When the relevant facts are easily accessible because of digitization and organization, it becomes easier to derive solutions based on the circumstances of the situation. You’ll be tasked with answering this question regardless of what role you seek. Financial managers generally supervise the production of reports created by accountants. The pros of using a financial advisor are their knowledge, experience, behavior influence, the time saved, wealth management delegation, personal wealth planning, and professional resources. Pro 1: A financial conservatorship makes it possible to manage assets. Through an effective management accounting system, it is possible to enhance the overall performance of the company. As an incredible benefit, financial management assists with taxation. Finally, accounting and financial statements do not measure things which do not have a monetary value. Let your financial manager take away the stress of financial oversight and chasing invoices, and allow you to focus on what you do best: building relationships, innovating and growing your business. Managers usually get bigger discounts, better benefits, more vacation time and sometimes even bonuses. One of the critical limitations of financial management is the rigidity it ensures within enterprises. Provide consistent and effective reporting from a single source. What Are the Cons of Being a Financial Advisor? Financial Statement Analysis 13. So is accounting a good major for you to pursue? Pros of Being a Finance Manager High salary (median annual wages of $115,320 in 2014)* Some of the others are accountability, knowledge, confidence, and an offset of the cost of services. You may also be charged with reducing costs and finding areas to cut budgets. But it’s not all wine and roses; there are some disadvantages to this career. Most financial advisors love the freedom that comes with being able to do what they want and when they want. This means you’ve got to be familiar with the financials of every client and be ready to provide advice at any time. Advantages & Disadvantages of Financial Management. You’ll often spend long hours analyzing financial statements and business activity reports, as well as forecasts, and then advise senior staff members on how to maximize profits. The scope of financial management includes financial decisions relating to raising money from different sources; the cost of financing projects; and the potential returns attained during the process. In addition, good financial management can help a person create a plan and reach his financial goals. Pro #2: Your financial manager can free up your time to do what’s most important. It also provides investment decisions in the fixed and current assets, which consist the working capital decisions. Educational Requirements . 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