Monday, January 13, 2020

Want To Work Where The Cogs Really Turn?

In every business in the world, the cogs only really turn in one department. No, it's not the research and development department, although that’s a good guess. No, it's not even the legal department where some of the most important people in industries work. It's also not the risk department which is full of sharp minds. By the art of deduction, you’ve probably guessed by now that it's the financial department. In this part of a company, professionals of different yet similar kinds allow a business to function or to fail. Everything a CEO does has to be in line with that his or her financial confines deem to be. If you have a knack for money management and working with different characters and personalities in this realm, what kinds of roles should you aim for?


Tracking expenses and expenditures

The most important part of the day to day management of a business is expenses and expenditures. Expenses are smaller purchases such as inventory, transportation payment and even things like lunch for employees. Expenditures are larger more permanent purchases such as delivery trucks, stacking rails for a warehouse or office furniture. The bookkeeper is tasked with keeping things such as these within the constraints of the budget. Working together with professionals in the business administration department, you will be keeping the train firmly on the rails. It's one of the more basic financial functions of a business, but not done correctly, can see immense waste occur which will ultimately damage the business’ ability to conduct normal affairs.


Holding employees responsible

Every business fears auditors on some level. Business owners especially are somewhat wary of outside auditors such as those from regulatory bodies, coming into their business to inspect the financial honesty. However, many business owners will have their own accountants perform auditing missions so that internal corruption and or mismanagement is countered before it spirals out of control. You can learn more about this at the University of Alabama Birmingham where the role and responsibilities of auditing managers are explored. Taking their MAc program will get you well on your way to becoming qualified to perform such a role in any business. The financial importance of this profession is so important that the average salary is around $88,000. Senior or more experienced financial auditors will be earning above six-figures.

Sourcing long-term finance

Businesses large and small all need some kind of outside investment. This is why many companies go public. The cost of research is simply too high to do it alone and not take a big chunk out of company profits. Therefore, as a financial advisor, it will be your job to not only make long-term financial plans but to source long-term finance. Speaking directly with investors, other businesses and even governments will be one of your more important responsibilities. You’ll be working directly with the CEO and advising him or her on the best strategies that will secure the business for many years into the future. 

Many people don’t think too much about the financial department. It's a niche part of any business but ultimately if you’re lucky enough to be a part of one, you’ll be working where the cogs really turn. 

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