Definition (1):
According to Myers,” Financial manager refers to anyone who is responsible for a significant investment or financing decision.”
Definition (2):
According to Block and Hirt,” Financial manager is the person who has the responsibility to allocate funds to current and fixed assets to obtain the best mix of financing alternatives and develop an appropriate dividend policy within the context of the firm’s objectives.”
Definition (3):
According to Canadian Human Resources Division,” Financial managers are those who plan, organize, direct, control and evaluate the operation of financial and accounting departments.”
Financial Managers create and comply with financial policies and methods. Generally, financial managers do the following:
- Prepare business function reports, financial statements, and forecasts
- Observe and analyze all financial details to assure that legal requirements are fulfilled
- Guide employees who perform budgeting and financial reporting
- Evaluate business financial reports and find ways to minimize costs
- Review market trends to search opportunities for business expansion or a merger with other companies or acquisition of other companies
- Assist the management in making financial decisions
Use of the Term in Sentence:
- Allen has joined the company as the financial manager.