Describe the responsibilities of financial managers. Without a carefully calculated business plan, the firm has little chance for survival. Most organizations will designate a manager in charge of financial operations. Financial management could also be put in the hands of the company treasurer or vice president of finance. The fundamental task is to obtain money and then plan, use, and control that money effectively.
Financial managers are responsible for collecting overdue payments and minimizing bad debts.
These functions are particularly critical to small and medium-size businesses, which have smaller cash or credit cushions. As tax laws change, finance specialists must carefully analyze the tax implications of various decisions in an attempt to minimize taxes paid. Businesses of all sizes must concern them selves with managing taxes. Without such audits, accounting statements would be less reliable. It is important that internal auditors be objective and critical of any improprieties or deficiencies.