FINA310 Unit 1 IP Template rev1

docx

School

American InterContinental University *

*We aren’t endorsed by this school

Course

430-01

Subject

Finance

Date

Feb 20, 2024

Type

docx

Pages

7

Uploaded by MinisterGorillaPerson4289

Report
1 Mack Wilson FINA310 Instructor: J Bruce Parker Date:12/05/2023
1 Introduction The role of the financial manager is crucial in every type of organization. Locate a job posting for a financial manager position from any job recruiting website; for example, websites such as Indeed.com or Glassdoor.com. In a three-page paper (minimum), please answer the following questions related to the job description: Provide the job posting information, such as, company name and job title. Finance Manager - Virtual/Remote Envision Horizons Montgomery, AL
1 What are the main responsibilities and the day-to-day responsibilities of the financial manager? What are the soft skills required for this position? As Finance Director, you would be a key strategic leader at Envision Horizons. • You will be in charge of the firm's financial health, guaranteeing that all operations and divisions run more smoothly. • You will manage account payables and receivables activities. Create financial policies and procedures to increase operational efficiency. Monitor and manage expenses within the parameters of the established budget. In charge of inventory management and profitability Culture We Are Remote Now and Forever! : Envision Horizons teams work entirely remotely, and we will NEVER impose a mandatory return-to-office policy! • Accountabilities Principal Responsibilities: Provide advice on all financial aspects of the organization, including developing and implementing financial forecasts and analyzing revenue and costs. Provide management with monthly financial reporting and financial statement analysis. Determine operational risk factors that may have an impact the organization's performance and present key business insights and recommendations
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
1 Describe the main sources of revenue and major expenses you would find on the income statement related to the company seeking the financial manager? As Finance Director, you will be a key strategic leader within Envision Horizons. You will be in charge of the company's financial health, ensuring that all operations and divisions run smoothly. Key Responsibilities: Advise on all financial aspects of the organization, including developing and driving financial forecasts and analyzing revenue and costs. Provide monthly financial reporting and financial statement analysis to the management team. Identify operational risk factors that may have an imp act on the organization's performance and present key business insights and recommendations Manage account payables and receivables. Create financial policies and procedures to improve operational efficiency. Budget monitoring and management overseeing inventory management and profitability We Are Remote Now and Always!: Envision Horizons teams at work What obstacles may the financial manager face in the near future related to revenue generation and expense obligations for this type of company?
1 According to Hamad and Jassim(2021), the financial manager may face the following challenges in the near future in terms of revenue generation and expense obligations for this type of company: i. Inadequate funds for expensive new machines and equipment. ii. Inability to pay new qualified employees a fair wage. iii. New laws and regulations necessitate additional funding to ensure the organization's compliance. iv. Potential technological change that could result in the elimination of current jobs or the reduction of current processes. v. Routine spending on production facility maintenance (e.g., heating and ventilation). vi. Failure or delay in securing new business/clients/partnerships, as this will have a negative impact on revenue generation over time; a few months delay in securing a client can result in a loss of several millions of dollars in annual revenue (assuming 30% of business comes from one client). Describe two financial ratios likely to be utilized by the financial manager to analyze the company's strengths and weaknesses. The financial manager is likely to use two financial ratios to analyze the company's strengths and weaknesses: i. Return on Investment (ROI), which is determined by net profit. The percentage will be visible to the financial manager by dividing net profit by total sales or total assets. The greater the percentage, the more profitable an investment is or the greater the value it adds to a company. Return on Assets (ROI) is calculated using total assets. The percentage will be visible to the financial manager by dividing total assets by net profit. The higher the percentage, the more efficient the company.
1 Conclusion: Perform duties in accordance with the financial policies, goals, and procedures. These are the primary duties of the financial manager. Create or manage the systems that an organization uses to carry out its operations and monitor the efficiency of the management controls over those operations. iii. Spot operational anomalies and request that supervisors or division heads fix them. Make sure reporting systems are sufficient to deliver accurate and timely data for senior management to review. oversee the process of creating the budget. Work with the heads of the divisions to make sure they have enough money to achieve their goals. Check that proposed budgeted expenses adhere to financial regulations. According to Puaschunder (2019), the financial manager's daily duties also include: i. updating the organization's financial policies and procedures as needed. ii. creating reports and financial statements, as References:
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help
1 Knight, D. (2022). Principles of Finance. OpenStax. https://aiu.vitalsource.com/books/9781951693541 Hamad, M. K., & Jassim, A. H. (2021). Compliance with International Financial Reporting Standards, Importance and Obstacles: Experiences of Some Countries. Indiana Journal of Economics and Business Management, 1(1), 35-44. Hasanaj, P., & Kuqi, B. (2019). Analysis of financial statements. Humanities and Social Science Research, 2(2), p17-p17.