Financial Management Challenges Ethics - Essay Example

The paper "Financial Management Challenges Ethics" is a perfect example of an essay on finance and accounting.
1st article: Ţaicu, M. (2010). Ethics in management accounting. Scientific Bulletin – Economic Sciences, 9 (15). 93-98.
Non-compliance with professional ethical requirements is a major challenge affecting most financial managers in maintaining ethical financial integrity (Ţaicu, 2010). Accounting errors and financial fraud constitute unethical conduct of financial managers. One of the organizations’ codes of conduct of financial managers is to ensure they maintain accurate records. In addition, financial managers are faced with the challenge of ensuring transparency in their jobs (Ţaicu, 2010). Financial documents outline a company’s performance and which reflect its strengths and weaknesses. Investors are mostly attracted to organizations with stable financial performance, which can only be reflected by financial managers portraying transparency in their work.
Since financial reports may take a lot of time to compile, many financial managers are in most cases faced with the challenge of meeting the set deadlines to their bosses or regulatory agencies. Investors and other stakeholders require that financial reports should be submitted in a timely manner (Ţaicu, 2010). Delayed supply chain, for example, could delay the delivery of financial reports by financial managers. This is because financial managers are required to work hand in hand with other departments in compiling the financial reports or documents required.
In another dimension, some bosses, senior managers, customers, shareholders, and even fellow employees put pressure on financial managers especially when lack of trust comes in. Therefore, financial managers should portray integrity in their job to win the trust of all stakeholders (Ţaicu, 2010).

 2nd article: Kristofik, F. (2012). Financial supply chain management –challenges and obstacles.        ACRN Journal of Entrepreneurship Perspectives, 1 (2), 132-143.
Supply chain rising costs have been a major challenge to many financial managers. When the supply chain costs keep on fluctuating, the costs of running a business change (Kristofik, et al., 2012). This becomes a challenge for financial managers. For example, if the cost of fuel increases, this translates to an increase in the cost of transportation both for the company’s inputs and products to customers’ destinations. When the cost of warehousing increases, it means that the financial managers have to do extra financial calculations, which might pose a challenge especially if the previous costs were stable.
Increased government regulations have also be been a challenge to financial managers. For instance, the government may introduce new taxes or even increase or reduce the existing ones. When this happens, financial managers have to be up-to-date and update their reports in relation to new regulations. Some of these regulations might affect the profitability of organizations and this may be seen as a failure by the financial managers. Technological advances have also been a challenge to many financial managers (Kristofik, et al., 2012). New software and computer programs are being invented day in day out. If the financial manager is not well equipped with these technological changes, the organization may lag behind in terms of its financial functionality and other related concepts. Additionally, a lack of new innovations may lender the financial manager to lose some important financial data to computer hackers.
Stiff competition from upcoming organizations as well as the already existing ones can be a challenge to the financial manager. This is because competitors use different tactics including lowering their prices to take over the market and maintain a competitive advantage.