The role of a manager is crucial in any organization in any organization. The reason is the manager is the person who has to manage a team and he/she is the decision maker. He is the one who leads the team and answerable to higher authorities. A wrong decision by a manager could cause significant loss to the organization in terms of resources, finance and work motivation.
And when it comes to the managers who deals with finance, then mistakes are something which is not acceptable at this point. Therefore, a manager who is dealing with finance or who is not dealing with finance has to possess some basic financial skills. These skills help them in taking the right decision in the favor of organization as well as the team members.
Being the management student, you must be aware of these skills, if you are not, then we are sharing information here. And if you are already aware of these skills and you have got the assignment task and you are looking finance for management assignment help, then the information we are sharing here would be a great help for you. Moreover, the door the BookMyEssay is always open for you to take the assignment related assistance anything.
- Cash Versus Accrual Accounting
To record the organizational business transactions, the managers use two types of accounting methods: first cash and second accrual basis accounting. The medium-sized and large size organization often uses the accrual accounting. Thus, being the manager in any organization, it is important for you to know that the meaning of these two types of accounting and what is its use.
- The Financial Statements Basic
Whether the organization is large or small size, if you are a manager there, then it is important that you remain aware of basic financial statements that is exclusively for external users. The understanding and knowledge of financial statements will make you familiar with the basic terminology that are needed to communicate with people you are communicating with and have knowledge of accounting and finance.
- Preparation Of Budget
A manager on a non-financial dealing is often not involved in preparing the budget, but he/she has to make a departmental budget and thus, he should be aware of the process to prepare that budget.
The process of budget preparation is the time to question how the available resources are being used, whether it being used efficiently or effectively.
- Variance Analysis
It is the responsibility of managers to analyze the variances against the forecast. The the important variances, whether it is favorable or not-favorable, it should be monitored and examined.
The managers should possess the skill to relate variances with the department happenings or the work area for the period of accounting
- Strategic Initiatives And Capital Investments, Financial Analysis
It is the responsibility of a manager to present or defend a capital investment. They are also responsible for designing the strategic initiatives to improve financial and operational performance. The vital element of the process of this approval is financial evaluation.
So, these are the important skills that every manager should be aware of irrespective of his job responsibility and organization size.assignment writing help, coursework writing service, dissertation writing help, finance for managers assignment help