Human Resources Purpose and Role

The Chief Financial Officer (CFO) is a corporate officer responsible for managing the company’s financial operations. This officer is also responsible for all accounting functions including credit control, budgeting and financial reporting, coordination of financing and funding, expenditure and liquidity, monitoring and management of investment and tax issues, provide timely reports to the board, and providing timely financial data to the Chief Executive Officer (CEO). In some sectors the CFO is also responsible for analysis of data. CFOs with the current organization were limited mainly to provide financial data aggregation from senior management responsibility for external and internal organization. There is minimum part of the CFOs in

A third functional area is Finance. This area handles the issues of “raising capital for the operations and ensuring sufficient revenue is generated to cover the cost of any finance raised”. Namely, the department is required to assure that the organization has enough money to run accurately(Jiang, 2009). Here a manager must make organizational decisions if there is not enough revenue coming in to the business. Financial cuts may have to take place and he/she must plan out how to return to a place of stability. The manager mostly shows disturbance handler role by improving the organization’s structure, responding to conflicts and eliminating disturbances and negative events in the enterprise; this manager also shows resource allocator role by choosing where the organization will expand its efforts, distributing limited resources in the organization and prioritizing tasks and procedures (Cieślińska, 2007).

CFO: The CFO needs statements to review performance of the company, and make business decisions. He has complete operational control, meaning he does not need external/formal financial statements.

A financial controller is the lead accounting executive in a company, who provides financial leadership and is responsible all the financial operations of a company. Financial controllers are in charge of executing internal controls, performing cost analyses, providing financial forecasts and budget reports. In this assignment, the financial controllers of accounting profession are to be chosen.

A financial manager is responsible for the financial health of the bank. The job description of a financial manager is that you should be able to stimulate various financial scenarios through financial modeling and data to determine the best course of action. Reviewing financial reports, monitoring accounts, and preparing activity reports and financial forecast. Investigate ways to improve profitability, and analyze markets for business opportunities such as expansion, mergers, and top executives. Planning and directing the activities of workers in branches or

Accounting influences the role of a manager in many ways. They have to use accounting almost daily. It used to be general ledgers and pencils, but now we have computers for all that. When an inventory shipment comes in, it is the manager that has to make sure it is documented correctly. When there are damages caused during the shipment, managers have to document that as well. Analyzing and prediction is part of being a manager as well. A manager would perform a margin analysis which finds out the amount of profit a specific product or service generates. Managers also tend to deal a lot with inventory valuations and budgeting. Managers are for internal and external use and are in an advisory role towards others.

Human Resources include all the actions to recruit the right workers for the business and train them for the job. In the human resources department they work out what level of skills are needed by the workers and how many workers are needed for business. They have to create a positive working environment for the workers to insure that the workers are happy and working well to achieve the business’ goals. They also deal with the conditions of employment and the workers’ salaries. The human resource department’s job is to recruit the best workers for the job, also make sure training is put in place so that the new employee’s know how to work to their full potential and help achieve profits for the business and the business ‘goals. Their job is also to fire workers if they aren’t obeying working procedures and then hiring new workers to replace the old. They also help develop a competitive advantage which includes building the capacity of the company so they can offer an exclusive product/service to customers. They try developing strategies for the business and opportunities.

Stocks are securities that give the holder ownership of a portion of the company” (p. 16). The treasurer and his or her staff will also handle investment duties. These investments may include but is not limited to investment in employee retirement funds. A treasurer of a company may also be responsible for overall cash management of an organization. Cash management will include duties in the area of capital-raising and establishing and maintaining good relationships with commercial banks to solidify timely deposits for money earned and owed by the company. A treasurer will add value to an organization by establishing the overall financial plan of the organization through their vision. The treasurer will add value to a company by handling funds with a high standard with integrity. A treasurer will also add value by identifying and managing risk of an organizations assets and confidential information. A treasurer will add value to any organization by providing timely and accurate financial reports. Accurate financial reports a vital for a business to track budget performance.

The Chief Financial Officer is the one responsible for the budget and the accounting systems of the business. A growing company needs a CFO in its management team because the cash position and assets of the company have to be monitored and husbanded properly. In addition, there are many financial reports required by stockholders, stakeholders and various agencies of the government.

A Finance Manager acts as an individual who is responsible for the financial health of an organization. Conceivably, there are various positions to consider when describing the role of a Finance Manager. These positions include such roles as Chief Financial Officer, Controller, and Treasurer. Additionally, Cash Managers, Risk

A middle manager is responsible for the work and actions of supervisors and their employees, and report directly to senior managers. Senior managers are the individuals that make up the highest levels of organizational management, and have in their hands the responsibility of managing an organization or corporation. Among the most common titles of senior managements we find the following: Chief Executive Officer (CEO), responsible for the entire operations of an organization; Chief Operation Officer (COO), in charge of issues related to marketing, sales, production, and personnel; Chief Financial Officer (CFO), responsible for analyzing and reviewing financial data. Both the COO and the CFO report directly to the CEO. All managerial functions will have different characteristic at different managerial levels, but they all have the same purpose, obtaining the goals. Higher management will inform of their expectations to the middle management, while middle management will distribute responsibilities to all lower managers under their supervision. Finally, supervisors will distribute responsibilities among their subordinates (Hankewicz, 2008).

The comptroller management is responsible to gather the reports of the current payments that the firm has made and the current income that the firm has received. It is different from overall management which is required to supervise the short term and the long term trends of the firm.

As a human resource manager, there is a duty to manage workforce productivity. This adds on to the normal workload and responsibility of a human resource manager but is needed for optimizing the return on investment for the organizations’ labor expense. When looking at any organizations’ human resource department the main purpose is its effectiveness both in staff and in business. In order to be effective, most human resource managers first must develop an effective professional. That begins with the hiring process, great leadership and clear goals. High-performing employees are the foundation of productivity (Sullivan, 2011). To make a decent return on workforce investments, human resource managers must hire and retain employees, set direction and execute those directions. If the manager’s goals of the organization are clear and communicated the employees will be more motivated and focused because an unclear mission will result in a lack of focus and a low level of engagement and commitment toward achieving it (Sullivan, 2011).

The aim of this module is to give participants an overview of the role of managers in controlling financial resources.

The chief financial officer (CFO) is responsible for overseeing financial planning, corporate strategic planning, and controlling the firm's cash flow.