As it is suggested in the name, financial management can be understood as the combination of two terms; one being finance and the other being management. Finance is very well known to be related to money, investments and banking credit. On the other hand, management can be understood as the practice of controlling and coordinating some tasks. Therefore with this understanding, financial management is basically all about directing, planning, organizing, and managing financial activities.
These financial activities, however, vary depending on the nature of the business. It involved financial transactions, financial recording, procurement and utilization of funds. Speaking from a general point of view, financial management in the management of resources that have monetary value. The whole financial management process is expected to complete all organizational objectives around finances. It is a very efficient and effective way of managing organizational resources. This particular function is necessary for directing money fundraisers, money allocations as well as capital budgeting. Financial management also has to do with the application of management principles to financial resources
The significance of Financial Management Homework Help
Joseph Massie once said ‘financial management is the operational activity in business that is responsible for obtaining and effectively making use of the funds needed for efficient operation. Therefore the key functions of financial management are;
- To generate finances
- To create organizational wealth
- To provide efficient investment returns
Organizations of financial management
- Financial planning. This is a practice that is very common. Many times we engage in financial planning to satisfy our daily lives and achieve proper financial management. Financial management is necessary to have knowledge on how to acquire finance and how to obtain strict financial resourcing. This kind of planning is a confirmation of the objectives and visions of the business.
- Financial control. We need financial controlling in order to ensure that the business in progressing towards the achievement of business goals and objectives. Financial controls perform functions around monitoring business assets which should be effectively and efficiently used. With proper financial control, organizations could be able to determine business security.
- Financial decision making. This is related to the kind of investments the business needs to make. It involves every business financial decision like raising finance for new forms of investment, borrowing from banks as well selling of new shares. A different approach is knowing if the gained profits should be distributed among shareholders or retained to boost business deals.
Evidently, financial management is not all about keep accounting records. It is all about achieving sound financial management plans. Therefore financial management cannot be separated from the organization itself. There are so many factors that determine successful financial management for an organization. Without expert knowledge on how to approach financial management, students who have been presented with these kinds of assignments could be unable to bring out what is needed.
Topics covered in our financial management assignment help services
- Corporate finance
- Capital budgeting
- Financial planning
- Managerial finance
- Financial management service
- Financial Management for IT services
- Financial control
- Financial Management in Capital budgeting
- Financial decision
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