensure there is no money embezzlement in the office

There is no how money will not be embezzled even the financial manager do steal.it is best to work out a personal financial plan that will guide you

 

[WhiteHouse]

You are correct.
He is to Manage money, try to maximize profits and look for more ways to generate more Money.

 

[Niftyyem]

One of the department's duties is to block leakages and stop excesses that are draining the business.

 

[Josemendez]

The financial group of an institution works towards ensuring that every decision taken will work towards bringing more income to the company

 

[Emperorkaybee]

Being a financial manager should be all about accountability and dedication to work. It's always needed to have a good financial education to preserve one's business.

 

[Kamon c4]

Financial planning will help in devising strategies which will help reduce cost of production without reducing quality but increase the profit generated

 

[Olajidey]

A financial manager can work at various places like the bank, insurance companies, and multinational organizations. With different responsibilities, a financial manager has multiple roles in a company.

Following are the various roles of a financial manager in the business:

Controllers: Controllers are the type of financial managers who summarizes and forecasts the organization's financial position by providing income statements, balance sheet, and analyzing future incomes and expenses. They also prepare reports required for government approvals for the business. They often look after accounts, audit, and budget department.

Credit Managers: Credit managers are responsible for the organization's credit business. The determine credit ceilings, set credit-rating criteria, and look after the collection of the firm's account.

Risk managers: They are responsible for looking after and controlling the financial losses the company may face due to economic uncertainty. They also try to limit due to those limits and currency or commodity price changes.

 

[Machismo]

It's one of the most efficient and effective aspect in business. Financial management is responsible for improving the profitability of an organisation and also help in planning of the finances.

 

[btaliat]

Financial manager ensures profits is maximized and handling of money is done appropriately. They also plan how money should be spent. The problem I do have with them is that they are mostly into fraudulent activites.

 

[chicnthin]

Financial management is reponsible for creating financial report whether the company gained profits, increase in expenses or anything that involves money. They are also the one who allocates teh funds which will later on be used for the operation of the business and the overall financial health of the company.

 

[Nurudeen]

Finanacial management is very important in any organization and help to contribute to the growth of any institution if used because it will highlight the structure on how to use money, that is the inflow and outflow on how funds will be used in the finanacial management will be discussed appropriately.

 

[Ojonuyo]

The role of financial management in a company or business helps the business grow, make profit and make judicious use of their profit.

Lack of financial management can cause a company or business to run into debt and paying back becomes difficult. Prevention is better than cure, hence financial management is necessary to prevent the company from failing

 

[Sotherefore]

The role of financial management department is to know and understand how the market will be in the future and what action to take to increase the profit in any business, they sometimes know when to withdraw some money in company and when to inject money inside the company to increase sales and productivity, they have a lot of function which I do not even know because I'm not into financial and managing department.

 

[Ltherman]

Proper money management is an essential and cardinal key in any business. Being able to manage the risk in the business and still maintain a healthy balance sheet does not come easy. Certain sacrifices will have to made in and out of the business

 

[Ridorz]

Financial management is very important important and it is imperative things
To be practicing in any organization or company that Willing to run a business successfully. Because, financial management is the what will guilds you to know when, how to spend and what to spend money on.

 

[Richard92]

Financial management is very important in achieving profit in every business. As a business owner you must manage your business account well in other to actualise good profit, any business owner who does not know the principles of accounting and does not know how to manage his business money end up failing in business.

 

[Dubai]

The task of the financial department is to carry out financial planning to know what will be the situation in the future, before taking any decision. As for the second task, it is to develop some control standards to find out the reality of the financial position of the institution and to know the extent of rationality of the decision.
How does it contribute to increasing the income of the institution?

As the name implies, financial management plays a role in the successful utilization of money. It helps to avoid wastage, and prepare adequate budgets that would give how finances should be spent. Also, if you employ a financial expert in your venture, they help audit you firm and prepare you to become economically savvy. With these, your income would increase subsequently.

 

[Heatman]

The task of the financial department is to carry out financial planning to know what will be the situation in the future, before taking any decision. As for the second task, it is to develop some control standards to find out the reality of the financial position of the institution and to know the extent of rationality of the decision.
How does it contribute to increasing the income of the institution?

Profit making us the most important aspect in any business, remove it and you will see that there is no essence in starting up the business in the first place. So, if you are having issues with maximizing your own business profit making, it's important to get a financial manager to help you sort it out and find out how to boost your business productivity.