The duties of financial managers vary with their specific titles, which include chief financial officer, vice president of finance, controller, treasurer, credit manager, and cash manager. They oversee all financial and accounting functions and formulate and administer the organization's overall financial plans and policies. In small firms, CFOs usually handle all financial management functions. In large firms, they direct these activities through other financial managers who head each financial department. Controllers direct the preparation of financial reports that summarize and forecast the organization's financial position, such as income statements, balance sheets, and analysis of future earnings or expenses.
Controllers are also in charge of preparing special reports required by regulatory authorities.
Often, controllers oversee the accounting, audit, and budget departments. Treasurers and finance officers direct the organization's financial goals, objectives, and budgets. They oversee the investment of funds and manage associated risks, supervise cash management activities, execute capital-raising strategies to support a firm's expansion, and deal with mergers and acquisitions. Cash managers monitor and control the flow of cash receipts and disbursements to meet the business and investment needs of the firm. For example, cash flow projections are needed to determine whether loans must be obtained to meet cash requirements or whether surplus cash should be invested in interest-bearing instruments.