Question

What would cause a financial manager to contact a government department?

Answer 1

Ans: There would be many instances where a financial manager will contact a government department. Financial managers are basically those people who looks after the finances of the organization and oversee that transactions in the organizations are being booked, recorded using the right accounting principles and concepts, these people are responsible for overall financial health of the organization, these are the people who publishes financial statement of the organization to the public, government, and other outside stake holders, and in order to prepare such statements they may need to contact government department so that they can understand government's need and fulfill the same.

A financial managers also need to contact government department relating to tax matters, they may ask government officers for suggestions and seek any advice relating to tax audits.

A financial manager may also need to contact government department when the organization goes for IPO listing, they have to follow many guidelines by the government and they may seek government’s officer’s advice pertaining to the same, hence they will end up contacting government department.

A financial managers also need to contact government department when they plan to take any outside borrowings, they have to involve government department in such proceedings.

In pursuance of getting any tax exemption and tax refund, a financial manager has to contact a government department.

So these are the few instances where we can say that a financial manager need to contact government department.