As the name suggests, financial management is a combination of two words. One is finance. Second is management. Finance is related to money, banking credit, investments etc. Management is the practice which controls and coordinates some task. So, financial management is all about managing, planning, directing, controlling and organizing the financial activities. These financial activities vary accordingly depending on the businesses. It can include financial recording, financial transactions, utilization of funds and procurement. Generally speaking it includes the management of monetary resources. The financial management is required to accomplish financial objectives. It is a very effective and efficient money management. This specialized function directs how to raise money, how to allocate, capital budgeting etc. Though capital budgeting is for long term investment, financial management is required even for short term current assets. Financial management is the application of management approaches to the financial resources.
Financial management has potential importance in the organization. An effective framework of financial management can avoid any type of financial risk. That’s why new business leaders and mangers are now focusing on greater financial management skills.
According to economist Joseph Massie,
“Financial Management is the operational activity of the business which is responsible for obtaining and effectively utilizing the funds necessary for efficient operation.”
The key functions of the financial management include
- To generate the cash
- To provide sufficient return on investment
- To create wealth for the organization
Financial management is an organized function which includes three major factors:
- Financial Planning: Financial planning is a very common practice. We usually do financial planning to satisfy our daily life goals with the proper financial management. Financial planning is required to know how to get the finance, how to obtain the financial resources. Financial planning confirms the visions and objectives of the businesses.
- Financial Control: Financial control is required to ensure that if the businesses is moving forward to achieve the objectives or not. Financial control monitors the assets to known it they are being effectively and efficiently used. With a proper financial control, organizations determine the security of business.
- Financial Decision Making: Financial decision making relates to the investment made. It include all the financial decisions such as borrowing from bank, raising finance for new investment, selling new shares etc. Another approach is to know if the profit gained should be retained or should be distributed to the shareholders.
Financial situation of any company in a given time depends on the past, present and desired financial performance of the company. The final decision taken shall be in accordance with the financial planning policies made and directed by the managers or the higher authority of the company after a thorough research on the company’s financial structure and market scenario. The changing marketing environment is both a risk and an opportunity for the organization. Yet it depends on the organizations how they respond back against these changes. While in a state of highly competitive marketing environments, organizations need to operate strategically. Strategic operations and strategic planning can be responsible for all the evaluation and research over the present and the desired performance in the coming future. The annual financial situation of the organization can be assessed against the desired one and thus the resultant can be seen as the match. The managers and the higher hierarchy of the company who is authorised to plan and function. So, in the rituals against the over all company’s condition in the
Financial Management Objectives:
Basically, financial management is concerned with management and control of financial resources. The main financial management objectives are:
- Financial management ensures if the funds supply is adequate and regular or not.
- Financial management ensures the investment safety. It ensures that the investments should be made in such a way so that rate of return can be achieved.
- A sound capital structure is planned with financial management.
- Profit and wealth maximization
- It is applied for proper estimation of total financial requirements.
- Financial management provides financial decision information.
- Financial management is tool for risk management which improves the operation controls.
Financial management is not just accounting record keeping. A sound organization plan is required to achieve financial management. So financial management is not separate, it is very important for the organization. A sound financial management system involves long term strategic planning. It further involves short terms operations planning. So, it should be a key part of the ongoing planning functions of the organizations. Financial management depends on many factors such as suitable internal environment, a robust financial management system, an effective income generating plan, a strong finance strategy etc.
Topics covered in Financial Management Assignment Help
- Financial Management Services
- Financial Management for IT Services
- Corporate Finance
- Capital Budgeting
- Financial Management in Capital Budgeting
- Financial Planning
- Managerial Finance
- Financial Control
- Financial Decision
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