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Financial Responsibility Videos 957 videos

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Principles of Finance: Unit 1, Your Job as a Financial Manager 17 Views


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Description:

What does a financial manager... do? Do they spend all day just ordering a bunch of dollar bills around? Fortunately, no (dollar bills are notoriously pigheaded and difficult to motivate). It will be on you to track sales, check to make sure credit card payments have cleared, and track company expenses.

Language:
English Language

Transcript

00:00

principles of finance a la shmoop. your job as a financial manager - it's a

00:07

fair question to ask when you take on a vague job in a vague industry like the

00:12

financial industry, what's my day like? financial manager [woman walks into office]

00:15

what does that mean well let's take a closer look at the lower levels in the

00:19

land of financial management in the kingdom of fiduciary ,you'll work in the

00:24

nostril trimmer division of global narcissism.com. your job will be to [man walks into office]

00:30

track every sale of nostril trimmers both basic and old man turbot. you'll

00:36

check that that credit card payments are clearing and confirm that what credit

00:40

card companies think they've deposited into your bank accounts actually is the [man answers phone]

00:45

right amount that they should have deposited .yes errors and evil people

00:49

exist all over the world. you'll also track the expenses, metal

00:53

costs stamping costs assembly costs as well as packaging storing and shipping.

00:59

You'll ah, sort of be the living history book of your division acting daily to adjust [fork lift hauling a load]

01:04

other things like marketing spend. that is you note that there has been a highly

01:09

efficient marketing spend in areas catering to basketball players, and yeah

01:13

that makes sense right. think about it they tend to be tall and you know with

01:18

the shorter people looking upwards, and of course nostril hair sensitivity ,would [hand covers nose]

01:23

be a thing. so you tell your marketing people about the data you found in your

01:27

accounting travels and they act on it. you then get promoted and run the whole

01:31

health and personal care division .you want to buy your competitors and

01:35

monopolize the nostril hair trimmer industry. it'll let you have more [production line]

01:40

leverage with your suppliers, where you'll drive your costs down, and it's a

01:44

virtual monopoly. well you could raise prices until new competition from

01:49

startup companies beats you down. how should you buy them? can you get a loan

01:53

and pay cash? or would they want your stock instead? to be bought what's a fair

01:57

price to pay if you're gonna buy them? how would you even figure out the right

02:01

numbers? we'll get to all of that later in the course in excruciating and

02:05

physically painful detail. but it's all part of the job and

02:09

less painful than when a nostril hair trimmer malfunctions. [ nose bleeds]

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