Roles and responsibilities of financial managers

Consequently, it took a lot of time and effort to produce a forecast. This system is also too limited in outlook (Hope, 2006). Another decision is coming up with structures to reduce costs, for example, flattening the hierarchy and moving transaction processing to shared services units. Financial managers are responsible for creating yearly budgets and cost reduction methods in organizations. The above decisions relate to these primary objectives. The GMRA allows the CFO to submit financial statements for previous years for the accounts and activities (“A federal safeguard that is in place to reduce reporting abuse is the Chief,” n. d. A private company going public means that it is opening its shares to the world through an initial public offering. It files a registration statement with the Securities and Exchange Commission (SEC) to become an SEC reporting company and register its securities with SEC.