...(Robbins & Coulter, 2012). The role of organizations in a corporation has a different level of the importance, but all organizations must need to achieve the corporation’s goal effectively and efficiently. Most corporations must need people who manage the organization, and then managers have a different role to support a corporations’ competitiveness. According to Gilbert (1996) “Making broad strategy for a company is one of the major tasks of general managers. This involves setting long-term directions and goals, and allocating resources, so that the directions can be pursued, and the goals can be reached” (p.13) To improve corporation’s competitiveness, the manager in the functional areas takes some roles. There are two structures of the role of manager. One is the management function from Henri Fayol, and the other one is the managerial roles from Mintzberg. Henri Fayol’s the four functions of management are planning, organizing, leading and controlling and Mnitzberg’s the roles of a manager divide by interpersonal relationship, the transfer of information, and making decision. (Robbins & Coulter, 2012). All managers in the organizations like Marketing, R&D, Manufacturing, Human Resources, and Finance must have both structures. They make plans of goal and strategies to succeed, and organizing. Then they lead and control their members to accomplish goals. Furthermore, they have different roles divided their working part or level of positions. Managers are the leader and the figurehead...
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...forms of accounting that can be used, it is very important to know which technique is best to use for what companies. Once you figure out a particular technique to use, it is important to keep an open mind if there are any changes that need to take place in the business. By keeping an open mind helps the business adjust and be able to make the right decisions. Every business wants to make a profit; accounting is an important part in helping understand how profits and expense amounts are derived. One form of accounting I will focus on is managerial accounting or also known as management accounting. Managerial accounting is the process of identifying, analyzing, recording and presenting financial information that is used for internally by the management for planning, decision making, and control. Managerial accounting provides economic and financial information for managers and other internal users (Managerial, 2005). When you tell people about managerial accounting, the first thing they ask is “What’s the difference between managerial and financial accounting?” There are both similarities and differences between managerial and financial accounting. The major similarity each field shares, is that they both deal with the economic events of a business. As an example, determining the unit cost of manufacturing a product is part of managerial accounting. Reporting the total cost of goods manufactured and sold is part of financial accounting (Managerial, 2005). Managerial accounting...
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...Marks & Spencer is Europe’s most profitable retailer with a global brand and global recognition. Its achievement largely depends on the effective use of people. An organisation may have the latest technology and the best physical resources, but it will never thrive if it does not value its people. Its most valuable asset will always be its people and the work they do. For Marks & Spencer, this means that the people who look after customers, select and merchandise the products and run the operations, must aspire to be the best qualified and equipped in retailing. This case study focuses on the challenging role of the Financial Manager behind the scenes at every Marks & Spencer store. In doing so, it highlights many of the qualities, such as leadership, adaptability and analytical consideration, required by Financial Managers every day in a busy retail environment. Working for a retailer Retailing is ‘the practice of selling goods in small quantities to the general public.’ It is a business where employees come face-to-face with customers every day. Customers can be very demanding - they enter a store and expect their needs to be met immediately, irrespective of whether the lorries delivering bakery goods are stuck in snow or that a key supplier is having production problems. Many businesses in different types of environment are able to keep their customers at arm’s length. If they need to do some training or catch up on paperwork, it is relatively easy to make time...
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...balance sheet or statement of financial position. The balance sheet is a financial report that is created from the trial balance. When preparing the balance sheet, the trial balance is used as a starting point. All trial balance accounts are aggregated into balance sheet elements. The balance sheet provides a snapshot of a company’s financial position on a given date. This report contains a total of all assets, liabilities and shareholders’ equity. The most important concept in the balance sheet is that the total assets should equal the total liabilities plus shareholders’ equity. On one side of the balance sheet all of the assets are listed. The other side of the balance sheet lists the liabilities and shareholders’ equity. Assets are considered to be all property or valuable rights that are owned by the company. Assets can include items such as property, cash, and inventory. Liabilities are the financial debts and obligations owed by the company. Items in the liability section can include accounts payable and long term debt. The shareholders’ equity is the difference between the total assets and total liabilities and represents the residual value of the company, after liabilities, to the shareholders’. The most common items shown in the shareholder’s equity section are common stock, preferred stock, additional paid-in capital, and retained earnings. 2. Describe the nature of income statement An income statement is the component of financial statements which summarizes...
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...Role of a Manager within the Functional Areas of Business Jennifer Nunez University Of Phoenix Role of a manager within the functional areas of business Managers in a business are the brain of the business and therefore, considered the most vital aspect of business. Managers are the coordinators and administrators of the business. For a business to succeed, managers are assigned different functions in the most vital departments of the business (Cook & Macaulay, 2013). These departments include human resource, finance, marketing and, operations. The departments oversee the critical segments of the business allowing the business to run smoothly with the help of managers who have specified roles for each department. The roles of the managers in each department are unique considering the difference in the requirements and activities of the departments. The functional areas of a business are run by managers who are responsible for all activities and provide reports to the main governing body of the business. The role of managers in all functional areas of the business is critical for the success of the business (Cook & Macaulay, 2013).. The human resource of the business is an important department because it deals one-on-one with employees of the organization. The purpose of human resource is essentially to reinforce the relationship of employees and their employers. The manager is therefore expected to foster the goal of human resource...
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...Roles and Functions of a Health Care Manager Health care managers have many roles and responsibilities in health care facilities today. One of the most important roles of a health care manager is making sure the facility can run smoothly. Making sure a facility operates smoothly includes many tasks that provide one outcome, a productive and efficient facility. The health care manager takes on many roles and responsibilities including organization, planning, and controlling resources (Lombardi, Schermerhorn, &Kramer, 2007). Leading and influencing others is also very important as a role of a health care manager (Lombardi, Schermerhorn, &Kramer, 2007). No matter what type of health care facility a manager is responsible for there are many roles that carry over in to each facility such as caring for personnel, making schedules, keeping structure within an environment, regulating care, and managing finances or facilities (Writing, 2011). Managers within a health care facility tackle many roles on a daily basis. Caring for personnel can be made easier if the health care manager has an open communication line with all departments. Having inner communication in a facility can help to improve overall moral which will improve the overall quality of care provided to the patients who visit the facility. Keeping up with structure and scheduling within a facility is also a daily operation of a health care manager. I think that I would most love to walk away from this class after...
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...The role of the financial manager has in maximizing shareholders value is key to the achieving the goals of the shareholders. The financial manager performs double duty working toward achieving profits for the company and optimizing the shareholders value. The flexibility of having the ability to hear viewpoints from different angles to achieve the goals of both the shareholders and the company’s manager. Today’s financial manager must have the skills and strength to evaluate and assess risks to help their company maintain a competitive edge. The responsible of the financial manager in maximizing shareholders and use real-time financial information to take advantage of the latest opportunity to capitalize on an investment. According to the text the financial managers works to achieve the goals of shareholders because shareholders are the owners of the company that employs the financial manager. This can give rise to conflict when a manager makes decision because of the needed to make decisions based on shareholders approval and what is best for the company ongoing success. Sometimes the goals of shareholders can tempt the financial manager to make unethical decision in managers attempt to maximize the goals of the shareholder value. Other times companies will have a disregard of shareholders values and not only disregard reducing expenses but foster an environment where financial abuse takes place from renting luxury cars to doing business at the most expensive...
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...necessary employability skills which a financial manager at Siemens would definitely need to have is good verbal communication skills in order to effectively express their ideas and views to other employees above and below them. Financial managers need to be able to work well in teams and other employees in order to come to a good outcome without any arguing, they need to be able to take charge of the team and manage the team well. They need to have an understanding of commercial awareness, such as its customers, competitors, suppliers and a general understating of the business, this is very important because as a financial manager at such a big business they need to know who they are working for in terms of how people think of the business etc. A key employability skill a financial manager at Siemens needs a good drive, they need to have the determination to get things done affectively and in the correct manner. Especially the businesses financially side as they need to constantly look for better ways of improving the business area they are involved in. A financial manager needs to be able to have good time management skills , as they are a financial manager of a very big company its important that they ensure that they carry out the necessary tasks on time without fail, if this doesn’t happen it can result in a lack of responsibility and a negative example on other employees. The main employability skill which such a manager needs is to have a personal impact and...
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...Role of a manager within the functional areas of business Managers in a business are the brain of the business and therefore, considered the most vital aspect of business. Managers are the coordinators and administrators of the business. For a business to succeed, managers are assigned different functions in the most vital departments of the business. These departments include human resource, finance, marketing and, operations. The departments oversee the critical segments of the business allowing the business to run smoothly with the help of managers who have specified roles for each department. The roles of the managers in each department are unique considering the difference in the requirements and activities of the departments. The functional areas of a business are run by managers who are responsible for all activities and provide reports to the main governing body of the business. The role of managers in all functional areas of the business is critical for the success of the business. The human resource of the business is an important department because it deals one-on-one with employees of the organization. The purpose of human resource is essentially to reinforce the relationship of employees and their employers. The manager is therefore expected to foster the goal of human resource in a business (Suttle, 2014). The manger is responsible for the competence of all employees of the business. The role of a manger in the human resources department ensures...
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...[pic] Financial Management Process© For [Project Name] 1 Introduction The Project Financial Management Process is followed after the initial project budget has been documented and approved during the Project Initiation phase of the Project Management Life Cycle. What is a Financial Management Process? A Financial Management Process is a method by which costs (or expenses) incurred on the project are formally identified, approved and paid. Typical types of costs include: • Labor (e.g. staff, external suppliers, contractors and consultants) • Equipment (e.g. computers, furniture, building facilities, machinery and vehicles) • Materials (e.g. stationery, consumables, building materials, water and power) • Administration (e.g. legal, insurance, lending and accounting fees). © When to use a Financial Management Process The Financial Management Process should be initiated after the expected Financial Expense Form has been created and approved during the Planning phase of the project. This process provides a mechanism for monitoring and controlling the actual financials of the project against those that were originally planned/budgeted. It important to formally track expenses throughout all phases of the project, otherwise, it may become impossible to accurately manage the project constraints of time, budget and quality. 1.1 Instructions Complete all sections of this form. If a particular section is...
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...The nature of the work of a financial manager varies a lot with their specific titles, which include controller, treasurer, credit manager, etc. Controllers direct the establishment of financial reports that sum up and predict the organization's financial position, such as income statements, balance sheets, and analyses of future earnings or expenses. Controllers also are responsible for preparing special reports required by regulatory authorities. Often, controllers superintend the accounting, audit, and budget departments. Treasurers and finance officers oversee the organization's financial goals, objectives, and budgets. They overlook 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. Credit managers manage the firm's publication of credit. They establish credit-rating criteria, determine credit ceilings, and monitor the collections of past-due accounts. Managers specializing in international finance acquire financial and accounting systems for the banking transactions of multinational organizations. In summing up to the general duties described above, all financial managers execute tasks unique to their organization or industry. The role of the financial manager, particularly in business, is changing with these new technological advances that have reduced the amount of time it takes to produce financial reports. They often work on...
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...revenues to reinvest back into the company, are referred to as a nonprofit business. Businesses with the goal of making more money than they spend are referred to a for-profit business. Regardless of the purpose of a business, they always have a team to help with making decisions that drive the business. The teams may consist of human resources managers, operations managers, and financial accountants. Human resources managers also referred to as HR members are on front line of most organizations. They are responsible for hiring, compensation, benefits, training, and support. Their job advertisement is what’s showcased, and reviewed by any perspective applicant looking to seek employment within the organization. Human resources managers are highly qualified to recognize superior prospects to fill a specific role. Managers sometimes attempt to fill positions within the company, but to ensure that a skilled professional is chosen the human resources manager skills should be used. “Managers who conduct interviews often have little or no training in the process. This lack of training seems puzzling given the strong evidence that managers often commit numerous errors during the interview process and in making hiring decisions” (Camp, Schulz, Vielhaber, & Wagner-Marsh, Fall). Once an applicant is hired within the company, a salary is set. It is the responsibility of the HR personnel to compensate accurately, and in order to do his they must research and know the ongoing rate of...
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...Name: Tutor: Course: Date: Sustainability and financial performance 1. What is the difference between local and corporate decision-making, and what is the significance of the difference for sustainability? The top management in firms is normally keened on the need for corporate sustainability, but they have difficulties executing it to success. The difficulty they face is on how to execute sustainability in operations and decision making regarding capital investments and seeing it to success especially for large and profit maximizing firms. Impacts from sustainability are often regarded as local and so, decisions concerning this are hardly made by the executives. Mainly middle level management is involved with such kind of decision making, and by so doing, there arises a tradeoff between impacts of finance and those of sustainability. In essence, the heads of sustainability in firms demand better sustainability performance from top managers while the top managers request for good financial performance. Models have been developed to enhance the sustainability processes, which managers can use in their day-to-day firm operations. One such model was developed by Epstein who stipulates that for this to be workable managers should focus on certain drivers included in different inputs and processes. 2. Study the Corporate Sustainability Model in Figure 1. Based on this study, do you think sustainability should be managed by means of a cost center, profit center, the balanced...
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...finance and accounting are both involved with the financial aspect of a business or organization, the managers and employees in these departments deal with finances in completely different ways. Accounting deals mainly with preparing and examining financial records and ensuring their accuracy, making sure taxes are paid on time and properly, and assessing financial operations to help ensure that organizations run efficiently. On the other hand, finance deals primarily with making important financial decisions for an organization and helping “develop strategies and plans for the long-term financial goals of an organization” (Financial Managers 2012). It is also important to note that financial managers use the financial information prepared by the accounting department in order to make the best decision possible for their organization. Nevertheless, both accountants and financial managers together must operate effectively and efficiently to ensure the continued short-term and long-term financial viability of any health care organization. In this short essay I will explain the relationship between finance and accounting and how they both help ensure the financial viability of a health care organization. First, despite the fact that finance and accounting both oversee the financial aspect of a health care organization, the way in which they handle finances are very different from one another. “Accounting is concerned with financial record keeping, the production of periodic reports...
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... Reporting Practices and Ethics Financial management in healthcare is the management of monetary inflows and outflows of the organization. Financial management plays a very important role in the success or growth of an organization as it relates to the funds or profits of the organization and supports the company’s pursuit of high performance goals and achievements. It is important for financial professionals to remain complaint with the rules and regulations while practicing ethical values within the organization. There are four elements of financial management: planning, controlling, organizing, and directing, each element is divided based on the principle of each mission. Planning requires the financial manager to identify and understand the organizations main objectives in order to classify the steps required to achieve these objectives. Controlling requires the financial manager to ensure the plan is being followed. Once the plan has been implemented the financial manager needs to make sure each area or department of the organization is following the plan. Reports or other forms of feedback are often conducted in order to identify which area of the organization needs attention. Organizing, the financial manager assembles the required resources in order to achieve the organizations objectives and decides how to use them effectively. Directing, the financial manager observes each department on a daily basis to ensure each department...
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