The document discusses the role and significance of finance in other functional areas of management. It states that finance is important for every organization as it is needed to acquire resources and meet expenses. The efficient management of finances is crucial for an organization's success. It also explains how the finance department interacts and provides support to other departments like production, marketing, and human resources by assisting with inventory management, capital budgeting decisions, pension funds, and more. Finally, it outlines some of the main tasks of the finance department including paying salaries and wages, paying accounts, and maintaining financial records.
This presentation provides the complete Role and responsibilities of a person acting as a Finance Manager in any XYZ organization.
One can very well use this as a reference to see the basic Job Description for the post of a Finance Manager and can gain meaningful insights from it.
Business Finance: Introduction to Business Finance, Meaning and Definition of Financial Management, Objectives of Financial Management- (Profit Maximization and Wealth Maximization), Modern Approach to Financial Management- (Investment Decision, Financing Decision, Dividend Policy Decision), Finance and its relation with other disciplines, Functions of Finance Manager
This presentation provides the complete Role and responsibilities of a person acting as a Finance Manager in any XYZ organization.
One can very well use this as a reference to see the basic Job Description for the post of a Finance Manager and can gain meaningful insights from it.
Business Finance: Introduction to Business Finance, Meaning and Definition of Financial Management, Objectives of Financial Management- (Profit Maximization and Wealth Maximization), Modern Approach to Financial Management- (Investment Decision, Financing Decision, Dividend Policy Decision), Finance and its relation with other disciplines, Functions of Finance Manager
The Meaning & Role Of Finance Management
Points Discussed are:
1. What is Finance?
2. Functions of financial Manager
3. The Goals of Financial Management
4. Roles of Financial Management
5. Functions of Financial Management
6. Activities Of Financial Management
7. Conclusion
time value of money
,
concept of time value of money
,
significance of time value of money
,
present value vs future value
,
solve for the present value
,
simple vs compound interest rate
,
nominal vs effective annual interest rates
,
future value of a lump sum
,
solve for the future value
,
present value of a lump sum
,
types of annuity
,
future value of an annuity
Introduction to financial planning
Meaning of financial planning
Definition of financial planning
Meaning of Financial Plan
Objectives of financial planning
Essentials/Characteristics of a sound financial plan
Considerations in formulating financial plan
Steps in financial planning
Limitations of financial planning
The Meaning & Role Of Finance Management
Points Discussed are:
1. What is Finance?
2. Functions of financial Manager
3. The Goals of Financial Management
4. Roles of Financial Management
5. Functions of Financial Management
6. Activities Of Financial Management
7. Conclusion
time value of money
,
concept of time value of money
,
significance of time value of money
,
present value vs future value
,
solve for the present value
,
simple vs compound interest rate
,
nominal vs effective annual interest rates
,
future value of a lump sum
,
solve for the future value
,
present value of a lump sum
,
types of annuity
,
future value of an annuity
Introduction to financial planning
Meaning of financial planning
Definition of financial planning
Meaning of Financial Plan
Objectives of financial planning
Essentials/Characteristics of a sound financial plan
Considerations in formulating financial plan
Steps in financial planning
Limitations of financial planning
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Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
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Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Role and significance of finance in other functional areas
1. ROLE AND SIGNIFICANCE
OF FINANCE IN OTHER
FUNCTIONAL AREAS
Submitted to : Submitted by :
R.D. Purkayasthya Biswajit Bhattacharjee
Assistant Professor Student, DBA-JNSMS
DBA-JNSMS, AUS Roll No. 19
Assam University, Silchar
2. Finance is a field within economics that deals with the allocation
of assets and liabilities over time under conditions of certainty
and uncertainty. Finance can also be defined as the science of
money management. A key point in finance is the time value of
money, which states that one unit of currency today is worth
more than one unit of currency tomorrow. Finance aims to price
assets based on their risk level and their expected rate of return.
Finance can be broken into three different sub-categories:
public finance,
corporate finance and
personal finance.
Finance
3. Production management
Marketing management
Financial management
Personal management
Various functional areas of
management are:
4. Production management:
Production means creation of utilities by converting raw material in
to final product by various scientific methods and regulations. It is
very important field of management. Various sub-areas of the
production department are as follows.
Plant lay out and location
Production planning
Material management
Research and Development
Quality Control
Various functional areas of management (c0nt…)
5. Marketing management:
Marketing management involves distribution of the
product to the buyers. It may need number of steps.
Sub areas are as follows
Advertising
Sales management
Market research
Various functional areas of management (c0nt…)
6. Finance and accounting management:
Financial and accounting management deals with managerial
activities related to procurement and utilization of fund for
business purpose. Its sub areas are as follows
Financial accounting
Management accounting
Taxation
Costing
Various functional areas of management (c0nt…)
7. Personnel Management:
Personnel management is the phase of management which
deals with effective use and control of manpower. Following
are the sub areas of Personnel management
Personnel planning
Recruitment and selection
Training and development
Wage administration
Industrial relation
Various functional areas of management (c0nt…)
8. Relationship with production management
The production department is responsible for the development and
manufacturing of the product. It is also responsible for the quality control.
The inventory manager acts as the bridge between the sales department
and production department. The inventory manager develops the
inventory policy considering the requirement of both production
department and the marketing department. Similarly, the capital
budgeting manager works in coordination with the sales department and
production department in order to decide whether an investment proposal
is to be made or not. The capital budgeting manager uses the revenue
forecast from the sales department and production volume and costs from
the production department in order to analyze an investment alternative.
Thus, there is close relationship between production management and
financial management.
Relationship of Finance with other Functional
areas
9. Relationship with marketing management
The financial manager closely work with the marketing manager. The
marketing manager involves in product survey, demand analysis and
forecasting of the sales volume for the given price. The marketing
manager also involves in new product development, expanding marketing
territory, pricing of the products etc. These functions of the marketing
manager have financial implications. The financial manger closely works
with marketing manager in these issues in order to analyze develops the
promotion and pricing strategies. In this regard, the credit manager,
inventory manager and the capital budgeting manager work together with
the credit policies. Similarly, the inventory manager suggests the best
inventory policy. The capital budgeting manager analyses the feasibility of
the project.
Relationship of Finance with other Functional
areas (cont…)
10. Relationship with human resource management
Human resource management involves in the recruitment
and selection of the employees. It definitely involves cost.
The costs of human resource are analyzed in capital
budgeting decision by the capital budgeting manager.
Similarly, the treasure works closely with human resource
department regarding the pension fund management and
different incentive policies to the employees.
Relationship of Finance with other Functional
areas (cont…)
11. Financial Objectives
Different types of organisation have different
financial objectives:
e.g.
Vodafone: aim to make a large profit.
Charities: aim to get many donations and help
people as best they can.
Clubs: aim to use funds to give the best possible
service to their members.
The Role of the Finance Department
12. Business finance is required for the establishment of every
business organisation. With the growth in activities, financial
needs also grow. Funds are required for the purchase of land
and building, machinery and other fixed assets. Besides this,
money is also needed to meet day-to- day expenses e.g.
purchase of raw material, payment of wages and salaries,
electricity bills, telephone bills etc. We are aware that production
continues in anticipation of demand. Expenses continue to be
incurred until the goods are sold and money is recovered. Money
is required to bridge the time gap between production and sales.
Besides producers, may be necessary to change the office set up
in order to install computers. Renovation of facilities can be
taken up only when adequate funds are available.
ROLE AND SIGNIFICANCE OF FINANCE IN OTHER
FUNCTIONAL AREAS
13. To meet contingencies
Funds are always required to meet the ups and downs of
business and unforeseen problems. Suppose, some
manufacturer anticipates shortage of raw materials after a
period. Obviously he would like to stock raw materials. But
he will be able to do so only when money would be available.
To promote sales
In this era of competition, lot of money is required to be
spent on activities for promoting sales like advertisement,
personal selling, home delivery of goods etc.
ROLE AND SIGNIFICANCE OF FINANCE IN OTHER
FUNCTIONAL AREAS (cont…)
14. To avail of business opportunities
Funds are also required to avail of business
opportunities. Suppose a company wants to submit a
tender but some minimum amount is required to be
deposited along with the application. In the case of non-
availability of funds it would not be possible for the
company to apply.
ROLE AND SIGNIFICANCE OF FINANCE IN OTHER
FUNCTIONAL AREAS (cont…)
15. All of these different types of organisation share the
need to have good financial management.
The efficient management of finance is vitally
important to the success or failure of an organisation.
15
Good Financial Management
16. Every organisation must make sure that it has
enough money:
to pay wages and salaries.
to pay bills (e.g. suppliers, electricity, advertising).
to develop new products and services.
Organisations must also check how much they
are spending - organisations which have high
costs, are often unsuccessful.
Good Financial Management
17. Ensures that:
There are adequate funds available to acquire the
resources needed to help the organisation to achieve its
objectives.
Costs are controlled through monitoring of budgets.
17
The Financial Function
18. Ensures that:
Not only that adequate funds are available, but that
they are available at the right time. The cash flow of an
organisation is also important.
Profitability of the organisation is controlled, ensuring
that the agreed profitability targets are being met.
18
The Financial Function
19. The care and planning of the financial needs of an
organisation are as necessary as the planning for
operations, marketing, human resources and
administration.
19
The Need for Planning
20. The Finance Department has three main tasks to help
the organisation achieve its objectives:
Payment of wages and salaries.
Payment of accounts.
Maintenance of financial records and accounts.
20
The Main Tasks of the
Finance Department
21. Organisations need to keep their staff happy, one
way that this can be achieved is by ensuring that
they are paid the right amount at the right time.
The Finance Department will make necessary
deductions for tax and National Insurance.
They will also provide information to HM
Revenue & Customs to make sure that taxes paid
have been correctly calculated.
21
Payment of Wages and Salaries
22. The Finance Department needs to ensure that
it makes payment to its suppliers on time, as
well as collecting money owed by customers.
Payment to suppliers fall into two different
categories:
Cash
Credit
22
Payment of Accounts
23. The Finance Department will record financial
transactions, so that at the end of the year or
period it can prepare final accounts.
Financial records are a history of the
organisation’s activities.
Under the Companies Acts of 1985 and 1989, it is
an offence for limited companies not to maintain
proper financial records.
23
Maintenance of
Financial Records