October 19, 2017
The Goal of Finance in Business and Career Paths
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Finance professionals are sensible and smart decision makers who will advise the business on financial matters
As a business owner, you can have a great business concept and an amazing strategy in place, but without financial expertise, many errors can be made. Every business needs a financial adviser to balance the imaginative ideas that the business has. The finance division is there to balance the expenditure in the business and ensure that all spend is justifiable.
Finance managers are dedicated to supervising the business’s finances and spend. Finance professionals can take responsibility for key roles such as planning budgets, providing financial reports, bookkeeping etc. The mandate of finance professionals is to cover the company’s financial affairs to the highest standard.
The expertise of financial managers is highly valued because they bring alignment that backs companies. Find out more on how finance specialists bring alignment in business.
Overview of Finances
Finance professionals oversee the budgets in the company and monitor spend which ensures accountability. This monitoring protects the business from any overspending. They will authorise payments and transactions within the business and on behalf of the business.
This will protect the business from making decisions that will land them in a predicament. The overall observation of financial activity in business is crucial as this means businesses can monitor where their money is being spent and where they have incurred losses.
Management of Finances
The finance sector manages the budgets that are allocated for projects and business expenditure. They allocate appropriate funds and budgets that will make investments work. They authorise spend on projects and assign project leaders who can work with the budgets that they have been given. Finance teams ensure that each project and activity is working within allocated budgets so that the company is not affected.
Growth of Finances
Another vital aspect of finance is the ability to increase the company’s financial growth. They find ways to generate income and sustain it. The finance division is the life of the business, where teams come up with innovative ways to increase revenue. They should be able to take action and calculated risks that will bring financial growth to the business.
Career paths in the Finance field
The finance industry offers diverse roles and positions that graduates can choose from such as:
- Finance Officer
- Financial Consultant
- Bank cashier/ Manager
- Financial advisor
- Financial controller
Tax analyst and much more.
Building a Successful Career in the Finance Industry
Financial expertise is highly valued in every industry. The success of companies and business operations rely strongly on the expertise of these professionals. They determine the efficiency of a business and the power the business has to grow. When you obtain a finance qualification there is more employment opportunities and career paths that you can take.
“I studied at Lyceum because they provided well-detailed notes which gave me the practical knowledge I needed. After completing my Diploma at Lyceum I was able to register with taxation boards in South Africa including SARS”.
- Job Chidziwa, Lyceum graduate currently employed as a General Tax Practitioner