The Financial Management Review Procedure sets a clear plan for meetings, reports, presentations, and other communication between Top Management in order to set and document financial strategies and objectives. The procedure also aids in making financial decisions and conveying financial results and analysis. It applies to the Finance and Accounting Departments. (10 pages, 1296 words)
Financial Management Review Responsibilities:
The CFO (Chief Financial Officer) is responsible for arranging and chairing financial management meetings, and for preparing financial reports and presentations for scheduled financial management meetings.
The CEO (Chief Executive Officer), Top Management, and the Board of Directors are responsible for actively participating in the financial management process.
Financial Management Review Definitions:
Financial Management– Involvement of upper level management in setting financial goals and objectives, setting financial processes, and conducting regular reviews.
Financial Statements – Statements, typically created monthly, that give an overall picture of business operations and of financial condition.
Financial Analysis – To perform appropriate calculations and evaluations of information contained in financial statements in the form of historical trends and relationship ratios.
Goals – Broad, general statements of the company’s direction and intention.
Objectives – Specific targets for the company, departments, and/or individuals to reach within a specific time frame.