ABSTRACT
Specifically the financial manager will be intimately involved, and bring hislher specialist skills to bear, in all the stages of the financial management process; financial analysis, financial decision-making, financial planning and financial control. Some specific responsibilities of the financial manager's function, depending upon organisational structure and size, will include:
1 Funds management. This is perhaps the primary function and includes the effective and efficient acquisition, allocation and utilisation of funds. Acquisition will involve ensuring that adequate funds are available, and acquiring the right amount of funds from the right source at the right cost for the risk involved to meet the organisation's funding needs. Allocation entails the effective allocation of the acquired funds to projects and services in accordance with stated plans and agreed priorities. Utilisation means ensuring that funds are used efficiently and effectively by the parties to whom they have been allocated in the pursuit of organisational objectives. 2 Risk management. The key task here is to minimise the firm's exposure to risks, for example financial risk and foreign exchange risk. 3 Financial environment. The financial manager will need to interact with financial markets and financial institutions in performing the investing and financing activities of the firm. 4 Tax management. The financial manager's objective will be to minimise the firm's tax liabilities. 5 Financial public relations. This involves the management of the firm's financial image and its relationships with the financial community. It will mean promoting an appropriate financial image for the firm - e.g. conservative, entrepreneurial or aggressive - and cultivating good relations with investors, existing and potential.
