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Almost every firm government agency and organization has one or more financial managers who oversee the preparation of financial reports direct investment activities and implement cash management strategies As computers are increasingly used to record and organize data many financial managers are spending more time developing strategies and implementing the long-term goals of their organization According to Brealey Myers and Marcus 2001 p8 Financial Managers are faced with two basic problems First how much money should the firm invest and what specific assets should the firm invest in 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 Chief Financial Officers CFOs for example are the top financial executives of an organization They oversee all financial and accounting functions and formulate and administer the organizations 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 The accountant evaluates records drawn up by the bookkeeper and shows the results of this investigation as losses and gains leakages economies or changes in value so as to reveal the progress or failures of the business and also its future limitations and possibilities Accountants must also be able to draw up a set of financial records and prescribe the system of accounts that will most easily give the desired information to the Financial Manager Accountants are expected to be capable of arriving at a comprehensive view of the economic and the legal aspects of a business envisaging the effect of every sort of transaction on the profit-and-loss statement They must recognize and classify all other factors that enter into the determination of the true condition of the business eg statistics or memoranda relating to production properties and financial records representing investments expenditures receipts fiscal changes and present standing Controllers
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