Роль финансового менеджера

To this end, they are transforming their organizations from focusing primarily on regulatory reporting to most effectively providing the information that internal management needs to more effectively «run» the business.

Financial executives must now think beyond the traditional financial information contained in general ledger systems and consider how best to provide for the comprehensive measures and analytical methods needed to drive decisions throughout complex, dynamic companies.

To achieve these objectives, accounting, finance, tax and other financial areas are developing data warehouses combined with advanced analytics to serve the needs of the entire enterprise.

The evolution of financial analytics has been driven by the emergence of new business models, the changing role of the traditional finance department, modifications to business processes and advances in technology. This dynamic environment presents the finance function with tremendous opportunities and challenges.

Underlying these new business models is a fundamental shift in values, from physical assets to intangible assets such as patents, trademarks, franchises, computer programs, research and development, business intelligence and relationships. Consequently, the value of information is soaring (Figure 4).

Figure 4: From Bricks-and-Mortar to Clicks-and-Mortar — E-Business Changes the Focus of Financial Capital Analysis (Source: PricewaterhouseCoopers, LLP)

Financial analytics has traditionally focused on how a company utilizes tangible assets such as cash, real estate, machinery, and today many companies and JSC «GAZPROM» competing in the new electronic economy are valued based on their intangible assets. These increasingly important assets are often difficult to measure and manage. As a result, coms are relying on financial analytics to help them:

— Understand the overall performance of the organization,

— Identify ways to measure and maximize the value of intangible assets,

— Reduce operating costs and effectively manage enterprise-wide investments,

— Anticipate variations in the marketplace,

— Optimize the capabilities of information systems, and

— Improve business processes.

As the economy continues to evolve, so does the role of the finance function within an organization. Driven by investments in enterprise resource planning (ERP), shared services and changes in its reporting role, most finance functions are becoming more efficient — requiring fewer resources to manage them and closely aligning with the company’s business structure. This is especially true in the area of transaction processing where improved automation of financial transactions has enabled finance staff to expand their role and spend more time supporting decision-making processes, rather than just processing and reconciling transactions.

More and more global organizations are integrating and standardizing their business processes and systems, allowing end users with both finance and non-finance functions to update and obtain financial information from any geographic location. This has significantly improved decision support within the organization.

Consequently, the role of the finance professional evolve into a «coaching» role responsible for transferring the appropriate analytical tools and methods to decision-makers (Figure 5).

Figure 5: Reshaping the Finance Function (Source: PricewaterhouseCoopers, LLP)

As business processes evolve and business questions become more complex, the analytics necessary to answer and act on these questions require a higher level of data integration and organizational collaboration.

Additionally, organizations realized there is an overlap in the analytical processes of the organization (Figure 6).

Figure 6: Analytical Processes Can Overlap (Source: PricewaterhouseCoopers, LLP)

Recent developments in financial analytics have been made in these areas of «overlap.»

Today’s complex information environment is forcing organizations to reach for a new level of integrated financial analytics to stay competitive in the marketplace.

With integrated financial analytics, organizations are able to aggregate, analyze and share information from and with sources inside and outside the organization. As the role of the finance function continues to evolve, financial analytics will be actively used throughout the organization. We will see organizations strive for an environment that integrates all analytics, not just financial analytics, in order to thrive in the new economy. A data warehouse is crucial for realizing this powerful new environment.

For example, analytic SQL Server is implementation of the next generation Data Warehouse Model (for now available only for PostgreSQL server), with full OLAP functionality and analytical processing support (Mathematical Models, Statistics Models etc.) on the SQL server-site.

The main feature of ASQL is building very large scale BI (Business Intelligence) and AI (Analytic Intelligence) solutions, forgetting the known limitations of today’s systems, widely used in:

— Financial Sector (Controlling, Budgeting, Forecasting; MiFID);

— Banking (BASEL II, credit scoring, forecasting, frauds, money laundering);

— Insurance (Solvency II);

— Healthcare Industry;

— General Purpose Data Analysis;

First commercial use of Analytic SQL Server is the application called SART (System for Transaction Registry and Analysis).

Conclusion

The specialists who have got education on specialities «Financial management», «Money and the credit», «Banking», «Economy and the enterprise finance» are engaged in management of financial resources.

In the economy, connected with transition to the market, it is impossible to perform basic changes without corresponding personnel provision. The qualified specialists possessing not only deep and versatile knowledge, competence high level, but also love to the profession are necessary for forming of market structures.

Depending on size of firm, tasks in view before financial service, they can have the various structures, different number of the personnel and subordination in hierarchy of management.

Transition to market relations puts new and challenges first of all before workers of financial sphere. Much in enterprise work will depend on that, how fast and methods and stimulus for stabilization and development of a financial condition will be truly chosen.

In work «The Role of the financial manager» theoretical bases of function and a role of the financial manager, the requirement to its qualification have been studied, activity of the financial manager and financial department of Open Society «Gazprom» is researched, variants of the possible control of functions of the financial manager and a role of information systems in activity of managers are specified.

However, business leaders and managers have to develop at least basic skills in financial management. Expecting others in the organization to manage finances is clearly asking for trouble. Basic skills in financial management start in the critical areas of cash management and bookkeeping, which should be done according to certain financial controls to ensure integrity in the bookkeeping process. New leaders and managers should soon go on to learn how to generate financial statements (from bookkeeping journals) and analyze those statements to really understand the financial condition of the business. Financial analysis shows the «reality» of the situation of a business — seen as such, financial management is one of the most important practices in management.

The list of using information resource

Office of financial, официальный сайт, открытый доступ, management

http://www.osec.doc.gov/, 12.

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Open bravo, официальный сайт, менеджмент,

http://wiki.openbravo.com/wiki/Main_Page, 13.

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Басовский Л. Е. Финансовый менеджмент. Учебник, Знание М.: 2002., 241с.,

Бернстайн Л. А. Анализ финансовой отчетности, М.: Высшая школа, 2003,622 с Брег С. М. «Настольная книга финансового директора». 4-е изд. М.: «Альпина Бизнес Букс», 2007

Литовских А.М., финансовый менеджмент, электронное пособие,

http://www.google.ru/url?q=

http://www.aup.ru/books/, 14.

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Поляк Г. Б. Финансовый менеджмент. Учебник. М.: Финансы, 2006, 527с.

Ронова Г. Н., Ронова Л. А Финансовый менеджмент, М.: МЭСИ, 2004, 245с.

Селезнева Н.Н., Ионова А. Ф. Финансовый анализ Управление финансами, М.: Фин Книга, 2006,639с.

Финансовый менеджмент, журнал, официальный сайт, открытый доступ,

http://dis.ru/shop/book/791/, 13.

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Официальный сайт Газпром, http www.gazprom.ru/

Financial Analysis & Risk Management — eHow.com

http://www.ehow.com/about_6 633 177_financial-analysis-risk-management.html

Michael J. Schroeck is a partner and the global leader of PwC Consulting’s iAnalytics solution set. An early pioneer of integrated analytics and data warehousing solutions, Schroeck can be reached at mike. schroeck@us.PwCGlobal.com. PwC Consulting is a business of PricewaterhouseCoopers.

Analytic SQL Server — next generation analytic Data Warehouse with OLAP support,