Financial management is a combination of 2 words- Finance and Management. Hence, this term can be described as applying the principles of management to the financial resources of a company. Investment, financial, and dividend decisions are considered to be the key elements of financial management. Understanding the concept of this subject is necessary to achieve excellence. Try financial management assignment help if finding difficulty with the study.

Financial Management in a Business Organization

Financial management is one of the main responsibilities of a business manager that is essential to perform for the improved financial performance of an organization. It is essential for them to make good decisions on the cash flow, profits, and other financial terms that create an impact on the economic condition of the company.

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Importance of Financial Management in Business

  1. Finding the best source of funds at a low cost in a situation when a company experiences negative cash flows and other losses.
  2. Promote savings, enhanced revenue, and maximize wealth.
  3. Planning and budgeting the financial requirements.
  4. Understand whether the financial activities you are performing are resulting in the desired outcome or is there any need for further improvements.
  5. The efficient flow of money through the life cycle of a business.
  6. Maximize the wealth of a company, business concerns, and investors.
  7. Helps in meeting the financial needs of a business and boosts the business.
  8. Good budgeting allows businesses to take financial decisions with useful resources and valuable information.
  9. Create several kinds of financial reports required by various entities of the business and government.
  10. Plan the successful payment of tax
  11. Cash flow management enables a company to meet everyday expenses i.e. having enough money to pay the staff, sufficient product to meet customer and market demand, and sound capital for the growth of a business.
  12. Proper allocation of funds for improved operational efficiency

The Objective of Financial Management

Financial management is associated with the purchasing, allocating, directing, and controlling the cash and other financial resources to ensure sufficient supply of funds, optimum funds utilization, a sound composition of capital, good returns to the shareholders, and investment of funds in the safe venture.

Functions of financial management

  1. Estimation related to capital needs
  2. Surplus disposal
  3. Fund investment
  4. Controlling the finance
  5. Understand the capital structure
  6. An option of fund source
  7. Cash management

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