In this article The subject of Who Is the Financial Manager and finance is the science of money will be briefly Explain and also Important Role of Financial Manager.
What is the Science of Money Called?
There are three contents in the essence of that statement.
Firstly, The subject of finance,
Secondly, Finance and
Here the subject of finance is called the science of money. We know that the meaning of the word science is special. So that special knowledge about money is the science of money. And finance is a branch of commerce that deals with the theory of money and its usage and ways to preserve its value. Therefore, the statement is correct.
A comment by Henry Ford say, Money indicates the nature of money. “It means that if you don’t use your hands or feet, your container will be damaged.
There is no need for money. If so, you have to collect. But from where, from whom all the potential sources can be identified by the special knowledge of finance and it can also be collected to be the right source at low cost.
The collected money will be invested in which alternative project? Financial investment plays a major role in decision making. Investment evaluation, distribution of profits earned, declaration of dividends and distribution decisions are made by theoretical knowledge of finance.
In addition, many mathematical and statistical measurements contribute to the proper evaluation of the business.
In conclusion, the scope of finance is as much as the scope and circulation of money. It is attended to by special theoretical and practical knowledge of finance, reducing the risk of loss. That is, all the techniques, theories, practical knowledge, etc. of financial management are scientific and recognized by science.
Therefore, in a thorough analysis, it is logical that “the subject of finance is the science of money.
Lets see Details Who Is the Financial Manager and Important Role of Financial Manager:
The financial manager is the person who is mainly responsible to the organization for financing and any investment.
Who is the Financial Manager:
Basically a financial manager is responsible to the organization for making decisions. A financial manager has to make all financial decisions through active participation. So this term is located in the second place of an organizational structure.
The head of an industry is called the Chief Executive Officer (CEO). This is followed by the position of Financial Manager.
The financial manager’s name may be in the role of Chief Financial Manager or Officer or Cheif Financial Officer (CFO) or Vice President, Financial or Vice President; Finance.
The terms vary due to differences in the nature and functions of the organization. Due to the low capacity of small and medium enterprises, the position of Financial Manager is not created separately. Groups, Beximco Pharma, etc. Financial managers in different positions are seen doing the same thing.
Service providers and non-profit organizations, such as the Rural Services Foundation (RSF) and the Soleran Foundation’s Executive Director, and the positions for financial management, Manager, Finance and Accounts. This term has been defined by various scholars of economics. Basically the statement is the same; The presentation is different.
According to Block and Hirt, “a financial manager is a person who has the best mix of alternative sources of funding to distribute the firm’s current and fixed assets and formulate the right dividend policy in line with the firm’s goals.”
The responsibility to allocate funds to current and fixed assets to obtain the best mix of financing alternatives and to develop an appropriate dividend policy within the content of the firm’s objectives.)
According to Brealey and Myers, Responsible for the decision. The term “financial manager refers to anyone responsible for a significant investment and financing decision.”
Looking at the organizational structure of public and private industry, financial, non-financial and multinational organizations in Bangladesh, it is seen that financial managers in different positions are increasing the size of the organization. So this profession is extremely dignified and vital for the organization.
The names of the financial managers working in the public institutions of this country are: Member Finance, Finance Officer, Budget Officer, Internal Auditor, Chief Accountant, Deputy Chief Accountant, Cashier and Accountants etc.
In addition, in private institutions, Director Finance, Chartered Accountant, Cost and Management Accountant, Chief Accountant and Accountants, Cashier, Internal Accountant, etc., and in the structure of social and cultural organizations, Finance Secretary, Treasurer etc.
No matter what position is considered in the organization structure, a financial manager is a person who does all the work related to planning, management, control and evaluation of the functions of the finance and accounting department.
In the end, it can be said that financial policy formulation is the formulation of financial policies on behalf of individuals or class of individuals.
Financial managers are those who are involved in the work of formulation, financing, disbursement of funds, decision making and formulation of dividend policy.
Summary: In this article you already get whole answer the question: More discuss who is a financial manager ? Roles and functions of a financial manager, what is finance what is financial management and example ? what are the 3 basic functions of a finance manager, importance of financial manager what are the four important roles of a finance manager a role of modern finance manager and What is the Science of Money Called?
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