WHAT IS FINANCIAL MANAGEMENT ABOUT?
Financial Management deals with the efficient and effective management of money (funds) in such a manner as to accomplish the objectives of an organization. Through case studies, lectures, videos, readings and exams, students learn the basic concepts and how to apply them in financial decision making.
What are the duties and tasks of an Accountant?
- Prepare, examine, and analyze accounting records, financial statements, and other financial reports to assess accuracy, completeness, and conformance to reporting and procedural standards.
- Compute taxes owed and prepare tax returns, ensuring compliance with payment, reporting and other tax requirements including VAT returns and PAYE submissions.
- Analyze business operations, trends, costs, revenues, financial commitments, and obligations, to project future revenues and expenses or to provide advice.
- Establish tables of accounts, and assign entries to proper accounts.
- Develop, maintain, and analyze budgets, preparing periodic reports that compare budgeted costs to actual costs.
- Processing of transactions using a computerized Accounting package, eg. Pastel Accounting.
What skills and abilities must I have to choose a Finance career?
- Need to be detail-oriented (allows you to find errors and detect fraud);
- Excellent analytical skills (ability to visualize and solve complicated problems and make an accurate and informed decision);
- Good communication skills (the ability to communicate findings about financial statements with subordinates, and superiors through the use of business writing formats such as letters, memos and reports);
- Technical skills (Must Know how to increase and decrease accounts and how accounts are compiled into financial statements);
- Time Management and good teamwork (Must be able to manage their own time and the time of others effectively);
- The ability to use basic computer functions such as word processing, spread sheet and database software to produce and record information; and
- The ability to organize and synthesize information also is important, since a lot in accounting is about classification and reporting.
What are the working conditions of an Accountant?
Most Accountants and Auditors work in offices, although some work from home. Auditors may travel to their clients’ places of business. Accountants generally work 40 hours per week. Longer hours are typical at certain times of the year, such as at the end of the budget year or during tax season.
Financial Managers need to have excellent analytical skills (ability to visualize and solve complicated problems and make an accurate and informed decision).