1.8 Responsibilities and objective of the financial manager

Responsibilities and objective of the financial manager

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The financial manager is the person responsible for supervising the flow of money that the company owns, as well as the assets that enter and leave it. Since managing the funds of a company is a great responsibility, the financial manager must know the laws that regulate the financial aspect of the companies, to guarantee that the movements that are made with the accounts under his charge are legal both in the country where the company is located, as well as in those countries with which the company is related.

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Advisor when making decisions related to the financial management of the company. Normally, the director or owner of the company is the one who has the last word regarding a decision that involves handling large sums of money.

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Establish alliances with banking institutions. It is the benchmark for the company before banking institutions, both when managing financial products and when establishing alliances for joint investments.

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To do this, it must work hand in hand with other units, such as marketing, to find out about new potential markets that the company could reach.

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When investing, the financial manager must prepare an analysis of the advantages and risks that the decision implies, to advise the company's managers and guarantee that the best decision is made. Develop a financial risk plan. Events such as the confinement due to the COVID-19 pandemic put the company's finals at risk, it is the manager's job to have a plan to mitigate the impact of this type of situation.

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