Finance Department and Its Responsibilities

As a division manager, how might the finance department help you to complete the duties of your job?

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The significance of the finance department cannot be overemphasized. Apart from the input of the skills that are required to steer a corporate body ahead, there is a need for finances to actualize the plans that are put down. I believe that for the plans that I have for my division to actualize and succeed, I must work in close collaboration with the finance department. As Chase (2009) pointed out, “financial assessment is necessary throughout the demand-driven forecasting process to evaluate the profit potential and impact various sales and marketing strategies and tactics” (p. 1). Gitman and McDaniel (2007) agree and have further argued that a firm’s funds have to be managed well to ensure that the principle roles of the firms go through. By getting in touch with the finance we can negotiate on the roles to be given priority regarding the allocation of funds. This will make it possible for the organization to address significant issues first.

What role does a finance department play in valuing business opportunities for future acquisitions?

The finance being well conversant are very handy especially when there will arise a need for acquisition of a business which is seemingly seen to be doing well. The finance will assist in assessing the financial stability of the business to be acquired and give their advice accordingly. There many aspects of considerations which the finance department is likely to make which might be overlooked by other departments: the finance department will investigate and came up with the answers to some of the following questions;

Was this year’s trading results good or bad, compared with last year or with a rival company? Has the gross profit improved this year, compared with last year? Is the stock being efficiently used? Does the net profit figure compare favorably with those of other organizations in the same industry? (Finance, 2008, p. 1)

In general, the finance department stands a better chance of giving a better valuation of a business opportunity after cross-examining it to determine its viability.

What are the ethical responsibilities of the finance department?

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The finance department is bound to carry out its duties ethically. It is a common and unethical practice that many finances depart misrepresent the financial position of organizations. Such practices are wrong and put a business at risk of acquiring a bad public image if revealed. In the case of “On Your Mark” it will be unfortunate for the finance department to engage in the false representation of the company as this will be risking the reputation of the company at a time when plans are underway to expand the functions of the company. Such a practice will also likely bring down the company as customers may shun away from our sports products if it comes to light that “On Your Mark” engages in unlawful representation of its finances.

As a division manager, how might you form a good working relationship with and utilize the talents of the finance department?

Forming a good relationship with the finance department will be very necessary for the success of the business. This can be accomplished by creating a good rapport with the department’s key officials. There is a need to uphold professionalism when dealing with officials from various departments. Officials from the finance department should be invited to the key meeting and their advice sought whenever major, as well as minor decisions, are being carried out. Involving the finance department officials in key decision-making meetings and seeking their advice will be putting them to the task and this will make it possible for their talents to be maximally utilized.

References

Chase, C. (2009). Demand-Driven Forecasting: A Structured Approach to Forecasting. New York, NY: John Wiley and Sons.

Finance. (2008). Finance Management. Finance. Web.

Gitman, L and McDaniel, C. (2007). The Future of Business: The Essentials. New York, NY: Cengage Learning.

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StudyCorgi. (2021, January 19). Finance Department and Its Responsibilities. Retrieved from https://studycorgi.com/finance-department-and-its-responsibilities/

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StudyCorgi. 2021. "Finance Department and Its Responsibilities." January 19, 2021. https://studycorgi.com/finance-department-and-its-responsibilities/.

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StudyCorgi. (2021) 'Finance Department and Its Responsibilities'. 19 January.

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