The role of financial managers in maintaining records of business expenses

[Ayuba Ernest]

Financial managers are responsible for maintaining accurate and up-to-date records of a company's expenses. This includes tracking spending, budgeting, and preparing reports on financial performance. In order to ensure that all expenses are accounted for, financial managers often work closely with department heads and other employees who are responsible for specific areas of spending.

Financial managers have a very important role in any business - they are responsible for maintaining accurate records of all the business expenses. This is essential in order to ensure that the business is operating as efficiently as possible and that no money is being wasted.

Financial managers should keep track of all the regular expenses, such as office supplies, utilities, and employee wages, as well as any special or one-time expenses. They also need to monitor the company's bank account and credit card statements to ensure that no unauthorized charges are being made.

 

[Lens1000]

The financial managers are very important in the business and one should try to employ one most especially if your business is a big one . For the small business owners in the owners of the financial managers are very important because they keep track of the records of your expenses so that you'll be able to understand if your business is making profit or not . This is a very important post that must be in embedded in a business be it a small business or a large conglomerate, it must be present for you to be able to fast track your expenses and for you to be able to understand the nitty-gritty of the business. Like this, I meant that it will allow you to be able to know if the business is making profit or not , but if you do not keep records of your expenses and you do things just any how, you would not know if the business is running at loss , until it crashes and that is why it is very important to have a business or finance manager to help you track all your expenses and if you're a small-business owner and you don't have the expenses to hire such manager, you could fit into that role yourself.

 

[anil02]

Person who are keeping records of all expense and earning of a business, it is better to say him an accountant than a financial manager. Work of financial manager is to regulate finance of a business house so all part can work without any problem. Book-keeping work and finance managment both are differ work. Most of small business houses need not a financial manager

 

[blessingc]

A business without any financial manager is yet to start, is prone to lots of losses. Every business need a financial manager, someone who can check the income and expenses, check the profits and know when to invest money into the business. A financial manager can be the owner of the business if he or she has a managing skill, Otherwise, a good and professional financial manager needs to be employed. Financial management is concerned with acquisition, financing and management of assets with someoverall goal in mind. Just like oil is essential to an engine so is a financial manager important when it comes to managing the funds of a business.
A financial manager plans the profit that comes into the business or firm, they make avenue for there to be profits. They know much about the market capitalization, they understand and calculates the risk involved in this trading of shares and debentures, they manage the assets of the business also.
They fund decisions that can be profitable, they help the business in different level of taking financial decisions. The financial manager takes steps to procure the funds required for the business. It might require negotiation with creditors and financial institutions, and even investors.​

 

[anil02]

A business without any financial manager is yet to start, is prone to lots of losses. Every business need a financial manager, someone who can check the income and expenses, check the profits and know when to invest money into the business. A financial manager can be the owner of the business if he or she has a managing skill, Otherwise, a good and professional financial manager needs to be employed. Financial management is concerned with acquisition, financing and management of assets with someoverall goal in mind. Just like oil is essential to an engine so is a financial manager important when it comes to managing the funds of a business.
A financial manager plans the profit that comes into the business or firm, they make avenue for there to be profits. They know much about the market capitalization, they understand and calculates the risk involved in this trading of shares and debentures, they manage the assets of the business also.
They fund decisions that can be profitable, they help the business in different level of taking financial decisions. The financial manager takes steps to procure the funds required for the business. It might require negotiation with creditors and financial institutions, and even investors.​

I don't know from which stream you are but I am certified and qualified accountant. Financial manger are useful only for big business houses/A small business owner can't afford a financial manager. Plz try to understand than accountant which is responsible to maintain accounts books and financial manager is differ person

 

[Ithedicious]

One thing about business is that no official business can successfully be operated without the need of an accountant or a financial manager . These are the people that kept the record of every transaction that happens in the business organisation to know exactly the stand of the business and also the profit the business is making..

In as much as the services of these people are very much needed in business , it is also very important for us to understand that hiring trusted people into our business organisation is very very important because this is what will help our business to succeed..

Even if we have to hire an accountant but if the accountant is not trusted or is not willing to carry out a genuine record of every transaction and funds of the business then the business will likely not be able to operate as it should . .

 

[anil02]

In small business firm most of time owner of firm maintains accounts books, But with growth of business they will hire accountant who maintain accounts books also deal with other banks and other government office like tax authorties. Here in area it is practice than business owner hire accountant for full time and also hire a taxation advisor who do all work of taxation and charged fee on yearly basis