Identification and exploration of future profession
The selected future profession is accountant as a “Finance manager”. According to Collier (2015), finance manager is defined as the person who is responsible for providing proper financial support as well as guidance to various clients so that they can manage appropriate business decisions. The finance manager is considered as the person who understands all the different aspects of business for making proper decisions as well as for ensuring proper growth of the organization.
The profession of financial managers is forecasted to be a profession, which will be in demand in the coming future. The various types of technological development, which include growth of data, availability of computers and evolution of various computing technologies creates a positive impact on the profession of accountants.
The financial managers are the people who are associated with planning, monitoring, organizing as well as controlling various monetary resources of an organization. It is analyzed by Frey and Osborne (2017), that financial manager involves in raising funds for meeting various obligations of the organization. A firm helps in raising various different types of funds with the help of debt and equity. On the other hand, it is analyzed by Collier (2015) that financial managers involve in planning profit for an organization or project. The financial managers mainly make profit by utilizing different factors that include pricing, state economy, industry competition and mechanism of demand as well as supply.
According to Kidwell et al., (2016), financial managers allocate funds, which are generally raised with the help of different channels. They allocate funds in such a way that they can be optimally utilized in the organization. Allocating funds by the financial manager helps in influencing various managerial activities indirectly as well as indirectly. On the other hand, it is stated by Finkler et al., (2016) that financial manager also involve in understanding different capital markets. They generally understand as well as helps in calculating the risks, which are, involve with the trading shares as well as debentures.
Review of the understanding for becoming a professional
The financial manager must be professional in the department of accountant. For becoming a professional financial manager, they have to acquire some specific features as well as characteristics within them. In the future profession of account, the financial manager must have some specific traits which include integrity, competency, integrity, honesty self-upgrading, supportive and more.
It is stated by Brigham and Ehrhardt (2013), that in order to became professional in the field of accounts, the financial managers must have some appropriate knowledge as well as information about various skills that are related with financial management. It assists them to achieve something very reliably as well as quickly. They must be capable of managing various responsibilities as well as roles including raining funds, profit planning, managing budgets, and allocation of funds as well as understanding capital markets. It helps in reflecting that the individual is very much capable in managing different roles as well as responsibilities in context to project (Frey & Osborne, 2017). The financial manager must be able to maintain various rules and regulations within the organization. They must follow proper code and ethics is that their behavior does not hamper the various operations of organization.
Title: Problems faced by financial manager in managing risk in projects.
Background
The profession of accountants as a financial manager faces number of problems in managing their daily work. The main problems that are the financial manger faces while working in a project is due to inappropriate communication, overspent budget, improper budgeting, internal rate of return and due to insufficient resources. They also face number of challenges due to improper administration in HR and payroll, improper cash management as well as due to improper bank facilities as well as financing. The problems, which are faced by the financial managers, can also obstruct the progress of the project, as the entire project activities are dependent indirectly or directly on revenue.
The project proposal aims at determining the various challenges, which are related with the profession of accountant as a financial manager. The financial manager generally faces number of issues as well as risks due to improper budgeting, inappropriate communication, and overspent budget, internal rate of return and insufficient resources. The project helps in illustrating various reasons behind the challenges that are faced by financial mangers for controlling as well as minimizing those risks.
The main objectives include:
It is identified that the profession of accountants as a finance manager faces number of problems in handing activities related to finance in a project. The challenges, which are faced by, finance manager helps in creating a devastating effect on the progress of the project if they are neither managed appropriately nor responded proactively.
It is analyzed that the project managers faces number of challenges when projects go beyond budget. According to Hwang and Ng (2013), the main problems due to which the budget of the project is overspent include inexperienced project manager, poor communication between the stakeholders of the project, errors in managing accounts, loss due to damage of malfunctioning, vendor relationship issues, lack of proper foresight, poor workmanship and due to improper allocation of resources (Entwistle, 2015). The financial manager faces difficulty in managing the progress of the project due to excess expense. However, it is stated by that, if a project is over spent then the financial manger needs to investigate the main reason behind it (Jagadish et al., 2014). If the overspent budget is due to some timing difference then it cannot be solved easily but any problem due to excessive spending should be resolved by the financial managers by determining alternative sources of income.
Improper budget forecasting creates number of challenges for the financial managers. According to Arnaboldi, Lapsley and Steccolini (2015) inexperienced project managers are unable to forecast appropriate budget for completing the entire project within proper time. It is analyzed that forecasting is quite difficult as the various key assumptions as well as key metrics, which are associated with forecasting are not always clear. In the absence of appropriate path, many financial managers do not clear overview or idea about the budget that is needed in the project for completing the entire project successfully.
It is opined by Brusca et al., (2016) that inappropriate cash management by finance manager in project creates number of issues for the accounts department as well as for the project. The accounts department faces challenges in providing appropriate amount of revenue that is required for meeting the various requirements of the project. As a result, the project manager faces problems in completing the entire project within time. It is identified that this type of situations creates financial risks for the organization, which needs to be resolved properly. It is stated by Ward (2016) that the finance managers of the organization must be able to manage the cash properly so that they do not face any problem in finishing the entire project.
Improper communication among the stakeholders creates number of problems in project. The financial manager faces problems in context to proper maintenance of budget if the stakeholders of the project are not able to communicate properly about the various requirements of the project (Galliers & Leidner, 2014). It also creates obstruction in the progress of the project. It mainly occurs due to poor planning, lack of business support, inadequate project planning, poor estimates as well as inappropriate scope control. According to Brigham and Ehrhardt (2013), the communication problems must be resolved so that the financial managers can easily manage the budget as well as yearly revenue of an organization effectively without facing any difficulty.
Data Collection procedure
Data Collection method is defined as a process which is generally used for collecting as well as measuring important information from various sources in order to achieve a complete picture in the concerned area of interest (Wright et al., 2016).The data collection method is divided into two types, which include secondary and primary data collection procedure. The current research utilizes secondary data collection method as the information as well as data that are required for this research paper is gathered with the help of various annual reports as well as sustainability reports.
Data analysis method
Data analysis method is defined as a procedure that is used in modeling, transforming, cleaning as well as in inspecting data with different goals for determining appropriate suggestions, information as well as procedures of decision-making (Gelman et al., 2014). Data analysis technique is categorized into two types that include qualitative as well as quantitative data analysis method. The current research utilizes qualitative approach and it is helpful in determining various problems, which are generally faced by the financial managers.
Figure 1: Gantt chart
(Source: Created by Author)
Arnaboldi, M., Lapsley, I., & Steccolini, I. (2015). Performance management in the public sector: the ultimate challenge. Financial Accountability & Management, 31(1), 1-22.
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage Learning.
Brigham, E. F., & Ehrhardt, M. C. (2013). Financial management: Theory & practice. Cengage Learning.
Brusca, I., Caperchione, E., Cohen, S., & Rossi, F. M. (Eds.). (2016). Public sector accounting and auditing in Europe: The challenge of harmonization. Springer.
Collier, P. M. (2015). Accounting for managers: Interpreting accounting information for decision making. John Wiley & Sons.
Entwistle, N. (Ed.). (2015). Handbook of Educational Ideas and Practices (Routledge Revivals). Routledge.
Finkler, S. A., Smith, D. L., Calabrese, T. D., & Purtell, R. M. (2016). Financial management for public, health, and not-for-profit organizations. CQ Press.
Frey, C. B., & Osborne, M. A. (2017). The future of employment: how susceptible are jobs to computerisation?. Technological Forecasting and Social Change, 114, 254-280.
Galliers, R. D., & Leidner, D. E. (2014). Strategic information management: challenges and strategies in managing information systems. Routledge.
Gelman, A., Carlin, J. B., Stern, H. S., & Rubin, D. B. (2014). Bayesian data analysis (Vol. 2). Boca Raton, FL, USA: Chapman & Hall/CRC.
Hwang, B. G., & Ng, W. J. (2013). Project management knowledge and skills for green construction: Overcoming challenges. International Journal of Project Management, 31(2), 272-284.
Jagadish, H. V., Gehrke, J., Labrinidis, A., Papakonstantinou, Y., Patel, J. M., Ramakrishnan, R., & Shahabi, C. (2014). Big data and its technical challenges. Communications of the ACM, 57(7), 86-94.
Kidwell, D. S., Blackwell, D. W., Sias, R. W., & Whidbee, D. A. (2016). Financial institutions, markets, and money. John Wiley & Sons.
Ward, J. (2016). Keeping the family business healthy: How to plan for continuing growth, profitability, and family leadership. Springer.
Wright, A. L., Wahoush, O., Ballantyne, M., Gabel, C., & Jack, S. M. (2016). Qualitative Health Research Involving Indigenous Peoples: Culturally Appropriate Data Collection Methods. The Qualitative Report, 21(12), 2230-2245.
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