Objectives of an Accounting and Finance Manager

Managerial accounting focuses on the needs of internal users (managers) and on data relevant for decision making.

Financial Management: “The process for and the analysis of making financial decisions in the business context.” (Cornett, Adair, & Nofsinger, 2016, p. 5).

According to Gitman, the goal of the firm, and therefore of all managers and employees, is to maximize the wealth of the owners for whom it is being operated (2009). The financial manager is responsible for acquiring sources of financing and allocate amongst competitive investment alternatives. The ultimate goal is to invest in projects yielding higher returns than amount of financing used to invest, so profits can be used satisfy claims and increase shareholder wealth. The issues facing financial managers are therefore to 1) increase sources of financing from investors and 2) increase shareholder wealth while maintaining a

Q1. Contrast financial and managerial accounting on the basis of user orientation, purpose of information, level of aggregation, length of time period, orientation toward past or future, conformance to external standards, and emphasis on objective data.

Throughout this paper a summary of the four elements of financial management will be discussed. A summary of generally acceptable accounting

1. (TCO 1) Which one of the following actions best matches the primary goal of financial management?

Financial management is important to the organization because it provides pertinent finance and accounting information to help managers accomplish the purpose of the organization. Financial accounting provides accounting information to external users. On the other hand, managerial accounting is more for managers (internal users) to use for things like planning, budgeting, etc. The definition of finance has changed over the years, but it’s used to ultimately evaluate previous decisions and make assessments for future decisions of the organization.

The financial perspective uses financial performance measures to determine whether the organization’s strategy and actions are profitable. An organization’s financial goals may be as simple as: to survive, to succeed, and to prosper. Survival can be measured by cash flow, success can be measured by growth in sales and income, and prosperity can be measured by increased market share and return on equity. Managers are encouraged to use financial measures like these to demonstrate their financial position to shareholders. (Kaplan and Norton

The development in management practices has flourished greatly; it is with no doubt that the internet and information technologies have caused this major development. By contrast with the classic management practices became less effective in organisations. One can refer the reason to the internet evolution as the key that influenced many industries. Historically, the industrial revolution generated most of the managerial principles. For instance, the financial department concern about the return on investment, while the marketing department focuses on the marginal profit and market shares. The strategic division pursues a competitive positioning and profitability, since the human resource department concern about the employees ' motivation, rewards and performance. It could be argued that the main reason of the organization 's success relies heavily on successful managers. By which means if the overall activities coordinated efficiently it will result in a high level of organisational performance. Nowadays, the theories and practices in modern management have proposed that the role of leadership gives manager more extended responsibilities. This essay will outline different views with respect to the challenges of modern management as well as the opportunities that management role could inspire in today’s business aspects.

Every business is initiated and run with the aim of making profits. As such, every employer must compel his or her employees to work hard to ensure that the business objectives are achieved. Additionally, every business, whether big or small in size have come to the realization that the traditional methods that were used to measure the performance of the business contribute little in matters of the shareholders. Notably, much of the decisions and the policies were meant to ensure that the company gunner maximum returns. However, it was without the consideration of the stakeholders and the employees involved in the running of the business. Also, many are the times when most employers forget to consider the environment that that their companies operate. Resultantly, the environment ends up getting impacted negatively by the enterprise operations. This means that the business is not sustainable. However, to ensure the sustainability of such a business, the management department ought to put more efforts other than focusing on the profits. As such, the overall management team has to consider every party involved in running of the company such as the employees, stakeholders, customers and the society as a whole. By incorporating all these members, the company will not only be taking care of its concerns but also the concerns of all other parties that are involved in its success. Consequently, the company may perform better than its average or gain the confidence of the parties

Financial Management is a critical aspect of any business in order to achieve a sustainable and efficient cash flow. It is essential in maintaining the link between a business’s future financial goals (profit maximization) and the resources that it has in order to achieve its objectives. Businesses demand certain common goals that increase a bussiness's all around achievement, Some of which involve; growth amongst assests, An increase in efficiency in all areas of the business whether it be management or not. And the ability to meet short term and long term debts. Finacial management undertakes the responsibility to implement and acheive these goals for the business using a range of strategies shaped to meet the needs of the business and

REFERENCES•Ross, S.A., Westerfield, R.W., Jaffe, J., Jordan, B.D. "Modern Financial Management". McGraw-Hill, Eighth Edition, (2008)•R.A. Brealey and S.C. Myers, "Principles of Corporate Finance", McGraw-Hill, Seventh Edition, (2003).

It has been become an issue of great concern that the accounting profession must find a common theory in order to address and put the issue at rest. This therefore, has called for the study of this topic under review “the demand for and supply of accounting theories: the market for excuses. As a result of this several questions have been raised. For instance, the question of why accounting theories are predominantly normative has been put forward by this article? Secondly, why no single theory in accounting profession that is generally or widely accepted? It has been argued that the financial accounting theories have been found to be ineffective most especially in the area of impacting accounting practice and policy, though, this has been

In any organization the main managerial activities consist of planning, organizing, staffing, directing supervision, coordination and task management essentially on the part of the part of the managerial heads so as to achieve managerial goals effectively and efficiently, which is called the organizational structure. In today’s organizational structures, managers play a very vital role in the achievement of goals of the organization. It is extremely important to note that in all organizational structures the opinions and the needs of employees are to given much attention.

The history of management has been grouped into phases of development. Classical Management was introduced in the beginning of the 201th century. This addresses the organization’s search for efficiency on the basis that people will work for themselves and be economically beneficial. In other words, they work because they are determined by the economic concerns. Workers are expected to accept every opportunity that comes and they must work for it to achieve a personal and financial improvement. All of this has been supported by 3 theories in which the companies still used it today.