M.COM. SEMESTER - II (CBCS)
CORPORATE FINANCE
Unit-1 NATURE AND SCOPE OF FINANCIAL MANAGEMENT
Q.2.
FUNCTIONS OF FINANCIAL CONTROLLER
ANS:
The
important functions of a financial controller in a large business firm consist
of the following:
1.
Provision of Capital –
To establish
and execute programmes for the provision of capital required by the business.
2.
Investor Relations –
To establish
and maintain an adequate market for the company’s securities and to maintain
adequate liaison with investment bankers, financial analysis and shareholders.
3.
Short-term Financing –
To maintain
adequate sources for company’s current borrowing from commercial banks and
other lending institutions.
4.
Banking and Custody –
To maintain
banking arrangement, to receive, have custody of and disburse the company’s
monies and securities.
5. Credit
and Collections –
To direct
the granting of credit and the collection of accounts due to the company,
including the supervision of required special arrangements for financing sales,
such as time payment and leasing plans.
6.
Insurance –
To provide
insurance coverage as required.
7.
Investments –
To achieve
the company’s funds required and to establish policies for investment in
pension and other similar trusts.
8.
Planning for Control –
To
establish, coordinate and administer an adequate plan for the control of
operations.
9.
Reporting and interpreting –
To compare
performance with operating plans and standards, and to report and interpret the
results of operations to all levels of management and to the owners of the business.
10.
Evaluating and Consulting –
To consult
with all segments of management responsible for policy or action concerning any
phase of the operation of the business as it relates to the attainment of objectives
and the effectiveness of policies, organization structure and procedures.
11. Tax
Administration –
To establish
and administer tax policies and procedures.
12.
Government Reporting –
To supervise
or coordinate the preparation of reports to government agencies.
13.
Protection of Assets –
To ensure
protection of assets for the business through internal control, internal
auditing and proper insurance coverage.
14.
Economic Appraisal –
To appraise
continuously economic, social forces and government influences, and to
interpret their effect upon the business.
15.
Managing Funds –
To maintain
sufficient funds to meet the financial obligations.
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